Research shows how the housing market at Wimbledon – where the legendary tennis tournament begins today – is a microcosm of London’s faltering performance.
The research from estate agency Benham and Reeves shows property values in Wimbledon falling 12% over the last year,.
This makes it the weakest-performing housing market of all four Tennis Grand Slam host locations.
Much better housing market performances are seen in the Richmond and Southbank areas in Melbourne (Australian Open), Paris’s 16th arrondissement (French Open), and the Flushing Meadows-Corona Park area of New York (US Open).
They all saw rises over the past year – and in Australia’s case, the increase was 18.3% year on year.
London’s contrasting fortunes have last week been put down, in part, to the long-lasting effect of the Brexit referendum vote a decade ago.
The capital’s Evening Standard newspaper has carried research by Savills showing a sharp decline in the annual house price growth in London immediately after the referendum.
It says: “From 2016 to the first quarter of 2026 values in the capital rose just nine per cent, versus a national average of 40 per cent. London had lost its shine.”
And last week LonRes data based on agents’ information showed values of homes in prime areas of London falling yet again last month, albeit at a slower pace than previously.
LonRes says there were 6.7% more transactions in May than the same month a year ago, but 13.1% fewer than the 2017-2019 (pre-pandemic average) May average.
However, the number of properties going under offer was 8.1% higher than a year ago and 8.8% higher than the 2017-2019 (pre-pandemic average) May average, potentially indicating rising transaction volumes in the next few months.
Stock on the market at the end of May was 5.9% higher than a year earlier and 13.0% above the level five years earlier (May 2021).
The number of price reductions are significantly above historical trends, with a 19.4% rise in May compared to last year.
Every month so far in 2026 has recorded the highest ever number of reductions for that month.
To cap it all, even the King and Queen have chosen to no longer live at their London address.
