{"id":13488,"date":"2026-11-04T16:19:08","date_gmt":"2026-11-04T16:19:08","guid":{"rendered":"https:\/\/lonres.com\/public\/?p=13488"},"modified":"2026-11-04T17:46:40","modified_gmt":"2026-11-04T17:46:40","slug":"ten-years-of-prime-london-rents-42-prices-9-lonres","status":"publish","type":"post","link":"https:\/\/lonres.com\/public\/ten-years-of-prime-london-rents-42-prices-9-lonres\/","title":{"rendered":"Ten years of prime London: rents +42%, prices -9% | LonRes"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13488\" class=\"elementor elementor-13488\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f332fa8 main-header e-flex e-con-boxed e-con e-parent\" data-id=\"f332fa8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element 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data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Ten years of prime London: capital values down 9.2%, rents up 42.2%\n <\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-738f603 e-con-full e-flex e-con e-child\" data-id=\"738f603\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-3ccdfcb e-con-full e-flex e-con e-child\" data-id=\"3ccdfcb\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a6145e5 elementor-widget elementor-widget-spacer\" data-id=\"a6145e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div 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class=\"elementor-widget-container\">\n\t\t\t\t\t<!--\n==========================================================================\n LONRES ARTICLE BLOCK: Ten years of prime London, capital down 9.2%, rents up 42.2%\n==========================================================================\n PASTE:  Elementor > HTML widget, as one block. Self-contained: all CSS is\n         scoped to the root class below. No JavaScript. Loads only Google\n         Fonts.\n H1:     The WordPress page owns the H1. This block starts at H2.\n         WP page H1:      Ten years of prime London: capital down 9.2%, rents up 42.2%\n SLUG:   \/public\/ten-years-prime-london-capital-down-rents-up\/\n META TITLE (max 60 chars):        Prime London: capital down 9.2%, rents up 42.2% | LonRes\n META DESCRIPTION (145 to 155):    Over ten years to Q3 2026, prime London sale prices fell 9.2% while achieved rents rose 42.2%, lifting gross yields to 5.19%. What it means for agents.\n FOCUS KEYWORD:  prime London rental yields (proposal)\n SECONDARIES: prime London house prices, prime central London rents, achieved rents\n FEATURED IMAGE: 1200 x 630, set in WordPress, not in this block\n IMAGES TO UPLOAD: none (charts are inline SVG)\n SCHEMA: Article + FAQPage JSON-LD at the foot of this block\n STATUS: final, published 4 November 2026, built 28 October 2026\n==========================================================================\n TREATMENT: Annotated chart. Idea: two LonRes indices that moved together\n for five years and then split apart in a single year become one hero\n divergence chart that the page hangs from.\n==========================================================================\n-->\n<div class=\"lrty\">\n<style>\n@import url('https:\/\/fonts.googleapis.com\/css2?family=Playfair+Display:wght@500;600;700&family=Inter:wght@400;500;600;700&family=Poppins:wght@500;600;700&display=swap');\n.lrty{\n  \/* LonRes tokens v1. 