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London prime market turns: first quarterly price growth in four years
Knight Frank's September data, published October 2, shows prime central London prices rose 0.3% in the quarter — the first quarterly growth in four years. Annual prices fell 2%, the smallest yearly decline in 18 months.
Why it matters
Prime central London property prices posted their first quarterly increase in four years, a sign demand is recovering. September data shows a 0.3% quarterly rise, with the annual decline narrowing to 2% — the smallest in 18 months.
Full report
Knight Frank's September sales indices, published on October 2, 2026, show the Prime Central London (PCL) sales index at 5,004.4 and the Prime Outer London (POL) sales index at 273.7. PCL rose 0.3% in the quarter — the first quarterly price growth in four years. Prices fell 2% over the year, the smallest annual decline in 18 months.
The report notes that demand began to emerge early in 2026 as mortgage rates fell toward 3.5%. The March Middle East conflict pushed rates closer to 4.5% and activity stuttered, before demand strengthened again. Renewed Middle East tensions in mid-September pushed mortgage costs up again, and the approaching Budget is in focus after a Times report on a possible reduction to the high-value council tax threshold.
In prime outer London, where demand has been more consistent and needs-driven, prices fell 0.6% in the year to September, and values have not moved by more than 1% in either direction since May 2025.
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