A new survey of prime London property shows 21 per cent of homes on sale have had their asking prices cut – sometimes dramatically.

Specialist mortgage broker Enness Global looked at stock levels across London’s most highest value neighbourhoods for homes at £3m and above.

It then analysed what percentage of these homes had seen the asking priced reduced in order to secure a buyer.

Across London, 21 per cent of all properties at £3m or above have seen a reduction.

Maida Vale is the area with the highest share of reductions – 38 per cent.

Hampstead, St James’s and Pimlico also rank high with 31 per cent of prime property stock reduced.

However, Soho and Fitzrovia both saw fewer than 10 per cent of properties cut asking prices.

“A combination of Brexit uncertainty and the current pandemic has seen many sellers reduce their asking price expectations in order to secure a sale” says Islay Robinson of Enness Global.

“When you couple this with the current stamp duty savings on offer and the weaker pound, the prime London market presents a very attractive option at present.

“Of course, not everywhere presents a property discount and those with the smallest percentage of price-reduced properties indicate where the London market is currently at its hottest where high-end homebuyer demand is concerned.”