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.lr-half{padding:28px 22px}\n  .lrty .lr-w .lr-half p.lr-promise{font-size:20px}\n  .lrty{font-size:17px}\n  .lrty .lr-w{padding:0 16px}\n  .lrty .lr-w p{font-size:17px}\n  .lrty .lr-w .lr-intro{grid-template-columns:1fr;gap:22px;padding:30px 24px}\n  .lrty .lr-w .lr-pair{border-left:0;border-top:1px solid var(--on-navy-line);padding:22px 0 0;display:grid;grid-template-columns:1fr 1fr;gap:28px}\n  .lrty .lr-w .lr-pair div + div{margin-top:0;padding-top:0;border-top:0}\n  .lrty .lr-w .lr-pair p.lr-big{font-size:42px}\n  .lrty .lr-w .lr-keys{padding:22px 20px 6px}\n  .lrty .lr-w .lr-keys ol > li{grid-template-columns:34px 1fr}\n  .lrty .lr-w .lr-hero-fig{flex-direction:column;align-items:flex-start;gap:12px}\n  .lrty .lr-w .lr-hero-fig p.lr-n{font-size:64px}\n  .lrty .lr-w .lr-ladder{grid-template-columns:1fr}\n  .lrty .lr-w .lr-ladder div{border-right:0;margin-right:0;border-bottom:1px solid var(--line);padding:12px 0}\n  .lrty .lr-w .lr-ladder div:last-child{border-bottom:0}\n  .lrty .lr-w .lr-compare{padding:20px 18px 6px}\n  .lrty .lr-w .lr-compare span.lr-cv{font-size:16px}\n  .lrty .lr-w .lr-compare span.lr-cl{font-size:14px}\n  .lrty .lr-chart .c-ax{font-size:22px}\n  .lrty .lr-chart .c-note{font-size:22px}\n  .lrty .lr-chart .c-note-b{font-size:20px}\n  .lrty .lr-chart .c-end{font-size:30px}\n  .lrty .lr-chart .c-lab{font-size:22px}\n  .lrty .lr-chart .c-val,.lrty .lr-chart .c-val-w{font-size:21px}\n  .lrty .lr-w table.lr-table{font-size:14px}\n  .lrty .lr-w table.lr-table th,.lrty .lr-w table.lr-table td{padding:10px 6px}\n}\n<\/style>\n\n<div class=\"lr-w\">\n\n  <!-- ===== intro: split variant, lede plus the two headline figures ===== -->\n  <div class=\"lr-intro\">\n    <div>\n      <p class=\"lr-eyebrow lr-eyebrow--light\">LonRes Research \u00b7 Ten-year indices<\/p>\n      <p class=\"lr-lede\">Over the ten years to September 2026, achieved sale prices across prime London fell 9.2% in total. Over exactly the same ten years, achieved rents rose 42.2%.<\/p>\n      <p class=\"lr-sub\">In prime central London the gap is wider still. These are not forecasts or sentiment readings: they are the two LonRes indices, built from achieved transactions, laid against each other.<\/p>\n    <\/div>\n    <div class=\"lr-pair\">\n      <div><p class=\"lr-big\">\u22129.2%<\/p><p class=\"lr-cap\">Sale prices, ten years<\/p><\/div>\n      <div><p class=\"lr-big lr-rent\">+42.2%<\/p><p class=\"lr-cap\">Rents, ten years<\/p><\/div>\n    <\/div>\n  <\/div>\n  <p class=\"lr-meta\">Published 4 November 2026 \u00b7 By LonRes Research<\/p>\n\n  <p>Set <a href=\"\/public\/services\/sales-archive\/\">achieved sale prices<\/a> beside <a href=\"\/public\/services\/lettings-archive\/\">achieved rents<\/a> for the same prime London stock and the decade tells a clear story. In prime central London the split is minus 10.6% against plus 44.8%.<\/p>\n\n  <div class=\"lr-keys\">\n    <ol>\n      <li><span class=\"lr-k\">1<\/span><span><strong>The asset has re-rated.<\/strong> The average gross yield across prime London is now 5.19%, against a 2013 to 2020 average of around 3.5%.<\/span><\/li>\n      <li><span class=\"lr-k\">2<\/span><span><strong>Most of the gap opened in one year.<\/strong> At Q3 2021 the two indices were within three points of each other. A year later they were twenty-four points apart.<\/span><\/li>\n      <li><span class=\"lr-k\">3<\/span><span><strong>It is still widening.<\/strong> Q3 2026 alone: sale prices down 4.0% on the year, rents up 4.0%.<\/span><\/li>\n    <\/ol>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Sales Index and LonRes Prime London Rental Index. Data to Q3 2026.<\/p>\n\n  <!-- ===== signature set-piece: the divergence chart ===== -->\n  <h2>What do the two indices show side by side?<\/h2>\n  <p>Set the cumulative paths side by side and the shape is unmistakable. Both figures start at Q3 2016 and run to Q3 2026.<\/p>\n\n  <div class=\"lr-chart\">\n    <p class=\"lr-legend\"><span><span class=\"lr-sw lr-sw-pink\"><\/span>Rents, cumulative<\/span><span><span class=\"lr-sw\"><\/span>Sale prices, cumulative<\/span><\/p>\n    <svg viewBox=\"0 0 820 360\" role=\"img\">\n      <title>Prime London sale prices and rents, cumulative change from Q3 2016 to Q3 2026<\/title>\n      <desc>Two lines start at zero in Q3 2016. They track each other closely to Q3 2021, when sale prices stand at minus 2.4% and rents at plus 0.5%. By Q3 2022 rents reach plus 25.3% while sale prices are at plus 0.9%. By Q3 2026 rents are up 42.1% and sale prices are down 9.3%.