How many London homes sell for less than the owner paid?伦敦转手的房子里,有多少卖价低于业主当年的买入价?

The share is rising比例在上升

Share of London resales sold for less than the owner paid, by when the resale happened: January–June 2026 against the same months a year earlier. The same checks as the rest of the page. Each cell: the share sold below the price paid, then the median sale price against the price paid, and the number of resales.按转手发生的时间,卖价低于业主买入价的伦敦转手房占比:2026 年 1–6 月与一年前同期对比。核查规则与本页其余部分相同。每格:卖价低于买入价的比例,其下是卖价相对买入价的中位变化与成交数。

All homes, by half-year of the resale: H2 2024 8.6%, H1 2025 9.7%, H2 2025 10.6%, H1 2026 (provisional) 13.9%.全部转手房,按转手所在半年:2024 年下半年 8.6%,2025 年上半年 9.7%,2025 年下半年 10.6%,2026 年上半年(初步) 13.9%。

H1 2026 is provisional: Land Registry is still registering sales from these months. When we recomputed January–March 2026 after a later batch of registrations arrived, the overall share moved from 13.5% to 13.1%, and individual groups by up to about two points (tested October 2026).2026 年上半年为初步数据:土地注册局仍在补登这几个月的成交。一批较晚的登记补进后,我们重算了2026 年 1–3 月:总体比例从 13.5% 变为 13.1%,各分组最多变动约两个百分点(2026 年 10 月检验)。

By year of purchase: flats and houses按买入年份:公寓与房屋

Share of resales that sold for less than the owner paid, by the year of that purchase, 2005–2025. Hover a point for the number of homes behind it.按业主买入的年份,卖价低于买入价的转手房占比,2005–2025 年。悬停可看每个点背后的成交数。

Flats公寓Houses房屋

A year with fewer than 30 flats or houses is not plotted for that group. Houses are homes the Land Registry recorded as detached, semi-detached or terraced at both sales; flats were recorded as flats or maisonettes. Median time between the two sales: flats 9.9 years, houses 12.6 years.某年买入的公寓或房屋不足 30 笔时,该组不画点。房屋指两次成交时土地注册局都记为独立、半独立或联排的住宅;公寓指都记为公寓或复式公寓的。两次成交之间的中位间隔:公寓 9.9 年,房屋 12.6 年。

By purchase period and type of home按买入时段与房型

Each cell: share sold for less than the price paid, then the median sale price against the price paid, and the number of resales. New-build means the purchase was recorded as a new home.每格:卖价低于买入价的比例,其下是卖价相对买入价的中位变化与成交数。「新建」指买入那笔在土地注册局记录中为新房。

Prime central London and the rest of London伦敦核心区与其他地区

Prime central London here means these postcode districts: SW1A, SW1E, SW1H, SW1P, SW1V, SW1W, SW1X, SW1Y, SW3, SW5, SW7, SW10, W1B, W1D, W1F, W1G, W1H, W1J, W1K, W1S, W1T, W1U, W1W, W2, W8, W11, W14, WC1A, WC1B, WC1E, WC1H, WC1N, WC1R, WC1V, WC1X, WC2B, WC2E, WC2H, WC2N, WC2R.这里的「伦敦核心区」指以下邮编区:SW1A、SW1E、SW1H、SW1P、SW1V、SW1W、SW1X、SW1Y、SW3、SW5、SW7、SW10、W1B、W1D、W1F、W1G、W1H、W1J、W1K、W1S、W1T、W1U、W1W、W2、W8、W11、W14、WC1A、WC1B、WC1E、WC1H、WC1N、WC1R、WC1V、WC1X、WC2B、WC2E、WC2H、WC2N、WC2R。

By the price paid按买入价

Comparing like with like, district by district同一邮编区内的对照

Within each postcode district, homes bought in 2014–22 and resold in the window: which group has the larger share sold below the price paid?在同一个邮编区内、2014–22 年买入并在统计期内转手的房子中,哪一类卖价低于买入价的比例更高?

