How much have you dropped the price?

[ilovesouthlondon]

How much have you had to slash the price of your London property (flats or interestingly houses too) to get it sold so that you can move on with your life?!

Anyone?

It entirely depends on how much it was overpriced in the first place.

Zone 2/3 border. Things on my road recently going for asking price or above.

If it has no outside space, probably different story.

And as pp says, depends how overpriced it was in the first place

I’ve said this on other threads, but we ended up slashing the price on our flat (Zone 3, shared garden) by around £30k so we could move. Approx 10% of the price.

Don’t think it was overpriced originally in the usual sense- another flat in the building with the exact same layout (in a worse condition) sold at the higher price a couple of years ago, so it had seemed realistic. If we could have afforded to rent it out instead of selling now, that would probably have been a better choice.

I put it on at 25000 what i wanted to achieve and accepted an offer 3% under asking so Ingot exactly what I was hoping for and the buyer feels they got a bargain :)

We sold our zone 4 SE London Flat for a few thousand lower than we originally paid for it almost 5 years ago. It was originally on for 25k above this, which is what a similar flat in the same block was bought for a couple of years ago.

Shame to lose some money but we needed to sell to move to where we wanted to and our opinion was that it could fall even more if we didn’t sell soon. No outdoor space and not a particularly desirable area for young professionals.

@korawick12345

I put it on at 25000 what i wanted to achieve and accepted an offer 3% under asking so Ingot exactly what I was hoping for and the buyer feels they got a bargain :)

25000 over what i wanted to achieve! It wasn't a london flat for 25000!

@Paulina23 question still applies...how much have you dropped the price from what you regard as over priced

@Blue5238 that's interesting...you say goingb at or over the "over price"...

@Caroline147 thanks Caroline! You've answered my question! What you have clearly explained are exactly my thoughts on what is happening in some areas of the market but I was looking for live examples. Cheers!

@korawick12345 that's not too bad a reduction!

@Londonlady33 I think you made the right decision. Its a shame to loose out when bad timing means prices people are willing to pay suddenly falls but its also important to be able to move on and get on with your life if you can afford to take the hit. Thanks for responding.

Sold our house recently.
Negotiated down a bit after survey.
That’s normal house-sale business, not price slashing though.

No houses round me are dropping in price. Flats maybe, but not really noticeably.

We reduced ours by just under 10% which was more than ea advised but sold very quickly then, house with small garden. One opposite still isn't selling, one few doors down slower to reduce and a year to sell, one up road, not reduced and fell through twice. But others with big gardens were flying off the shelf. Flats were struggling if no garden.