Key facts
- Eight in 10 properties in London's most exclusive neighborhoods sell below asking price.
- Prime central London property prices fell 5% in the third quarter of 2026.
- Homes are selling at an average 10% discount to their asking price.
- Prices are 14% below their 2014 peak.
- New listings in prime central London are down 14% from the previous quarter.
- Transactions in the £2m-£5m band fell 22.3% in the third quarter.
Eight out of 10 properties in London’s most exclusive neighborhoods, including Mayfair, Belgravia, and Knightsbridge, are now selling below their asking price, according to research by private bank Coutts. Prime central London property prices fell 5% in the third quarter of 2026, with some homes selling at an average 10% discount. This brings prices in the high-end market 14% below their 2014 peak, impacted by Brexit, the pandemic, higher taxes, and increased borrowing costs. Buying and selling agents have also noted reduced interest from foreign buyers following the abolition of the non-dom tax regime. Knightsbridge and Belgravia have been particularly affected, with prices down 30.8% and 26.9% from their peaks, respectively. Alex Webster, head of lending at Coutts, noted a cautious approach from buyers and sellers at the top end of the market, anticipating the chancellor's budget for potential activity. New listings in prime central London are down 14% quarter-on-quarter, and available stock has decreased by 6% year-on-year. Transactions fell 9.1% in the third quarter, with the £2m-£5m price band seeing the largest decline of 22.3%. However, estate agent Savills reported 26 transactions above £10 million in the third quarter, totaling 127 over the past year and worth £2.88 billion.