Coutts: Eight in 10 prime central London homes sell below asking price
Coutts research reported by The Guardian finds prime central London prices fell 5% in Q3 2026, with most homes selling below asking price.
What you need to know
Coutts research reported by The Guardian found eight in 10 prime central London properties sell below asking price, with values down 5% in Q3 2026 and 14% below their 2014 peak. New listings fell 14% quarter-on-quarter as transactions dropped 9.1%.
- Coutts found eight in 10 prime central London properties sell below asking price, at an average 10% discount.
- Prices fell 5% in Q3 2026 and sit 14% below the 2014 peak, The Guardian reported.
- New listings fell 14% quarter-on-quarter and available stock was 6% lower year-on-year.
- Transactions fell 9.1%, with the sharpest drop of 22.3% in the £2m-£5m band.
- Savills recorded 26 deals above £10m in Q3, with 127 worth £2.88bn over the past year.
Discounts widen across exclusive postcodes
Eight in 10 properties in London's most expensive neighbourhoods, including Mayfair, Belgravia and Knightsbridge, now sell below asking price, according to Coutts research reported by The Guardian. Prices in prime central London fell 5% in the third quarter of 2026 and are 14% below their 2014 peak, with transactions closing at an average 10% discount to asking price.
Knightsbridge and Belgravia recorded prices 30.8% below their peaks, while South Kensington was 26.9% lower, Coutts said. The lender attributed the decline to factors including Brexit, the pandemic, higher property taxes and borrowing costs.
Fewer listings and slower sales
New listings were down 14% on the previous quarter and available stock was 6% lower year-on-year, Coutts found. Transactions fell 9.1% in the third quarter, with the steepest decline of 22.3% in the £2m-£5m band.
Alex Webster, Coutts' head of lending, said buyers and sellers were cautious even before Chancellor John Healey's first budget. She said the market would watch whether the budget prompts delayed activity, adding that financing conditions and the wider economy would keep influencing prices.
The Bank of England has held its base rate at 3.75%, though expectations are growing that the committee will raise it to 4% next week.
Top-end deals persist
Separate Savills research found 26 transactions above £10m in the third quarter, taking the past year's total to 127 sales worth £2.88bn, according to The Guardian.
How far are prime central London prices below their peak?
Coutts research reported by The Guardian puts prime central London prices 14% below their 2014 peak, after a 5% fall in the third quarter of 2026.
Sources & context
- Eight in 10 homes in London’s poshest postcodes now sell below asking price, Coutts finds ↗The Guardian
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