<\/desc>\n      <rect class=\"c-band\" x=\"380\" y=\"30\" width=\"62\" height=\"300\"><\/rect>\n      <line class=\"c-grid\" x1=\"70\" y1=\"55\" x2=\"690\" y2=\"55\"><\/line>\n      <line class=\"c-grid\" x1=\"70\" y1=\"105\" x2=\"690\" y2=\"105\"><\/line>\n      <line class=\"c-grid\" x1=\"70\" y1=\"155\" x2=\"690\" y2=\"155\"><\/line>\n      <line class=\"c-grid\" x1=\"70\" y1=\"205\" x2=\"690\" y2=\"205\"><\/line>\n      <line class=\"c-grid\" x1=\"70\" y1=\"305\" x2=\"690\" y2=\"305\"><\/line>\n      <line class=\"c-zero\" x1=\"70\" y1=\"255\" x2=\"690\" y2=\"255\"><\/line>\n      <text class=\"c-ax\" x=\"60\" y=\"59\" text-anchor=\"end\">+40%<\/text>\n      <text class=\"c-ax\" x=\"60\" y=\"109\" text-anchor=\"end\">+30%<\/text>\n      <text class=\"c-ax\" x=\"60\" y=\"159\" text-anchor=\"end\">+20%<\/text>\n      <text class=\"c-ax\" x=\"60\" y=\"209\" text-anchor=\"end\">+10%<\/text>\n      <text class=\"c-ax\" x=\"60\" y=\"259\" text-anchor=\"end\">0<\/text>\n      <text class=\"c-ax\" x=\"60\" y=\"309\" text-anchor=\"end\">\u221210%<\/text>\n      <text class=\"c-ax\" x=\"70\" y=\"352\" text-anchor=\"middle\">Q3 2016<\/text>\n      <text class=\"c-ax\" x=\"194\" y=\"352\" text-anchor=\"middle\">2018<\/text>\n      <text class=\"c-ax\" x=\"318\" y=\"352\" text-anchor=\"middle\">2020<\/text>\n      <text class=\"c-ax\" x=\"442\" y=\"352\" text-anchor=\"middle\">2022<\/text>\n      <text class=\"c-ax\" x=\"566\" y=\"352\" text-anchor=\"middle\">2024<\/text>\n      <text class=\"c-ax\" x=\"690\" y=\"352\" text-anchor=\"middle\">Q3 2026<\/text>\n      <polyline class=\"c-sale\" points=\"70,255 194,288 318,290 380,267 442,250.5 566,269.5 690,301.5\"><\/polyline>\n      <polyline class=\"c-rent\" points=\"70,255 194,250.5 318,276.5 380,252.5 442,128.5 566,69 690,44.5\"><\/polyline>\n      <circle class=\"c-dot-s\" cx=\"194\" cy=\"288\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-s\" cx=\"318\" cy=\"290\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-s\" cx=\"380\" cy=\"267\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-s\" cx=\"442\" cy=\"250.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-s\" cx=\"566\" cy=\"269.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-s\" cx=\"690\" cy=\"301.5\" r=\"4.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"194\" cy=\"250.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"318\" cy=\"276.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"380\" cy=\"252.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"442\" cy=\"128.5\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"566\" cy=\"69\" r=\"3.5\"><\/circle>\n      <circle class=\"c-dot-r\" cx=\"690\" cy=\"44.5\" r=\"4.5\"><\/circle>\n      <text class=\"c-end c-end-r\" x=\"702\" y=\"51\">+42.1%<\/text>\n      <text class=\"c-end c-end-s\" x=\"702\" y=\"308\">\u22129.3%<\/text>\n      <line class=\"c-lead\" x1=\"380\" y1=\"246\" x2=\"300\" y2=\"196\"><\/line>\n      <text class=\"c-note-b\" x=\"150\" y=\"168\">Q3 2021<\/text>\n      <text class=\"c-note\" x=\"150\" y=\"194\">Within three points<\/text>\n      <line class=\"c-lead\" x1=\"446\" y1=\"134\" x2=\"472\" y2=\"160\"><\/line>\n      <text class=\"c-note-b\" x=\"478\" y=\"168\">Q3 2022<\/text>\n      <text class=\"c-note\" x=\"478\" y=\"192\">Twenty-four points apart<\/text>\n    <\/svg>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Sales Index and LonRes Prime London Rental Index, all prime London, compounded Q3 to Q3. Points plotted at the years shown in the table below.