The ‘Evening Standard’ reports;
“A property billed as the “finest newly constructed house in London” had had its £65 million asking price cut by £30 million.
The five-storey, 11-bedroom home with10 bathrooms, a gym and underground parking in St John’s Wood is now available for offers “in excess of £35 million”. The reduction has led to speculation that the capital’s “super prime” property market has become over-inflated.
The St John’s Wood home is at 40 Avenue Road, near Lord’s, and is being marketed by Savills and Knight Frank. Neither estate agent would comment on the property.
It has 21,600 sq ft of floor space including a leisure complex, a marble-lined entrance, a mahogany panelled study and an underground car park.
Buying agent Henry Pryor said there were a number of multi-million-pound homes for sale on the same road, including one which has been reduced by 24 per cent over the past 12 months.
“The market has softened in the past year and people can’t be so cavalier with asking prices,” he said. “It can punish those who are over-ambitious. Canny buyers now appreciate that you no longer have to pay ticket price and the queue of potential buyers for these mega-sales has reduced to a trickle.”
Trevor Abrahmsohn, who runs Glentree Estates and specialises in multi-million-pound homes, said business was down 50 per cent this year. The super-agent pointed to the rise in stamp duty on homes above £2 million from five to seven per cent. “The market has stopped above £2 million in London and the supply is clogging up,” he said.”