The asking price on one the country's most expensive houses will be slashed after it was put into receivership, writes dailymail.co.uk.

Cresswell House in Chelsea, West London, will have its price almost halved as the high-end property market continues to  suffer.

The home - which sits in the the exclusive Boltons enclave - will be put up for £20.1million after it was originally priced at £37.5million.

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Increases on stamp duty and uncertainty due to Brexit has caused slowed foreign investment in London. Andrew Moffat bought the house at 5 Cresswell Place for £8.1million in 2012 , reports the Sunday Times.

The developer's company, Albyns, transformed the house into a five-bedroom mansion. The property boasts its own cinema, hydraulic car stacker, spa bath and swimming pool.

Cresswell House failed to sell after it was first put on the market through Knight Frank and Savills in 2016. Independent expert Richard Stanley was appointed receiver to the Jersey-based  company when Moffat's lenders ran out of patience.

The Islamic bank BLME and financier Christian Candy held shares, according to the Land Registry. It is unclear whether the bank put the property into receivership.

A source told the Sunday Times that £36million bid last summer fell through. He added that 50 viewings have been arranged for the latest sale attempt.