LonRes figures cited by The National and Property Industry Eye show £5 million-plus transactions rose 13.6% in October 2026, while overall prime London activity registered its lowest October transaction total since 2018.
The broader market had 17.5% fewer transactions than a year earlier, and the total was 6.6% below the average for October 2017–19. The National describes LonRes’s prime London coverage as the capital’s 34 most expensive postcodes, limiting the measure to its upper-end housing market. These percentages track transaction counts rather than changes in home prices.
Price reductions across the market increased 8.5% year over year, and about half of listed homes had received at least one cut, according to The National and Property Industry Eye. The National separately reported that properties under offer declined 21.3% from a year earlier. October was the first month in 2026 that measure fell below its pre-pandemic average, the outlet said.
The high-end tier had a weaker quarter before the October increase. In Q3 2026, £5 million-plus transactions were down 9.3% year over year but remained 10.9% above LonRes’s longer-term average. The firm said monthly totals for the segment can be volatile. LonRes’s autumn update also put total prime London transaction volume 10.0% below year-earlier levels in Q3, extending that quarter’s decline beyond the top price bracket.
The National also reported that new instructions for £5 million-plus homes rose 1.5% in October, while available homes in that bracket fell 2.3%. The latest figures follow EconoTimes’ report on September’s transaction decline and higher average discounts, when transactions fell 16.8% and average discounts reached 10.1%.
Nick Gregori, LonRes head of research, said buyers and sellers had been waiting for the UK budget, describing October as relatively subdued. He said later data would show whether delayed transactions went ahead.
