Well over a third – 37.2% – of million-pound London properties sold below their asking price in Q1 2022, says Coutts, with the average discount negotiated coming to 7%.

Central London prices have suffered the most – here, prices for prime property went up by 3.8% on an annual basis compared to 13.5% outside central London.

This has resulted in the price difference between million-pound homes in central and outer London falling from 63% in 2018 to 49% today.

And compared to 2014, prime property prices overall are down 8.3%, says Coutts.

It adds that prime property listings fell by 14.6% ver the year.

Coutts read estate investment service director Katherine O’Shea comments: “Whilst it’s not entirely realistic to talk about ‘bargains’ when it comes to the London prime property market, parts of the market look incredibly cheap relative to historic prices.

“Those willing to negotiate for their million-pound home could do well, particularly if they are looking at the centre of the capital, where house prices are yet to recover. Prices in prime central London are poised to grow faster this year following almost of decade of broadly negative growth.”