London property bargains for 2017
After years of steadily rising house prices, the Brexit vote has made many buyers reluctant to invest in the London market, wondering if the bubble's about to burst.
As a result, some sellers have been slashing hundreds of thousands of pounds from the price of their property.
"2016 has proven to be an unpredictable year for London's property market. Brexit had a dramatic impact on foreign and local buyer demand which has led to a steep decline in completed sales during the third quarter," says Stephen Jury, spokesperson for home improvement marketplace Plentific.
"Prices are now falling across the capital, and these savings could easily be invested into some substantial renovations."
London's property market is heading for a fall
Plentific has tracked down some properties that have seen dramatic price cuts in the last 12 months: here are its top picks.
Norbury
Four-bed flat, London Road
First listed asking price in Jan 2016: £800,000
Asking price in Feb 2016: £595,000
Current asking price: £500,000
Decrease: -37.5%
After being listed for £800,000 in January, this house plummeted to £595,000 after just one month, and then was reduced once more to £500,000 in November. Whilst it has yet to find a buyer, 2017 may well bring fresh interest to this home!
Walthamstow
Five-bedroom detached house, Wanstead
First listed asking price in Oct 2016: £1,499,995
Current asking price: £800,000
Decrease: -46.7%
After just two months on the market, this property's asking price started to fall, and has dropped steadily since. With an overall drop of £699,995, will potential buyers now be tempted?
Is London immune from a UK property crash?
New Cross
Three-bedroom detached house, Stanley Street
First listed asking price in May 2016: £1,200,000
Asking price in June 2016: £1,050,000
Asking price in July 2016: £995,000
Asking price in August 2016: £895,000
Current asking price: £795,000
Decrease: -33.8%
This property is an example of a new build with its developer apparently struggling to find a buyer. It's seen regular monthly reductions in the asking price since it was first listed in May, amounting to over £400,000 off the original price.
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Bromley
Four-bed detached house, Shortlands Road
Asking price on 15th March 2016: £1,399,995
Asking price in March 2016: £849,995
Asking price in June 2016: £1,000,000
Asking price on 11th October 2016: £649,995
Current asking price: £750,000
Decrease: -46.4%
The asking price of this family home has gone up as well as down during the year. On the 10th June, just prior to Brexit, it increased in value by almost 20%, but after the unexpected vote it eventually lowered again by a larger 35% in October - and then went up again. However, despite all this indecisiveness, the original price has fallen by almost half.
Enfield
Four-bed detached house, Griffins Close
Asking price in January 2016: £1,995,000
Asking price in February 2016: £1,195,000
Asking price in March 2016: £1,095,000
Asking price in April 2016: £1,049,000
Asking price on 29th November 2016: £1,028,000
Current asking price: £1,010,000
Decrease: -49.4%
This house has dropped in price by almost a million pounds - half its value - over 2016. With a total fall of £985,000, will this property catch a buyer's attention in 2017?
