Thinking of buying a house in London? Ask for a discount
Affordability is a problem after a decade of house-price growth in London, and buyers are finding they are increasingly at mortgage-lending limits
London — More London home sellers are having to cut the asking price of their homes, and they are offering deeper discounts as political uncertainty and high values dampen demand."Price cuts seen in prime central London in the immediate aftermath of Brexit are now filtering through to outer boroughs," Savills residential research director Lucian Cook said. "Affordability issues are now a problem after a decade of house-price growth, and buyers are finding they increasingly come up against mortgage-lending limits."London home prices have surged about 86% since 2009, meaning it now costs buyers 14.2 times their annual gross salary to purchase a property, the highest level on record and more than double the rate for the UK as a whole, according to Hometrack. As a result, the number of mortgages advanced to first-time buyers in London has dropped 12% in the two years through September, data compiled by the Council of Mortgage Lenders show. That is affecting boroughs on the fringes of th...
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