In London’s Maida Vale 38% of stock above £3m has reduced its asking price, suggesting that high net worth buyers could grab a bargain in the area.

Meanwhile 31% of properties above £3m were reduced in Hampstead, St James’s and Pimlico.

At the other end of the spectrum, just 6% of properties above £3m in Soho saw their asking prices fall.

The research comes from Enness Global.

Islay Robinson, group CEO of Enness Global Mortgages, said: “The prime London market is becoming increasingly popular at present, particularly amongst foreign buyers looking to pick up a relative bargain in current market conditions.

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

“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.”

IDX Real Estate