A recent report has revealed that London has become, for the first time in more than a decade, the British city with the highest proportion of homeowners selling their properties at a loss.
According to a report issued by real estate company Hamptons, around 15% of sellers in London sold their homes for less than the purchase price over the past year, placing the capital at the top of all English cities, compared with a national average of about 8.7%.
The report explained that some sellers in London were forced to offer substantial price cuts of up to 50% over the past year in order to speed up sales, with expectations of further declines in luxury home prices during the current year.
It also noted that apartment owners were more likely to incur losses than owners of detached houses, due to high maintenance costs and service charges, in addition to stricter regulatory restrictions on buy-to-let investors.
