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Eight in 10 Homes in London's Most Exclusive Postcodes Sell Below Asking Price
Eight in 10 homes in London's most exclusive postcodes sell below asking price, according to Coutts research.
Key points
- Prime central London property prices fell 5% in the third quarter of 2026, according to Coutts.
- New listings fell 14% compared with the previous quarter, and transactions were 9.1% lower in the third quarter.
- The Bank of England has kept its base rate at 3.75%, but expectations are growing it will rise to 4% next week.
Why it matters. Affluent owners may face losses of hundreds of thousands, if not millions, of pounds as the property slowdown hits the UK's wealthiest residents, Coutts says.
Coutts research found that eight out of 10 properties in London's most exclusive areas, including Mayfair, Belgravia and Knightsbridge, sell below asking price. Homes sold at an average 10% discount, and prime central London prices fell 5% in the third quarter of 2026, 14% below their 2014 peak. Alex Webster, Coutts' head of lending, said top-end buyers and sellers were cautious even before chancellor John Healey's first budget.
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Eight in 10 Homes in London's Most Exclusive Postcodes Sell Below Asking Price
Coutts analysis finds that around eight in ten homes sold in London's most prestigious postcodes now go for less than the asking price. Areas including Belgravia and Mayfair are among those affected. Sellers in these areas face losses of hundreds of thousands of pounds compared with their original asking figures. The findings point to a sharp correction in the top end of the London property market. The data suggests that falling prices at the luxury end are feeding into broader weakness in the capital's housing market.