• 159 / 159In all 159 postcode districts with at least 15 flats and 15 houses bought in 2014–22, flats had the larger share sold below what was paid.在 2014–22 年买入的公寓与房屋各至少 15 笔的 159 个邮编区中,有 159 个是公寓卖价低于买入价的比例更高。
• 73 / 77In 73 of the 77 postcode districts with at least 10 new-build flats and 10 resale flats bought in 2014–22, new-build flats had the larger share sold below what was paid.在 2014–22 年买入的新建公寓与二手公寓各至少 10 笔的 77 个邮编区中,有 73 个是新建公寓卖价低于买入价的比例更高。

Flats bought in 2014–22, by borough2014–22 年买入的公寓,按自治市

Every borough with at least 30 such flats resold in the window, sorted by the share sold below the price paid. A postcode district is counted in the borough that holds most of it.列出统计期内转手的此类公寓不少于 30 笔的所有自治市,按卖价低于买入价的比例排序。跨区的邮编区计入占比最大的那个自治市。

Method and limits口径与局限

• Two recorded sales of the same home. Both prices are sales recorded by HM Land Registry, and both are standard-price (category A) sales. A home is identified by its postcode, its building name or number, and its flat number (the word “Flat” ignored); for each sale in the window, the purchase is the previous recorded sale of the same home.同一套房的两次登记成交。两个价格都是土地注册局登记的成交价,且都是标准价格(A 类)成交。一套房由邮编、楼名或门牌号、以及公寓号(忽略「Flat」字样)确定;统计期内的每一笔成交,其买入价取同一套房上一次登记的成交。
• Asking prices. For homes on the market now against what their owners paid: How many London homes for sale are asking less than the owner paid?挂牌价。当前在售房源的挂牌价与业主买入价的对比:伦敦在售房源里,有多少挂牌价低于业主当年的买入价?
• The window. Resales dated 1 August 2025 to 31 July 2026: the 12 complete months before the month of the newest sale in the Land Registry data used here (28 August 2026).统计期。转手日期在 2025 年 8 月 1 日至2026 年 7 月 31 日:即本页所用土地注册局数据中最新一笔成交(2026 年 8 月 28 日)所在月份之前的 12 个完整月。
• Registration lag. Sales reach the Land Registry weeks or months after they complete, so the latest months of the window are still filling in: 4,964 included resales are dated August 2025, 3,564 are dated July 2026. The figures will move as late registrations arrive.登记滞后。成交完成后要过几周到几个月才登记到土地注册局,统计期最后几个月仍在补登:纳入的转手中,2025 年 8 月 4,964 笔,2026 年 7 月 3,564 笔。随着晚到的登记补进,这些数字还会变。
• Nominal prices. Neither price is adjusted for inflation, and buying and selling costs, such as stamp duty and fees, are not counted.名义价格。买入价与卖价都未经通胀调整,也不计印花税、中介和律师费等买卖成本。
• Only homes that sold in the window. These are homes resold in those 12 months, not all London owners. Of 80,657 London sales in the window, 58,564 (72.6%) were resales of a home whose previous sale is on record. 11,838 of those were then left out, leaving 46,726:只看统计期内卖出的房子。统计对象是这 12 个月里转手的房子,不是全部伦敦业主。统计期内伦敦 80,657 笔成交中,58,564 笔(72.6%)是此前有成交记录的房子再次转手。其中 11,838 笔随后被排除,余下 46,726 笔:
  • 3,906the purchase was not a standard-price sale (Land Registry category B, which includes repossessions, buy-to-let purchases identified by a mortgage, sales to companies and other non-private buyers, and property type “Other”)买入那笔不是标准价格成交(土地注册局 B 类,包括法拍、可识别的按揭买房出租、卖给公司等非个人买家,以及房型为「其他」的成交)
  • 6,415the resale was not a standard-price sale (category B)卖出那笔不是标准价格成交(B 类)
  • 0either sale recorded the property type as “other”任一笔成交的房产类型记为「其他」
  • 436the two sales record different types of home (for example a house later sold as a flat, or detached later recorded as semi-detached)两笔成交记录的房型不同(例如先以房屋、后以公寓成交,或独立屋后来记为半独立)
  • 11both sales are on the same day两笔成交在同一天
  • 712flats recorded without a flat number at an address where two consecutive sales are less than a year apart, so the two sales may be of different flats sharing that address没有门牌号的公寓,且该地址有相邻两笔成交相隔不到一年:两笔可能是共用这个地址的不同公寓
  • 170sold for under 60% of the purchase price卖价低于买入价的 60%
  • 188sold for more than ten times the purchase price卖价高于买入价的十倍
• Other estimates. Our figure compares every London resale with that home’s previous Land Registry sale, however long ago, using standard-price sales only. Because long-term owners almost never sell for less than they paid, this gives a lower share than Hamptons’ 14.8% for 2025 (our 2025 figure: 10.1%), but both show that around nine in ten homes sold below the price paid are flats.与其他估算的差别。本页把伦敦每一笔转手与这套房上一次在土地注册局登记的成交对比(不论相隔多久),且只用标准价格成交。长期持有的业主几乎从不以低于买入价的价格卖出,所以这样算出的比例低于 Hamptons 给出的 2025 年 14.8%(按本页口径,2025 年为 10.1%);但两者都显示,卖价低于买入价的房子约九成是公寓。
• The 60% and ten-times bounds. We leave out the ~0.8% of resales below 60% or above ten times the purchase price, because at those extremes many pairs are not the same home in the same state, for example a building rebuilt or converted between the two sales.60% 与十倍界限。卖价不到买入价 60% 或超过十倍的转手(约 0.8%)不计入:这么极端的配对多半不是同一状态下的同一套房,例如两次成交之间整栋重建或改建过。
• Small groups are not shown. A figure based on fewer than 30 resales is replaced by a dash; its count is still given. The year of purchase is the year of the earlier sale; year rows and purchase periods run to 2025, the last full year of purchases, so the few homes bought and resold within 2026 count only in the overall figures.小样本不展示。不足 30 笔的格子以短横代替,但仍给出笔数。买入年份即前一次成交的年份;逐年数据与买入时段截至 2025 年(最后一个完整的买入年份),2026 年内买入又卖出的少数房子只计入总体数字。
• London means postcode districts where at least half of the postcodes are in the 33 London boroughs. Recalculated daily; the figures change when the Land Registry publishes its monthly update.伦敦指至少一半邮编落在伦敦 33 个自治市内的邮编区。每天重新计算;土地注册局每月发布更新后数字随之变化。