<\/p>\n\n  <div class=\"lr-tablewrap\"><table class=\"lr-table\">\n    <thead><tr><th>Year to<\/th><th class=\"lr-num\">Sale prices, cumulative<\/th><th class=\"lr-num\">Rents, cumulative<\/th><\/tr><\/thead>\n    <tbody>\n      <tr><td class=\"lr-nw\">Q3 2018<\/td><td class=\"lr-num\">\u22126.6%<\/td><td class=\"lr-num\">+0.9%<\/td><\/tr>\n      <tr><td class=\"lr-nw\">Q3 2020<\/td><td class=\"lr-num\">\u22127.0%<\/td><td class=\"lr-num\">\u22124.3%<\/td><\/tr>\n      <tr><td class=\"lr-nw\">Q3 2021<\/td><td class=\"lr-num\">\u22122.4%<\/td><td class=\"lr-num\">+0.5%<\/td><\/tr>\n      <tr><td class=\"lr-nw\">Q3 2022<\/td><td class=\"lr-num\">+0.9%<\/td><td class=\"lr-num\">+25.3%<\/td><\/tr>\n      <tr><td class=\"lr-nw\">Q3 2024<\/td><td class=\"lr-num\">\u22122.9%<\/td><td class=\"lr-num\">+37.2%<\/td><\/tr>\n      <tr class=\"lr-last\"><td class=\"lr-nw\">Q3 2026<\/td><td class=\"lr-num\">\u22129.3%<\/td><td class=\"lr-num\">+42.1%<\/td><\/tr>\n    <\/tbody>\n  <\/table><\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Sales Index and LonRes Prime London Rental Index, all prime London, compounded Q3 to Q3. The small difference from the headline figures of \u22129.2% and +42.2% is rounding in the compounding.<\/p>\n\n  <p>For the first five years the two tracked each other closely, and through 2020 they fell together. The divergence is a recent event, not a slow decade-long drift.<\/p>\n  <p>To follow the two indices as each new quarter lands, <a href=\"\/public\/newsletter\/\">sign up to the LonRes newsletter<\/a>.<\/p>\n\n  <h2>When did the gap open?<\/h2>\n  <p>In a single year, and then it kept going.<\/p>\n  <div class=\"lr-hero-fig\">\n    <p class=\"lr-n\">24.7<span>%<\/span><\/p>\n    <p class=\"lr-l\">The rise in prime London rents in the twelve months to Q3 2022. That one year did about two fifths of the total divergence.<\/p>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Rental Index. Year to Q3 2022.<\/p>\n  <p>The four years since have added the rest at a steadier pace, because capital values have fallen in every year except one while rents have risen in every year except one.<\/p>\n  <p>This matters for how the figure is used. It is not evidence of a decade-long structural shift in favour of income. It is evidence of a post-pandemic rental repricing that has not reversed, running alongside a capital market that has been weak since 2016 and weaker since 2024.<\/p>\n\n  <h2>What has it done to yields?<\/h2>\n  <p>The average gross yield across prime London reached 5.19% in Q3 2026, up from 4.82% in Q2. Against a 2013 to 2020 average of around 3.5%, that is a different asset class from the one most prime London landlords bought into.<\/p>\n  <div class=\"lr-ladder\">\n    <div><p class=\"lr-n\">3.5%<\/p><p class=\"lr-l\">Average gross yield, 2013 to 2020 (around)<\/p><\/div>\n    <div><p class=\"lr-n\">4.82%<\/p><p class=\"lr-l\">Average gross yield, Q2 2026<\/p><\/div>\n    <div class=\"lr-now\"><p class=\"lr-n\">5.19%<\/p><p class=\"lr-l\">Average gross yield, Q3 2026<\/p><\/div>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes, Q3 2026, published in the Autumn 2026 Prime London Market Update. All prime London. Yields are gross.<\/p>\n  <p>The mechanism is arithmetic rather than mysterious. Yield is rent over capital value. Rents up two fifths, values down a tenth, and the ratio does the rest.<\/p>\n  <p>The rental market underneath those yields looks tight on <a href=\"\/public\/category\/insight-and-data-reports\/\">every measure LonRes tracks<\/a>.