Property prices in London going down

Baku. 1 March. REPORT.AZ/ More London home sellers are having to cut the asking price of their homes, and they’re offering deeper discounts as political uncertainty and high values dampen demand.

Report informs referring to Bloomberg, price cuts seen in prime central London are now filtering through to outer boroughs.

London home prices have surged about 86 percent 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 U.K. as a whole, according to Hometrack. Political instability in the aftermath of Brexit drew down property prices from record high. Number of discounted sale announcements rose by 40% in some districts of the city. The largest average price cut was in Kensington and Chelsea, at 8.2 percent in January compared with 7.8 percent in July. Westminster was second, at 7.7 percent.

Notably, office complex at Saint James 78 purchased by State Oil Fund of Azerbaijan (SOFAZ) is also located in Westminster.