Prime London estate agents experienced an exceptionally quiet August, with property sales reaching their lowest level for the month since 2008. New figures from LonRes indicate that transactions decreased by 19% compared to August 2025.
Average achieved property values across prime London fell by 7% year-on-year. Sellers who completed deals accepted an average discount of 10.4%, and half of all available stock had undergone a price reduction.
The slowdown also affected new listings, with new instructions dropping 22.1% year-on-year, marking the lowest August level since 2011. However, properties going under offer fell by a smaller 15.3% annually, suggesting underlying buyer demand may still be present, but agreed offers are taking longer to finalise.
In the prime London rental market, the number of lets agreed decreased by 27.5% year-on-year in August. Despite this, average rents continued to rise, increasing by 3.8% year-on-year.