Market Insights September 2025

Please see below the themes we’re seeing in the prime central London property market as we enter autumn.

If you have any questions about the market or would like to discuss the below in more detail, please don’t hesitate to reach out.

Best wishes

Jo Eccles

Founder and Managing Director, Eccord

+44 (0) 20 7244 4482

jo.eccles@eccord.com

LinkedIn | Instagram

Temperature change ahead of Autumn Budget

After a busier than expected summer, the forthcoming Budget is having an impact and September activity has been muted as a result. Whilst our clients with searches already underway are proceeding as planned, reports are consistent across the board that increasing numbers of buyers and sellers are adopting a wait-and-see approach.

With the Budget scheduled for the end of November, in reality this means many will wait on the sidelines until early 2026 as Thanksgiving and Christmas immediately follow. 

There is a window of opportunity for buyers who are prepared to buy before the end of the year, with many fatigued sellers – some who have been on and off the market for the last two years – eager to secure a quick, clean sale in the next three months.

Sellers continue to be nuanced though, with some very motivated and others incredibly discretionary, so buyers are having to distinguish between the two. In some cases, a compelling and attractive price is there to be agreed, and in others, we are still having to play lengthy waiting games for sellers’ expectations to come down. 

Houses are proving more resilient versus apartments, supported by domestic and needs-based demand. One £4.4m house we were considering for a client in Hampstead had three serious buyers and a full asking price cash offer within one week of coming to the market. 

The top end above £10m remains discretionary and is experiencing the greatest downward pressure on prices, as the pool of buyers has shrunk since the end of the non-dom regime and many are holding off buying until there is more tax certainty. However, high value transactions are happening, for example a £24m apartment in Kensington has just exchanged within a week. High net worth buyers are acting decisively when they see genuine value and opportunity.

Interestingly, of our clients buying, several have shown a preference to stretch budgets in order to secure their preferred location or larger space. For example, we have just acquired a property in prime Chelsea for a European client who had been renting and was ready to buy with a budget of £3m - £4m. Having shown them the options across peripheral areas such as Battersea and Fulham, alongside prime Chelsea and Belgravia, they chose to stretch to the top end of their budget to remain in their preferred location. This is a classic example of buyers having to think long term with their purchase decisions.

Capital arrives as well as departs

Whilst sentiment is cautious and many have ruled out London for now, others still value its appeal as a place to live and do business in, and we continue to see examples of investors and buyers attracted here for a diverse range of reasons. 

At an institutional level, there has been a recent influx of international developers backing London for the long-term. For example Arada, a Dubai-based developer backed by UAE and Saudi royalty, has just acquired a £230m majority stake in high-end developer Regal, and Norges Bank has recently made a £306m investment in Mayfair and a £570m purchase of a 25% stake in the Covent Garden estate.

On an individual level, UK universities remain a significant draw and we’re seeing a growing number of European families considering buying a property here for children who are studying in the UK for degrees and masters, and are likely to remain when they start their careers. This cohort will wait for further tax certainty in November, but buying a London property over the mid-term is strongly on the cards for them. 

American buyers also continue to make up a significant proportion of our client base, either relocating here full time or acquiring pieds-à-terre in case they wish to live here in the future. This is being fuelled by political uncertainty, but specifically over the past month or so, a growing nervousness about potential future restrictions over the movement of capital from the US.

Landlords preparing for Renters’ Rights Bill

Ahead of the Renters’ Rights Bill (RRB), which is moving closer to Royal Assent, landlords are having to decide whether they want to sell in a depressed market or continue to rent out their properties.

For those who are choosing to remain in the market, our property management team are helping them navigate changing legislation such as Westminster’s upcoming selective licensing scheme. We are also ensuring our landlords' properties are in good condition in order to attract and retain the best quality tenants. It’s clear that rolling tenancies will replace fixed-term ASTs and tenants will be able to serve notice at any point if the property is not well maintained.

In preparation for the changes, we have restructured our fees to a single combined 14% letting and management fee, payable in line with rental payments (typically monthly). This will significantly smooth out landlords’ cash flow and has been a welcome change versus existing fee structures within the industry.

We are also offering the opportunity to opt in to our company Rent & Legal Protection policy, which provides cover in cases of non-payment of rent, legal disputes or damage to property. Such instances are rare but increasing, and landlords are grateful for the additional peace of mind this cover provides.

We will continue to guide our landlords through the multiple challenges they face as the Bill passes into law, ensuring they remain fully compliant with the new regulations. If you would like to discuss any of these upcoming changes and explore your options, please contact catriona.mackay@eccord.com.

The Daily Mail Property Expert

Earlier this month I was put through my paces in the Daily Mail’s Property Expert column, discussing my views on a wide range of topics including the outlook for house prices, mortgage rates, the next property hotspots and the factors behind my own property purchases.

You can read the full interview here.