Eight out of 10 properties in London’s most exclusive neighbourhoods – such as Mayfair, Belgravia and Knightsbridge – now sell below asking price, according to research by Coutts, which provides private banking services to wealthy clients.

Property prices in “prime central London”, which covers the city’s most expensive postcodes, have dropped 5% in the third quarter of 2026, as the slowdown in the UK’s property market hits its wealthiest residents.