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Dozens of mansions and penthouses across the capital are having their prices slashed by millions as they struggle to sell in London's faltering housing market.
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they → see → market
High-end property prices in London's swankiest postcodes such as Mayfair, Marylebone and Shoreditch have plummeted amid Labour's tax changes and mortgage rate rises.
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prices → plummet → changes
One seven-bed house in St John's Wood, near Paul McCartney's north-west London house, has seen its list price fall from £17million to £10million.
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price → see → 10million
The Grade II-listed house features a swimming pool, a garden and a gated driveway with parking for seven cars.
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house → list → cars
The house has been on the market since December 2025, significantly longer than 38 days, the average time a property remains on the market in the UK.
But despite its prime location and enormous size, the owners have slashed £7million off its asking price as super-wealthy buyers dry up in the capital.
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buyers → remain → capital
It emerged yesterday that Britain's richest plumber, Charlie Mullins, dropped the price of his luxury Thames-side 'penthouse' by £3million, after he failed to find a buyer.
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he → emerge → buyer
The founder of Pimlico Plumbers reduced his three-bed, three-bathroom apartment overlooking the river opposite the MI6 building in Westminster to £9million – £1million less than he bought it for in 2021.
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he → reduce → 2021
The 73-year-old left Britain amid Labour's tax raids on the wealthy in 2024 but can't find a buyer for his house.
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old → leave → house
One seven-bed house in St John's Wood, near Paul McCartney's north-west London house, has seen its list price fall from £17million to £10million
It emerged yesterday that Britain's richest plumber, Charlie Mullins, slashed the price of his luxury Thames-side 'penthouse' by £3million, after he failed to find a buyer
Sellers of mansions and penthouses seemingly have a similar problem – with dozens of listings on property websites showing sellers cutting prices by the millions.
A flat in St George Wharf Tower in Vauxhall, the 20th tallest building in London, has been on the market for five years.
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flat → see → years
Its price has been slashed by more than £3million from £9.9million to £6.5million.
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price → slash → 6.5million
That represents a 34 per cent loss in value from its initial listing in March 2021.
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That → represent → March
A flat in Principal Tower, a 50-storey residential building in Shoreditch, east London – by the financial district of London, has also failed to sell.
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flat → fail → London
The luxury flat was listed for £9.9million last year but is now available for £7.2million, a drop of 27 per cent.
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flat → list → cent
The property, that boasts panoramic views across the city alongside a gym, spa and shared swimming pool, has been on the market since October 2025.
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that → boast → October
Data released in August from the Office for National Statistics showed that some mansions and penthouses across the capital have lost more than a quarter of their value in just the last year.
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mansions → release → year
The data also showed that house prices as a whole in inner London boroughs fell by 8.3 per cent in the year from June 2025.
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prices → show → June
The London flat overlooks the River Thames and is opposite the MI6 building
A flat in St George Wharf Tower in Vauxhall, the 20th tallest building and London, has been on the market for five years
A flat in Principle Tower, a 50-storey residential building in Shoreditch, east London - by the financial district of London, has also failed to sell
New data from estate agent Hamptons found that, for homes above £1million in London, the discount was steeper this financial quarter than last year.
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discount → overlook → London
Based on properties sold above £1million, the typical property over the last quarter achieved 6.6 per cent below its initial asking price, up from a 6.3 per cent discount a year earlier.
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property → base → discount
Aneisha Beveridge, Head of Research at Hamptons, told the Daily Mail: 'This suggests sellers are having to negotiate harder to secure a buyer.'
She added: 'A combination of factors is weighing on demand at the top end of the market.
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combination → tell → market
A raft of higher property taxes introduced over the last decade have increased the cost of buying and owning expensive homes, while elevated mortgage rates continue to bite, even among wealthier buyers.
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rates → introduce → buyers
Economic uncertainty has also made purchasers more cautious, and London has seen fewer international buyers than in previous years.
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London → make → years
'Together, these factors have reduced competition for high-value properties and given buyers more room to negotiate on price.'
That impact can be seen at the top of London's property market.
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impact → reduce → market
One mansion, in the south-east London suburb of Eltham, has slashed its price by more than 20 per cent.
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mansion → slash → cent
The eight-bed home features a huge garden, an indoor swimming pool, a sauna, a library, a private gym and a games room.
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home → feature → garden
One mansion, in the south-east London suburb of Eltham, has slashed its price by more than 20 per cent
Despite this, it has failed to find a buyer since it was put on the market in June 2026 when it was listed for £10million.
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it → slash → 10million
In one of the swankiest parts of town, Mayfair, a three-bed flat has also struggled to sell.
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flat → struggle → town
The flat on Park Street has had £1million taken off its asking price in March and has still not sold.
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1million → have → March
Foreign buyers have flooded away from the capital following years of tax changes.
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buyers → flood → changes
Former Labour Chancellor Rachel Reeves abolished the 'non-dom' tax status in 2025 – which allowed wealthy residents to avoid paying tax on foreign income.
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residents → abolish → income
This led to an exodus of the wealthiest foreigners in Britain pining for London's top property – reducing demand for these houses sharply.
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This → lead → houses
Britain's millionaires and billionaires have also streamed out of the country following repeated Labour tax rises.
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millionaires → stream → rises
Earlier this month it was revealed Chris Rokos, the founder of Rokos Capital Management, is preparing to move to Greece.
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Rokos → reveal → Greece
He is the UK's third-biggest taxpayer having paid an estimated £330million in the latest fiscal year, according to the Sunday Times Tax List.
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He → pay → List
With fewer millionaires competing for London's most expensive property, demand has naturally fallen for ultra-luxury houses.
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demand → compete → houses
The price of a mortgage has also risen sharply since 2022 from around 1.5 per cent to 5 to 6 per cent now.
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price → rise → cent
For example, if a buyer was looking to buy a £10million house in 2022 on a 1.5 per cent mortgage, they would expect to pay £39,992 every month to pay it off.
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they → look → it
But mortgage rates sit at around 5 to 6 per cent now.
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rates → sit → cent
This means that the mortgage payment would be 46 per cent higher at £58,480 per month.
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payment → mean → month
While these calculations don't factor in a deposit, increased mortgage rates make buying a house a lot more expensive every month.
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buying → factor → house
Greater London was the only region in Britain to record a year-on-year drop in house prices, bucking decades of house price growth in the capital.
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London → record → capital
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