<\/p>\n  <div class=\"lr-tablewrap\"><table class=\"lr-table\">\n    <thead><tr><th>Prime London lettings<\/th><th class=\"lr-num\">Q3 2026<\/th><th class=\"lr-num\">Before<\/th><\/tr><\/thead>\n    <tbody>\n      <tr><td>Discount, asking to achieved rent<\/td><td class=\"lr-num\">2.7%<\/td><td class=\"lr-num\">3.3% (H1 2026)<\/td><\/tr>\n      <tr><td>Average time on the market<\/td><td class=\"lr-num\">54 days<\/td><td class=\"lr-num\">57 days<\/td><\/tr>\n      <tr><td>Annual rental growth, prime London<\/td><td class=\"lr-num\">4.0%<\/td><td class=\"lr-num\">\u2013<\/td><\/tr>\n      <tr><td>Annual rental growth, prime central London<\/td><td class=\"lr-num\">5.8%<\/td><td class=\"lr-num\">\u2013<\/td><\/tr>\n    <\/tbody>\n  <\/table><\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Rental Index and LonRes lettings data, Q3 2026, published in the Autumn 2026 Prime London Market Update.<\/p>\n\n  <h2>Why is the divergence sharpest in the centre?<\/h2>\n  <p>Prime central London is the extreme version of the same story, and it is the extreme version in both directions at once. The centre did worse on capital and better on rents.<\/p>\n  <div class=\"lr-compare\">\n    <div class=\"lr-crow lr-chead\"><span>Ten years to Q3 2026<\/span><span class=\"lr-cvh\">PCL<\/span><span class=\"lr-cvh\">Prime London<\/span><\/div>\n    <div class=\"lr-crow\"><span class=\"lr-cl\">Capital values<\/span><span class=\"lr-cv lr-pcl\">\u221210.6%<\/span><span class=\"lr-cv\">\u22129.2%<\/span><\/div>\n    <div class=\"lr-crow\"><span class=\"lr-cl\">Rents<\/span><span class=\"lr-cv lr-pcl\">+44.8%<\/span><span class=\"lr-cv\">+42.2%<\/span><\/div>\n    <div class=\"lr-crow\"><span class=\"lr-cl\">Spread between the two<\/span><span class=\"lr-cv lr-pcl\">55 pts<\/span><span class=\"lr-cv\">51 pts<\/span><\/div>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes Prime London Sales Index and LonRes Prime London Rental Index. Data to Q3 2026.<\/p>\n  <p>The current quarter is more mixed. In Q3 2026 PCL rents rose 5.8% on the year against 4.0% for prime London overall, the strongest rental growth in more than a year. On the sales side PCL values fell 2.3% against 4.0% for the wider market, which for once is the centre outperforming, though it follows a Q2 in which PCL fell 9.2% and the wider market 7.7%.<\/p>\n  <p>Anyone advising in SW1, SW3, SW7, W1 or W8 is therefore working in the part of the market where the income case is strongest and the capital case is weakest. That is an uncomfortable combination to present to a long-standing owner, and it is the conversation the data says is coming.<\/p>\n\n  <h2>Does the \u00a35m+ market follow the pattern?<\/h2>\n  <p>Not neatly, and it should not be made to. Sales above \u00a35m fell 9.3% on the year in Q3, in line with the wider market, but stood 10.9% above their own 2017 to 2019 benchmark, which the rest of the market does not. Fall-throughs above \u00a35m dropped 22.2%, and withdrawals fell 11.9% while the wider market saw withdrawals rise 15.8%.<\/p>\n  <p>In other words, the deals at the very top are fewer but they are sticking. That is a different market from the one the decade figures describe, and it is worth saying so rather than averaging it away.<\/p>\n\n  <h2>So why is nobody buying?<\/h2>\n  <p>Because yield is not the only thing an investor is pricing, and here the survey rather than the index gives the answer.<\/p>\n  <p>In the LonRes Agent Survey for Autumn 2026, agents were asked what had happened to demand from each buyer type compared with a year earlier. <strong>Investors buying to hold returned a net balance of \u221267, the weakest of any group measured.<\/strong> Developers and second home buyers were both at \u221260. Owner-occupiers, at +8, were the only positive reading.<\/p>\n\n  <p class=\"lr-chart-h\">Change in demand by buyer type, compared with a year earlier (net balance)<\/p>\n  <div class=\"lr-chart\">\n    <svg viewBox=\"0 0 760 290\" role=\"img\">\n      <title>Change in demand by buyer type, net balance, LonRes Agent Survey Autumn 2026<\/title>\n      <desc>Investors buying to hold minus 67. Developers minus 60. Second home buyers minus 60. Owner-occupiers plus 8.