At Winkworth, we’re seeing a market shaped as much by anticipation as by activity. With the Autumn Statement approaching, buyers and sellers across London are pausing to understand what the Chancellor’s fiscal measures may bring.
Yet history tells us that once clarity arrives — especially when the reality proves less severe than the speculation — London’s property market can rebound quickly and decisively.
The latest analysis from our Prime Central London offices suggests that a sharper-than-usual uptick could emerge in December and January, setting the stage for a more dynamic winter than many expect.
Below, we break down the key findings.
Winkworth Eyes ‘Delayed Autumn Bounce’ as Buyers & Sellers Await Clarity
Winkworth Chief Executive Dominic Agace says the run-up to the upcoming Budget increasingly resembles the uncertainty of a general election, with many buyers and sellers “fearing the worst” until the detail is revealed.
“The Autumn Statement has increasingly taken on the feel of a traditional election,” Agace says. “People often fear the worst but, once the detail emerges, the reality is usually less severe — and activity rebounds, raising the prospect of an unusually active December and early January.”
This cautious mood has led to a slowdown in transactions across Winkworth’s six Prime Central London offices, with many vendors holding back new instructions until the fiscal landscape becomes clear.
Buyer Interest Is Rising — But Deals Are More Strategic
Despite the slowdown in listings, demand is growing. Winkworth reports:
- Applicant levels up over 10% year-on-year
- Valuations up 13%
- But new instructions easing as sellers wait for the Budget
Transactions are being driven by “pricing realism, measured negotiations, and flexibility on both sides.”
One-bedroom flats made up nearly 40% of all completions, underlining a shift toward needs-based, compact purchasing. Larger family homes, particularly at higher values, continue to face longer pipelines and greater buyer resistance.
Smaller Homes Dominate & Buyers Are Doing More Due Diligence
The average size of exchanged property in Q3 dropped more than 10%, signaling a strong tilt
toward:
- First-time buyers
- Investors
- Purchasers seeking pied-à-terres or London bases
Meanwhile, buyers are taking more time to commit — with an average of six additional viewings per exchange compared with Q2. Winkworth attributes this not to hesitation, but to greater due diligence amid ongoing economic uncertainty.
Deals Are Still Happening — and Moving Faster Once Agreed
One of the most telling metrics is speed. Once alignment is achieved between buyer and seller, the average marketing-to-exchange period has fallen by around 13% year-on-year.
Achieved values averaged approximately 6% below asking price, consistent with the mid- to highsingle-digit reductions typical of prime London markets.
International Buyers Re-Engage as Currency Plays Strengthen London’s Appeal
Agace highlights early signs of renewed interest from the Middle East and Asia: “European demand has been steady, but we’re seeing encouraging signs of returning appetite from the Middle East and Asia. Currency advantages and London’s reputation as a long-term safe haven are strong drivers.”
If this international momentum builds through the winter, it could help counterbalance domestic sellers delaying decisions until after the Budget.
A Compressed but Opportunity-Rich Final Quarter
Winkworth’s report suggests Q4 2025 may not follow traditional property market seasonality but
instead deliver:
- A compressed, selective window of activity
- Opportunities concentrated around pricing realism
- Growing influence from international capital flows
This unusual setup could result in a busier-than-normal December and a strong start to January.
Christian Lock-Necrews, Director of Winkworth Knightsbridge & Chelsea, notes: “The market has slowed, but needs-based buyers remain — parents buying for children, overseas clients seeking a London base. Buyers have more leverage and are negotiating harder.”
Lettings Market: High Demand, More Stock & Minimal Voids
While sales have softened, lettings remain resilient:
- Tenant registrations up 20%
- Available stock up 13% since Q2
- Two-bed flats continue to let within days
Affordability limits are starting to cap rental growth, shifting landlords’ priorities toward tenant quality and long-term stability.
Isabel Sunde, Lettings Manager for Pimlico & Westminster, adds: “We’re still seeing best and final offers and extremely low voids, especially for two-bedroom homes and student demand. Supply has improved, but the imbalance is still pushing rents upward.”
Winkworth’s View: Clarity Will Unlock Momentum
London’s property market is poised, not paused. With growing buyer demand, international capital re-engaging, and sellers waiting for Budget clarity, a “delayed autumn bounce” is increasingly likely.
At Winkworth, we anticipate that once the Autumn Statement lands — and if the measures are milder than feared — many buyers and sellers currently waiting on the sidelines will move quickly. If you’d like tailored advice on how best to position your property or your search in this shifting market, our London offices are here to help.
