Islay Robinson examines signs of stabilisation in the prime London property market in 2026, exploring £10 million-plus sales activity, pricing trends and what buyers should consider when negotiating and arranging finance for high-value property purchases

The prime London property market is showing signs of stabilisation in 2026, with stronger transaction activity and early signs of price improvement in prime central London. However, this is not yet a broad recovery across all price brackets, and buyers still need to assess individual property values, financing terms and affordability carefully.

Enness Global works with high-net-worth individuals and international buyers seeking mortgages for high-value and complex property purchases. From my perspective as a mortgage broker, the key question is not simply whether the market is recovering, but whether a particular purchase is fairly priced and supported by a finance structure that can reach completion.

A market can become more active while sellers continue to accept lower offers. Equally, a substantial reduction from an asking price does not automatically mean a property represents good value. Buyers need to understand how a lender will assess the property, their income and their wider assets before treating a negotiated purchase as affordable.

What Does the Latest Prime London Property Market Data Show?

Knight Frank's October 2026 research points to stabilising transaction activity in the prime London market, although the super-prime market has not returned to its earlier transaction levels. Its 2 October 2026 report recorded 121 sales above £10 million in the year to September, unchanged from the previous year, while total spending rose by 14% to £2.4 billion.

The figures provide a useful snapshot of how activity has changed:

Measure	Reporting Period	Result
Sales above £10 million	12 months to November 2024	155
Sales above £10 million	12 months to November 2025	106
Sales above £10 million	12 months to September 2026	121
Total spending on purchases above £10 million	12 months to September 2026	£2.4 billion, up 14% year on year

The latest sales total is unchanged from the equivalent period a year earlier, but it has increased from the November 2025 low. Both observations can be true: activity has strengthened since that low point, while annual transaction numbers remain flat.

The wider prime market also shows a narrowing decline. Exchanges across prime central London (PCL) and prime outer London (POL) were down 2.5% in the year to September, compared with a 14% annual fall reported in March, according to Knight Frank.

I would be careful about treating the increase in spending as evidence that property prices are rising across the board. With the same number of £10 million-plus transactions, higher total spending can reflect a change in the mix of homes sold, rather than a rise in the value of comparable properties.

For buyers, these figures provide context for negotiations. Recent completed sales for the individual property remain more useful when assessing whether its asking price is justified.

Are Prime London Property Prices Still Falling?

Prime London property prices remain below their previous peaks, but the latest figures suggest the picture is beginning to differ between areas. Knight Frank reported in October 2026 that prime central London prices rose by 0.3% over the quarter to September, marking the first quarterly increase in four years, although prices were still 2% lower year on year.

Knight Frank also puts average prime central London prices approximately 22% below their August 2015 peak. That provides useful historical context, but it is not a discount that can be applied to every property. Location, condition, lease terms and comparable completed sales all influence an individual home's value.

I would also question what a seller means when they describe a property as reduced. A reduction from an ambitious asking price may simply bring it closer to market value. It does not necessarily create a bargain.

For a buyer using finance, the important comparison is between the agreed purchase price and the lender's valuation. If the valuation comes in lower, the buyer may need to contribute more equity or reconsider the financing structure. Before committing, establish which recent completed sales support the price and how much liquidity would remain if the lender took a more cautious view.

Why Are More Buyers and Sellers Finding Common Ground?

More realistic pricing appears to be helping buyers and sellers reach agreement in parts of the prime London market. Knight Frank's October 2026 commentary describes sellers adjusting expectations after lengthy marketing periods, while some buyers are reassessing the value available following years of price declines.

This suggests that transactions can improve without either side expecting a rapid rebound in prices. They simply need to agree on terms that make moving worthwhile.

My view is that buyers should consider what they can offer alongside the price. A seller who wants to move on may place considerable value on a credible timetable and a buyer who can explain how the purchase will be funded.

