Written by Lauren Almeida, for The Guardian
https://www.theguardian.com/money/2026/oct/03/london-mansions-sell-house-prices-prime-property
For decades, the capital’s house prices raced ahead of the national average – but now they are falling in prime areas
An elegant Georgian facade, a full-width balcony and an exclusive address in South Kensington just steps from the Natural History Museum and the V&A. Yet the listing price of this west London flatat Queen’s Gate Gardens has dropped by nearly £1m since last year, to £4.4m.
It is far from an isolated case. A nearby house originally listed at £20m was slashed to £14m this year, says a local estate agent. In neighbouring Notting Hill, a stucco-fronted property that came to market two years ago at £16m is now being offered for less than £14m, they said.
London’s premium property market is stuck in a rut. While borrowing costs and stretched affordability weigh on everyday buyers, the city’s richest residents are also making deep cuts to the prices of their multimillion-pound homes…..
But neighbourhoods such as Knightsbridge, bordering Hyde Park and home to Harrods, are also feeling the pinch, said Harry Dawes, a buying agent based in Belgravia.
“There is a flat on Pont Street, a five-minute walk from Harrods, which sold at £4.4m in 2014, then sold at £3.5m. It can now be bought at £2.5m.”
….
Sellers, who normally own these properties for at least a decade, “don’t like it but have to accept it,” said Dawes.
“If they are older, they have to take a lifetime view on their property and accept that from a profit and loss perspective, this last trade might not look good.
“We bought three flats for a client’s kids last year – two in Chelsea and one in Notting Hill – and every seller was selling at a loss.”
To read the whole article please go to : https://www.theguardian.com/money/2026/oct/03/london-mansions-sell-house-prices-prime-property