The supply of luxury homes for sale in the capital has tightened with the number of properties priced at £2 million or more falling by 4.3% in the third quarter of 2025, according to new analysis by Jefferies London.
The agency’s review of current listings shows that high-end homes now account for just 35% of total stock on the market across London, as owners in prime districts increasingly hold back from selling.
Notting Hill recorded the sharpest quarterly decline in listings, down 15.4%, followed by Maida Vale (-10.7%), Holland Park (-10.4%), Knightsbridge (-9.4%) and St John’s Wood (-6.3%).
Some neighbourhoods bucked the trend, however. Mayfair saw a 17.8% rise in properties listed above £2 million compared with the previous quarter, while Regent’s Park listings grew by 8.6%. More modest increases were recorded in Pimlico (4%) and Fitzrovia (0.9%).
PRESTIGIOUS POSTCODES
Across prime central London, top-end stock remains concentrated in a handful of prestigious postcodes.
Mayfair leads the market, with 78% of all listings priced above £2 million, followed by Knightsbridge (63%) and Belgravia (57%). Kensington (39%), Chelsea (40%), Marylebone (38%) and Fitzrovia (38%) also retain significant shares of high-value listings.
HESITANT SELLERS
Damien Jefferies (main picture, inset), Founder of Jefferies London, says: “The quarterly decline in prime London listings reflects a combination of factors.
“On the one hand, the prime market has been slightly more active in recent months and this has absorbed a portion of available stock.
“On the other hand, many sellers remain hesitant to enter the fray, unconvinced that they will achieve the price they require whilst the market remains more subdued.
“This caution on the side of sellers continues to shape the market and we expect this trend to persist, at least until the dust has settled on the Autumn Budget and we know where we stand moving forward for the foreseeable future.”
