Sellers slash prices of 1,000 London properties

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Research by property website Rightmove shows that scores of sellers have had to knock up to £800,000 off the prices of their homes in the last week in the hope of finding a buyer.

The study analysed about 70,000 homes on the market in the capital, and recorded all those with a price drop of at least two per cent in the last week.

The results illustrate the lengths sellers must go to to tempt buyers, but are excellent news for investors and first time buyers able to secure a mortgage.

The biggest discounts included a five-bedroom home in Wimbledon village, now priced at £2.295 million; a two-bedroom apartment in Bayswater, reduced by £300,000 to £1.35 million; and a three-bedroom flat in West Hampstead, priced at £775,000, down from almost £1 million.

Not all the most discounted properties are at the high end. A two-bedroom flat in Dartford was cut by almost a quarter of its original price. Its owner is now looking at offers in excess of £89,950, down by £30,000.

Research has found that, nationwide, more than 16,000 homes have had their prices cut in the last week.

Rightmove commercial developer Miles Shipside said: "Sellers need to ensure they price correctly and realistically to avoid price reductions."

First time buyers are still being hampered by a lack of finance, he said. "It is no doubt a market for those cash-rich and mortgaged," he added.

Last week it was reported that property prices have fallen so dramatically homes are on sale in three quarters of London boroughs for less than £100,000.