Sources数据来源

How to cite如何引用

Common questions常见问题

How many London homes sell for less than the owner paid?伦敦转手的房子里,有多少卖价低于业主当年的买入价?

HM Land Registry recorded 80,657 sales of London homes between 1 August 2025 and 31 July 2026; 58,564 of them were resales of a home whose previous sale is also on record. After the checks described on this page, 46,726 are included, and 12.5% of them (5,850) sold for less than the owner paid at the previous sale. The median resale was +35.0% against the price paid.2025 年 8 月 1 日至2026 年 7 月 31 日,土地注册局记录了伦敦 80,657 笔住宅成交,其中 58,564 笔是此前也有成交记录的房子再次转手。经本页所述的核查后纳入 46,726 笔,其中 12.5%(5,850 笔)的卖价低于业主上一次买入的价格。按中位数,卖价相对买入价 +35.0%。

Are flats or houses more likely to sell for less than the owner paid?公寓和房屋,哪种更常以低于买入价的价格卖出?

Flats: 21.6% of 24,323 sold below the price paid (median +15.0%). Houses: 2.6% of 22,403 (median +71.2%). Among homes bought in 2016–19, the figures are 40.8% of 6,153 flats and 2.7% of 4,441 houses.公寓:24,323 笔中 21.6% 卖价低于买入价(中位 +15.0%)。房屋:22,403 笔中 2.6%(中位 +71.2%)。2016–19 年买入的:公寓 6,153 笔中 40.8%,房屋 4,441 笔中 2.7%。

Does it depend on when the owner bought?和业主哪一年买入有关吗?

Share of resales sold below the price paid, by year of purchase: 2010–2013 4.1% (of 5,744); 2014–2015 16.8% (of 4,720); 2016–2019 24.8% (of 10,594); 2020–2022 20.0% (of 8,577); 2023–2025 18.4% (of 1,693).按买入年份,卖价低于买入价的比例:2010–2013 年 4.1%(5,744 笔);2014–2015 年 16.8%(4,720 笔);2016–2019 年 24.8%(10,594 笔);2020–2022 年 20.0%(8,577 笔);2023–2025 年 18.4%(1,693 笔)。

Are new-build flats more likely to sell for less than the owner paid?新建公寓是否更常以低于买入价的价格卖出?

Of flats bought new in 2020–22 and resold in the window, 69.4% of 713 sold below the price paid (median −5.1%), against 22.1% of 4,473 flats bought as resales in the same years (median +6.2%). In 73 of the 77 postcode districts with at least 10 of each bought in 2014–22, the new-build share is the higher one.2020–22 年以新房买入、在统计期内转手的公寓,713 笔中 69.4% 卖价低于买入价(中位 −5.1%);同期以二手买入的公寓,4,473 笔中 22.1%(中位 +6.2%)。在 2014–22 年两类各至少 10 笔的 77 个邮编区里,有 73 个是新建公寓的比例更高。