<\/desc>\n      <line class=\"c-zero\" x1=\"680\" y1=\"28\" x2=\"680\" y2=\"284\"><\/line>\n      <text class=\"c-lab\" x=\"0\" y=\"22\">Investors buying to hold<\/text>\n      <rect class=\"c-bar-p\" x=\"43.5\" y=\"32\" width=\"636.5\" height=\"30\"><\/rect>\n      <text class=\"c-val-w\" x=\"53.5\" y=\"54\">\u221267<\/text>\n      <text class=\"c-lab\" x=\"0\" y=\"92\">Developers<\/text>\n      <rect class=\"c-bar-n\" x=\"110.0\" y=\"102\" width=\"570.0\" height=\"30\"><\/rect>\n      <text class=\"c-val-w\" x=\"120.0\" y=\"124\">\u221260<\/text>\n      <text class=\"c-lab\" x=\"0\" y=\"162\">Second home buyers<\/text>\n      <rect class=\"c-bar-n\" x=\"110.0\" y=\"172\" width=\"570.0\" height=\"30\"><\/rect>\n      <text class=\"c-val-w\" x=\"120.0\" y=\"194\">\u221260<\/text>\n      <text class=\"c-lab\" x=\"0\" y=\"232\">Owner-occupiers<\/text>\n      <rect class=\"c-bar-n\" x=\"680\" y=\"242\" width=\"76.0\" height=\"30\"><\/rect>\n      <text class=\"c-val\" x=\"670\" y=\"264\" text-anchor=\"end\">+8<\/text>\n    <\/svg>\n  <\/div>\n  <p class=\"lr-src\">Source: LonRes Agent Survey, Autumn 2026.<\/p>\n  <div class=\"lr-note\">\n    <p class=\"lr-note-h\">Net balance explained<\/p>\n    <p>\u2018Net balance\u2019 is calculated as the proportion of respondents answering positively minus the proportion answering negatively. E.g. 44% of agents reporting higher demand and 8% reporting lower demand = a net balance of +36. Note that references to proportions of respondents exclude any answers of \u2018not applicable\u2019 and some calculations may not sum due to rounding.<\/p>\n  <\/div>\n\n  <p>That is agents' perception of demand rather than a count of transactions, and it should be read that way. But it is consistent with the transactional record: sales volumes fell 10.0% in Q3 against a year earlier, and new instructions fell 9.3%.<\/p>\n  <p>The reasons agents gave, in the survey's open questions, were overwhelmingly about tax rather than about returns. Stamp duty came first by a clear margin, with the forthcoming <a href=\"\/public\/mansion-tax-valuation-the-agents-guide-lonres\/\">high value council tax surcharge<\/a> and the cost of being a landlord close behind. A yield of 5.19% does not help much against a stamp duty bill that one respondent described as the equivalent of three to five years of rent.<\/p>\n  <p>So the honest reading is not that prime London has become a good investment. It is that it has become a different one, and that the thing now stopping buyers is on the cost side rather than the income side.<\/p>\n\n  <h2>What does it change for agents?<\/h2>\n  <p>Three things, in order of how often they will come up.<\/p>\n  <div class=\"lr-rail\">\n    <div class=\"lr-ri\"><span class=\"lr-rn\">1<\/span><h3>The valuation conversation has two answers now<\/h3><p>A landlord asking what their flat is worth is asking a question with a falling answer and a rising one, depending on whether they mean the capital or the income. The achieved evidence for each sits in a different place and moves in a different direction.<\/p><\/div>\n    <div class=\"lr-ri\"><span class=\"lr-rn\">2<\/span><h3>Accidental landlords are a real cohort, not an anecdote<\/h3><p><a href=\"\/public\/services\/live-sales\/\">Withdrawals from the sales market<\/a> rose 15.8% in Q3 against a year earlier. Those owners have not all gone away; some have moved into lettings. The number to show them is the yield, not the price.<\/p><\/div>\n    <div class=\"lr-ri\"><span class=\"lr-rn\">3<\/span><h3>Pricing a let is now the tighter discipline of the two<\/h3><p>With a 2.7% discount to asking rent and 54 days to let, there is less room for error than in a sales market running at a 10.1% discount. Getting the rent right first time matters more than it did, and under the Renters' Rights Act an under-priced section 13 notice cannot be corrected upwards by the tribunal.<\/p><\/div>\n  <\/div>\n\n  <h2>Where is the evidence for both sides of the question?