That means distinguishing finance already assessed by a lender from borrowing that has merely been discussed. Buyers should be clear about outstanding conditions, including valuation, legal work and final approval. Preparation cannot guarantee completion, but it can make an offer more credible and help both sides identify obstacles before investing weeks in a transaction.

Is 2026 a Good Time to Buy Prime London Property?

2026 may present opportunities for buyers who can negotiate carefully and take a long-term view, but a more negotiable market does not make every purchase attractive. Whether it is a good time to buy depends on the individual property, how long you intend to own it and whether the purchase leaves your finances resilient.

I would start with a question that market forecasts cannot answer: would you still be comfortable owning this home if prices remained flat for several years? For someone buying a long-term family home, suitability may matter more than identifying the precise market bottom. A buyer expecting to sell again soon has less room to absorb transaction costs or an unfavourable change in value.

Before proceeding, examine three things:

• The price: Do recent comparable sales support it, allowing for condition, lease terms and any necessary work?
• The total commitment: Include purchase taxes, legal costs, refurbishment, ongoing maintenance and borrowing costs.
• The remaining liquidity: Establish what cash would be available after completion, including if the valuation is lower than expected or works exceed the budget.

A lower purchase price can still leave a buyer financially stretched. Equally, retaining investments through borrowing introduces financing costs and investment risk that need to be considered together.

For me, the stronger buying position is one in which the property meets a lasting need and the finances work without depending on an early recovery in prices.

What Should Buyers Arrange Before Making an Offer?

Before making an offer on prime London property, buyers should establish how much they may be able to borrow, how they will fund their contribution and what still requires lender approval. This is particularly important where wealth is held across businesses, investments or different currencies.

I would want the financing discussion to answer four questions:

• What will support the borrowing? Identify the income, assets and liabilities the lender needs to assess. Substantial wealth does not automatically establish an ability to service a mortgage.
• When will the purchase funds be available? Money tied up in a business, an investment portfolio or another property sale may require additional steps before it can fund completion.
• Who will own the property? Discuss the proposed ownership with legal and tax advisers, then ensure the lender is assessing that same structure.
• What conditions remain outstanding? Establish whether the proposed loan is subject to valuation, further underwriting, asset transfers or other requirements that could affect timing.

Currency also deserves attention where the purchase, income and assets are denominated differently. Exchange-rate movements can change the amount available for completion or the cost of servicing debt.

An initial assessment helps establish feasibility; it is not an unconditional commitment to lend. The useful outcome is a clear account of what has been assessed, what remains unresolved and how those outstanding steps fit the seller's timetable.

Buyers exploring complex borrowing requirements can learn more about Enness Global's mortgage services and the options that may be available for high-value property purchases.

What Could Affect the Prime London Property Market's Recovery?

A sustained recovery would require buyers and sellers to keep reaching agreement beyond the recent improvement in transactions. Financing costs, tax policy, political uncertainty and the availability of suitable homes could all influence that progress.

The next comparisons also need careful interpretation. As annual figures move beyond the November 2025 low, stronger year-on-year growth could partly reflect a weaker starting point. I would look for improvement across several reporting periods before treating one positive headline as evidence of a lasting change.

For an individual buyer, the more useful exercise is to test the purchase against less favourable conditions. Would it remain manageable if borrowing became more expensive, refurbishment took longer or a future sale achieved less than expected? Potential tax changes should be assessed with a qualified tax adviser rather than assumed from speculation.

Buyers do not need certainty about the market's next move. They need enough room in their finances that an unexpected move does not force their next decision.

Important Information

This article is for informational purposes only and does not constitute financial advice. Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Enness Global is a credit broker, not a lender. Mortgage availability is subject to status, affordability, valuation and lender criteria. Property values can fall as well as rise. Enness Global does not provide tax, investment, insurance or legal advice. Speak to a qualified adviser before making a decision. Market data in this article was published in October 2026 and may change.