Buyer demand in prime central London weakened during the second quarter of 2026, though committed buyers continued to complete transactions for homes priced realistically, a new market report from Winkworth indicates.
The estate agency reported a more than 10% fall in sales enquiries year-on-year during the quarter, contrasting with a 25% increase in tenant registrations. This reflects a slower sales market alongside continued strength in lettings.
Winkworth's analysis over the past two years found that vendors who reduced asking prices early to align with market conditions sold their homes more quickly. These properties achieved, on average, more than 98% of their final asking price. Homes that remained overpriced often stayed on the market for a year or more before larger reductions were agreed.
The report also noted that collapsed sales now tend to occur later in the conveyancing process, typically adding around four months to the selling process and reducing the eventual sale price by approximately 3%.
Changing buyer demographics are also highlighted, with UK-based parents increasingly purchasing in Pimlico due to comparatively lower prices. Across much of Winkworth's network, around seven in 10 buyers are now UK-based, leading to more common property chains in a market traditionally dominated by cash purchasers.