<\/h2>\n  <p>LonRes carries achieved sale prices and achieved rents for the same prime London stock, which is what makes the comparison above possible in the first place. <a href=\"\/public\/services\/rental-checker\/\">Rental Checker<\/a> turns a postcode into an achieved-rent report: what comparable property actually let for, when, and in what condition. The Sales Archive does the same job on the capital side.<\/p>\n\n  <div class=\"lr-split\">\n    <div class=\"lr-half lr-half--news\">\n      <p class=\"lr-eyebrow\">LonRes newsletter<\/p>\n      <p class=\"lr-promise\">Get LonRes research and prime London market data in your inbox.<\/p>\n      <a class=\"lr-btn\" href=\"\/public\/newsletter\/\">Sign up to the newsletter &rarr;<\/a>\n    <\/div>\n    <div class=\"lr-half lr-half--trial\">\n      <p class=\"lr-eyebrow lr-eyebrow--light\">LonRes<\/p>\n      <p class=\"lr-promise\">The agents who contribute data get the data back. That is the whole point.<\/p>\n      <a class=\"lr-btn\" href=\"\/public\/free-trial\/\">Start your free trial &rarr;<\/a>\n    <\/div>\n  <\/div>\n\n  <h2>Frequently asked questions<\/h2>\n  <div class=\"lr-faq\">\n    <div class=\"lr-faq-item\"><h3>Have prime London house prices fallen over the last ten years?<\/h3><p>Yes. Achieved sale prices across prime London fell 9.2% in total over the ten years to Q3 2026, and prime central London fell 10.6%, on the LonRes Prime London Sales Index. Q3 2026 alone recorded an annual fall of 4.0%.<\/p><\/div>\n    <div class=\"lr-faq-item\"><h3>Are London rents rising faster than house prices?<\/h3><p>In prime London, substantially. Achieved rents rose 42.2% over the ten years to Q3 2026 while capital values fell 9.2%. In the most recent quarter rents rose 4.0% on the year and sale prices fell 4.0%.<\/p><\/div>\n    <div class=\"lr-faq-item\"><h3>Is the gap between rents and prices wider in prime central London?<\/h3><p>Yes. Over the ten years to Q3 2026, prime central London capital values fell 10.6% while rents rose 44.8%, a spread of 55 points. Across prime London as a whole the spread was 51 points.<\/p><\/div>\n    <div class=\"lr-faq-item\"><h3>What are rental yields in prime London?<\/h3><p>The average gross yield across prime London was 5.19% in Q3 2026, up from 4.82% in Q2. That compares with an average of around 3.5% between 2013 and 2020.<\/p><\/div>\n    <div class=\"lr-faq-item\"><h3>If yields have risen, why are investors not buying?<\/h3><p>In the LonRes Agent Survey for Autumn 2026, demand from investors buying to hold returned a net balance of \u221267, the weakest of any buyer group. Agents attributed this mainly to transaction and ownership taxes rather than to returns.<\/p><\/div>\n  <\/div>\n\n  <div class=\"lr-sources\">\n    <p class=\"lr-sources-h\">Sources<\/p>\n    <ul>\n      <li>Sale prices and cumulative capital change \u2013 LonRes Prime London Sales Index, data to Q3 2026<\/li>\n      <li>Rents and cumulative rental change \u2013 LonRes Prime London Rental Index, data to Q3 2026<\/li>\n      <li>Yields \u2013 LonRes, Q3 2026<\/li>\n      <li>Rental discount, time on market, volumes, instructions, withdrawals and fall-throughs \u2013 LonRes transactional and listings data across the prime London catchment, Q3 2026 (1 July to 30 September 2026)<\/li>\n      <li>Buyer demand net balances and agents' reasons \u2013 LonRes Agent Survey, Autumn 2026<\/li>\n    <\/ul>\n  <\/div>\n\n<\/div>\n\n<script type=\"application\/ld+json\">\n{\"@context\":\"https:\/\/schema.org\",\"@type\":\"Article\",\"headline\":\"Ten years of prime London: capital down 9.2%, rents up 42.2%\",\"description\":\"Over ten years to Q3 2026, prime London sale prices fell 9.2% while achieved rents rose 42.2%, lifting gross yields to 5.19%. 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