London house prices: More than a third of London properties have had their prices cut

There was more evidence London house price growth is slowing down this morning, after new figures showed more than a third of properties on sale in the capital have had their prices cut.

Some 37 per cent of London homes have been discounted since they went on sale, up from 32 per cent in March. The average discount is 7.2 per cent, or £52,457, the data, by property portal Zoopla, showed.

Kingston-upon-Thames was the UK’s most-discounted area: almost half of homes in the borough have had their prices cut. That was followed by Surbiton, with 47 per cent of homes, and Southsea, with 46 per cent.

Meanwhile, prices in Kensington and Chelsea have been cut by the most, with an average of £123,163 being knocked off asking prices in the borough. In Westminster, prices have been cut by an average of £112,781.

Read more: Mapped: House price changes in every London borough since the Brexit vote

Town

Proportion of homes on sale with price reductions

Average price reduction

Average price reduction (£)

1

Kingston-upon-Thames

48.14%

7.35%

£78,625

2

Surbiton

47.25%

6.28%

£38,292

3

Southsea

46.33%

5.30%

£13,578

4

Darlington

45.52%

7.41%

£10,604

5

Twickenham

45.25%

6.37%

£41,992

6

Bracknell

45.14%

5.31%

£21,509

7

Arundel

44.22%

6.40%

£58,011

8

Weybridge

43.94%

6.00%

£56,403

9

Bicester

43.71%

5.23%

£21,646

10

St. Helens

43.58%

6.61%

£8,272

The figures are another sign of a slowdown in London’s housing market, where prices have begun to fall in recent months as the market has been hit by a double-whammy of an increase to stamp duty and uncertainty over Brexit.

Figures published by the Land Registry last month showed the capital was the only region where prices fell in June, dropping 0.7 per cent from May.

Meanwhile, data published this morning by the Housing and Finance Institute showed a sharp slowdown in the number of new homes being built in the capital, with 16,800 homes build in the year to March, down from 23,000 the year before.

Read more: It’s official: A £90m London flat is the most expensive home on record