The number of sub-wards with average house prices exceeding £1 million has seen a notable decline across London and the Southeast between June 2023 and June 2026. Key areas within Inner London, Outer London, the Southeast, and the East of England have recorded significant drops in property values, reflecting changing market dynamics.

Among the most pronounced decreases, Forest and Solent in the New Forest experienced a 33% reduction in average house prices, falling from £1.43 million to just under £960,000. Similarly, Claygate in Elmbridge, Surrey saw prices decline from approximately £1.02 million to £929,000. Real estate professionals attribute some of these shifts to the behavior of highly leveraged buyers who are reluctant to move, particularly in neighbourhoods bordering prime locations.

Jasper Colliver, a property agent at Middleton Advisors, highlighted challenges in areas such as Pimlico North in Westminster and Earls Court, both of which have witnessed noticeable price falls. Merlin Dormer of Heaton & Partners further noted that aspirational neighbourhoods tend to suffer sharper price downturns since many residents there carry substantial mortgage burdens. In contrast, top-tier districts like Belgravia and Knightsbridge have maintained more stable price levels despite the wider market softening.

Regent’s Park ward registered one of the steepest declines, with average prices halving over the three-year period. High-profile sales, such as the disposal of John Griffin's mansion at reduced prices relative to earlier listings, underscore the extent of the market adjustment in this area.

Despite the overall downward trend, some locales have entered the million-pound bracket since 2023. Areas including Brondesbury Park in Brent, Twickenham Riverside near Richmond, and Chiddingfold in Surrey have benefited from strong demand driven by factors such as quality schooling, low crime rates, and appealing local amenities. Jonathan Rhodes-Smith of Curchods described Chiddingfold as an attractive village providing a lifestyle that appeals to buyers beyond the property itself.

Conversely, eight outer London sub-wards, including Mortlake and Barnes Common, Kew, Totteridge, and Woodside, have slipped below the £1 million average price threshold. Outside the capital, several wards that previously saw significant price rises during the Covid-19 pandemic have also fallen below the million-pound mark. The scarcity of live-work properties and shifting preferences toward affordability and lifestyle considerations appear to be influencing broader market patterns across the region.