Market Insights September 2026

Please see below our September Market Insights highlighting the trends shaping London’s prime property market this month.

Please don’t hesitate to reach out to me or the team if you have any questions or would like to understand the market in more detail.

Best wishes

Jo Eccles

Founder and Managing Director, Eccord

+44 (0) 20 7244 4482

jo.eccles@eccord.com

LinkedIn | Instagram

London property – a very mixed picture

If you ask London’s property industry how the market is faring, some estate agents are reporting a busy start to September whereas others are less optimistic, with one recently saying, “I have had one appointment this week and it was my Ocado delivery”.

The fair representation is that viewing numbers are strong but outweigh actual transactions quite significantly.  Whilst active buyers feel confident about value for money being on the table in the current market, many are struggling to commit to a purchase. Concerns about further falls in the economy, alongside the cost of Stamp Duty is putting buyers under significant pressure to make the right long-term choice. To give context the SDLT on a £10m property purchase, for example, will cost more than £1.1m (or £1.6m - £1.8m for second home and non-UK tax residents).

This is bringing decision making paralysis for many, in fear that something better may be around the corner, or continually searching for a 'unicorn' and not realising that their perfect property doesn’t quite exist. 

Of the buyers who are active, many are needs driven upsizers or tenants who are now ready to purchase. With so much choice available, they are being much more exacting in their requirements with a property needing to tick every single box in terms of location, layout, condition and price.

Searches are therefore taking significantly longer as we condense extensive public listings, off market opportunities and rental properties where the landlord is open to a sale, into efficient and focused viewing tours, taking our clients through a thorough education process to give them full context and confidence to commit with certainty. 

Selling agents are welcoming buying agents more than ever and prioritising retained clients - as credibility is king - recognising them as the most serious, realistic and ready to transact, versus those who are unrepresented.

Selling and buying isn’t for the faint-hearted

Many sellers are struggling to accept realistic valuations, particularly when they have invested refurbishment costs into the property during their ownership, on top of their original purchase price and stamp duty costs. With transaction numbers low, many selling agents are still overpricing properties to win instructions, even though competitive pricing is essential to achieve a sale in this market.

Another avenue being pursued by selling agents to increase fee generation is offering to act as an unofficial buying agent for buyers, to search the market and show other selling agents’ properties with ‘no fees payable’. We’re seeing more buyers falling into this trap, viewing homes through a helpful selling agent, only to realise that agent isn’t officially instructed.  

Without knowing it, they are becoming embroiled in a fee war behind the scenes. When they want to make an offer, their line of communication is through the ‘sub agent’ who is showing them the house – rather than directly with the seller’s agent. And the actual instructed selling agent is unlikely to prioritise them as buyers, as they are reluctant to share their fee with the sub agent.

In a tough market, there is a lot more choice of property available, but the complexities and politics around shared instructions and fee splits inevitably increase. Some areas in London suffer from this more than others and whilst some buyers are buying on their own, encouraged by value for money opportunities and more choice, others are recognising that the market is far more opaque and nuanced than they first realised. 

Rising expectations in the prime rental market

A desire for flexibility and liquidity is driving activity in the prime rental market and we’ve seen a 20% increase in high value rental searches over the last two years. Rather than viewing renting as a short-term stop gap, it’s now often a deliberate choice and clients are approaching rental searches with the same scrutiny as they would with a purchase, in terms of their search criteria and the quality of homes they will consider.

We recently secured one of the best apartments in Battersea Power Station for a rental client at £26,000 p/m, whose priority was to retain the flexibility to exit the UK the moment the tax environment no longer suits him. We are also in discussions with an American hedge fund client from New York who will arrive in London next spring with a rental budget of £50,000 p/m. He has very clear requirements and the search will require the same planning, attention to detail and due diligence as a purchase at an equivalent level.

For landlords, this compounds an already demanding tenant environment where tenants are more frequently working from home, they have increased rights under the Renters’ Rights Act, and emboldened AI-assisted challenges to maintenance responsibilities and wear and tear deductions are on the rise. The grounds for these challenges are often misplaced, yet considerable time and knowledge are required to address them and achieve a sensible outcome.

With rent arrears also up across the industry, we are advising all our landlords that Rent & Legal Protection is no longer a nice to have, but essential protection in cases of non-payment of rent, legal disputes or damage.

For landlords managing properties themselves, this is an increasingly time consuming and overwhelming role and professional advice and guidance has never been more necessary in managing a tenancy and protecting landlords’ interests.

My panel insight at FT Weekend

Earlier this month it was a pleasure to speak at The Financial Times Weekend Festival alongside the Managing Director of The Modern House, the founder of country homes selling agent Blue Book and the head of super prime sales at Knight Frank.

We outlined the different types of sellers we’re seeing, how to successfully sell in a tough market and advice for savvy buyers. After the event I was approached by many members of the audience keen to ask further questions, seek advice on specific scenarios and learn more about how we represent and add value to our clients.

If you have any questions about the market or specific situations personal to you, please don’t hesitate to reach out in complete confidence.