The London mansions having their prices slashed by millions as they struggle to sell - after Charlie Mullins drops price of his penthouse by £3million

Dozens of mansions and penthouses across the capital are having their prices slashed by millions as they struggle to sell in London's faltering housing market.High-end property prices in London's swankiest postcodes such as Mayfair, Marylebone and Shoreditch have plummeted amid Labour's tax changes and mortgage rate rises. One seven-bed house in St John's Wood, near Paul McCartney's north-west London house, has seen its list price fall from £17million to £10million. The Grade II-listed house features a swimming pool, a garden and a gated driveway with parking for seven cars. The house has been on the market since December 2025, significantly longer than 38 days, the average time a property remains on the market in the UK. But despite its prime location and enormous size, the owners have slashed £7million off its asking price as super-wealthy buyers dry up in the capital. It emerged yesterday that Britain's richest plumber, Charlie Mullins, dropped the price of his luxury Thames-side 'penthouse' by £3million, after he failed to find a buyer. The founder of Pimlico Plumbers reduced his three-bed, three-bathroom apartment overlooking the river opposite the MI6 building in Westminster to £9million – £1million less than he bought it for in 2021.The 73-year-old left Britain amid Labour's tax raids on the wealthy in 2024 but can't find a buyer for his house. One seven-bed house in St John's Wood, near Paul McCartney's north-west London house, has seen its list price fall from £17million to £10million It emerged yesterday that Britain's richest plumber, Charlie Mullins, slashed the price of his luxury Thames-side 'penthouse' by £3million, after he failed to find a buyer Sellers of mansions and penthouses seemingly have a similar problem – with dozens of listings on property websites showing sellers cutting prices by the millions. A flat in St George Wharf Tower in Vauxhall, the 20th tallest building in London, has been on the market for five years. Its price has been slashed by more than £3million from £9.9million to £6.5million. That represents a 34 per cent loss in value from its initial listing in March 2021. A flat in Principal Tower, a 50-storey residential building in Shoreditch, east London – by the financial district of London, has also failed to sell. The luxury flat was listed for £9.9million last year but is now available for £7.2million, a drop of 27 per cent. The property, that boasts panoramic views across the city alongside a gym, spa and shared swimming pool, has been on the market since October 2025. Data released in August from the Office for National Statistics showed that some mansions and penthouses across the capital have lost more than a quarter of their value in just the last year.The data also showed that house prices as a whole in inner London boroughs fell by 8.3 per cent in the year from June 2025. The London flat overlooks the River Thames and is opposite the MI6 building A flat in St George Wharf Tower in Vauxhall, the 20th tallest building and London, has been on the market for five years A flat in Principle Tower, a 50-storey residential building in Shoreditch, east London - by the financial district of London, has also failed to sellNew data from estate agent Hamptons found that, for homes above £1million in London, the discount was steeper this financial quarter than last year. Based on properties sold above £1million, the typical property over the last quarter achieved 6.6 per cent below its initial asking price, up from a 6.3 per cent discount a year earlier. Aneisha Beveridge, Head of Research at Hamptons, told the Daily Mail: 'This suggests sellers are having to negotiate harder to secure a buyer.'She added: 'A combination of factors is weighing on demand at the top end of the market. 'A raft of higher property taxes introduced over the last decade have increased the cost of buying and owning expensive homes, while elevated mortgage rates continue to bite, even among wealthier buyers.'Economic uncertainty has also made purchasers more cautious, and London has seen fewer international buyers than in previous years. 'Together, these factors have reduced competition for high-value properties and given buyers more room to negotiate on price.' That impact can be seen at the top of London's property market. One mansion, in the south-east London suburb of Eltham, has slashed its price by more than 20 per cent. The eight-bed home features a huge garden, an indoor swimming pool, a sauna, a library, a private gym and a games room. One mansion, in the south-east London suburb of Eltham, has slashed its price by more than 20 per centDespite this, it has failed to find a buyer since it was put on the market in June 2026 when it was listed for £10million. At the time of writing, the house was still available for £7.7million. In one of the swankiest parts of town, Mayfair, a three-bed flat has also struggled to sell. The flat on Park Street has had £1million taken off its asking price in March and has still not sold. Foreign buyers have flooded away from the capital following years of tax changes.Former Labour Chancellor Rachel Reeves abolished the 'non-dom' tax status in 2025 – which allowed wealthy residents to avoid paying tax on foreign income. This led to an exodus of the wealthiest foreigners in Britain pining for London's top property – reducing demand for these houses sharply. Britain's millionaires and billionaires have also streamed out of the country following repeated Labour tax rises. Earlier this month it was revealed Chris Rokos, the founder of Rokos Capital Management, is preparing to move to Greece.He is the UK's third-biggest taxpayer having paid an estimated £330million in the latest fiscal year, according to the Sunday Times Tax List. With fewer millionaires competing for London's most expensive property, demand has naturally fallen for ultra-luxury houses. The price of a mortgage has also risen sharply since 2022 from around 1.5 per cent to 5 to 6 per cent now. For example, if a buyer was looking to buy a £10million house in 2022 on a 1.5 per cent mortgage, they would expect to pay £39,992 every month to pay it off. But mortgage rates sit at around 5 to 6 per cent now. This means that the mortgage payment would be 46 per cent higher at £58,480 per month. While these calculations don't factor in a deposit, increased mortgage rates make buying a house a lot more expensive every month. Greater London was the only region in Britain to record a year-on-year drop in house prices, bucking decades of house price growth in the capital.