The London mansions having their prices slashed by millions as they struggle to sell – after Charlie Mullins drops price of his penthouse by £3million
High-end homes across London are taking longer to sell, prompting sellers to cut asking prices by millions. The article links the slowdown to weaker demand from wealthy buyers, higher property taxes and rising mortgage rates.
Examples include a seven-bedroom St John’s Wood house reduced from £17 million to £10 million, and Charlie Mullins’s Thames-side flat cut by £3 million to £9 million. Flats in Vauxhall and Shoreditch have also been reduced, while official figures cited in the article show inner London house prices fell 8.3 per cent in the year to June 2025; Hamptons says London homes sold above £1 million recently went for an average 6.6 per cent below their initial asking price.
- London’s luxury property market is seeing steep price cuts.
- Sellers cite weak demand, taxes and mortgage costs.
- Inner London house prices fell 8.3 per cent year-on-year.