Almost 1,700 homes across Prime Central London have either been relisted or seen their asking price reduced as sellers struggle to secure buyers through traditional channels.
Analysis from AgentWise shows that 790 properties have returned to the market following failed sales or withdrawals, while a further 893 have reduced their asking price.
The figures point to mounting friction at the top end of the market, where transactions are taking longer to complete and deals are increasingly falling through.
Established prime locations are among the hardest hit, suggesting that even traditionally resilient areas are not immune to current market conditions.
PRICE REDUCTIONS
Marylebone accounts for the largest share of relisted homes, with 140 properties back on the market, followed by Fitzrovia and both Mayfair and Kensington.
When it comes to price reductions, Kensington leads, with 183 homes discounted, followed by Chelsea and Marylebone.
Eric Corsaletti, Founder of AgentWise, says: “By the time a property has been reduced or returned to the market, the seller is often frustrated with the process. In many cases they have spent months on the portals, accepted an offer, only for the transaction to collapse or the property to receive very little meaningful interest.
“What we are increasingly seeing is that, after that first attempt has failed, agents are turning to a more targeted and collaborative approach. Rather than simply relisting the property and hoping for a different outcome, they are using trusted professional relationships to identify the right buyer more quickly and more discreetly.
“Platforms such as AgentWise are helping agents and brokers strengthen those relationships, making it easier to collaborate and providing an increasingly important alternative route when the traditional process has failed.
LESS EFFICIENT
He adds: “The issue is not that there is no demand in Prime Central London. The demand is still there. The challenge is that the traditional process is becoming less efficient, particularly at the top end of the market where buyers are often international, highly specific and difficult to reach through standard marketing channels.”
“The portal remains an important part of the market, but it is no longer the whole market.
“Increasingly, the most serious buyers and the strongest opportunities are being found through agent collaboration and trusted networks, particularly when a property has already failed once in the public market.”
