High-end sellers in some of London’s most sought-after neighborhoods are being forced to cut house prices in a desperate bid to secure sales. Roughly 40% of homes for sale in Earls Court, famous for the eponymous exhibition center that hosted the likes of the Rolling Stones and David Bowie, and 35% of properties listed in Chelsea and Knightsbridge, home to Harrods department store, have seen their prices reduced since coming to market. According to Propcision, a property analysis firm, this pattern is repeated across central London. Between 28% and 30% of the listed properties have undergone a price reduction in Kingston Upon Thames, Hammersmith and Fulham, Wandsworth and Westminster. Michelle Ricci, co-founder of Propcision, said, “The upward trend prime central London enjoyed for the past few years has started to show signs of resistance. There are particular areas of vulnerability that may start to show demonstrable evidence of a downward trend — most notably new-builds.” From mid-2011 to mid-2013, non-U.K. nationals accounted for 69% of prime central new-build purchases in London. But more recently, demand has waned among international buyers on the back of uncertainty surrounding the global economy and the introduction of a higher sales tax on certain properties. “[P]rime central London new builds may be particularly vulnerable to a correction as foreign investors may view the economic and political climate in Britain to be uncertain,” Ricci said. “Tax and Stamp Duty changes alongside falling sterling and unfavorable housing indices for central London are certainly factors.” Though certain pockets within central London seeing price reductions, Ricci noted that “values still remain relatively high.”