Some 32.9% of homes in the City of London are vacant, analysis from Compare My Move found.
This effect has been worsened by a 27% increase in people leaving London between Q1 and Q2 2025.
The number of empty homes points to the wealthy parking their cash in the form of the valuable real estate. Meanwhile some sellers have been accused of asking for unrealistic prices in today’s slower market.
The City of London, Westminster, and Kensington and Chelsea each have over 25% of their properties currently unoccupied.
Dave Sayce, co-founder and managing director of Compare My Move, said: “The property market is currently fighting back against the inflated price of central London.
“Not only is there an increase in people choosing the rest of the UK over thecapital, but the value of properties in these areas is dropping significantly. The emptiest borough, the City of London, has seen the average price of its property drop 36% since 2018.
“Unless prices drop significantly, these homes are not viable for the average person to buy. Meaning London is going to stay a ghost town until we see a drastic change.”