The boom at the top end of the prime central London property has slowed sharply as buyers are becoming more resistant to continued price rises.
Prime central London prices still rose 7% in the past 12 months, and are 60% higher than their market low of March 2009, according to new figures from Knight Frank.
But the rate of growth has now fallen behind Greater London, where prices rose 8.1% in the past 12 months, according to the Office for National Statistics.
And price growth for property costing £5 million or more has slowed to less than 3% so far this year.
The prime central London property market grew 0.6% in August, the 34th consecutive month of growth.
Marylebone and Notting Hill recorded the largest rises over the course of the month, up by 1.5% and 1% respectively.
Liam Bailey, global head of residential research at Knight Frank, said: “Price rises in prime central London are primarily being driven by homes in the sub-£1 million and £1m to £2.5 million price bracket, where prices increased are up by 8.7% and 7% respectively year-to-date.
"Comparatively, homes in the £5 million to £10 million and £10 million-plus price brackets have increased by just 2.6% and 1.6% so far in 2013.”
Prices in Greater London have been given a boost by the economic recovery and Help to Buy, which has boosted sentiment across the market, but is limited to houses under £600,000.
Buyer interest remains high, new applicants up 33.9% so far this year and property viewings up 18.5%, Knight Frank said.
August saw another fall in prime central rents, than 0.2%. Rents have fallen 1% so far this year more although they are 22% higher than during the market trough in the second half of 2012.
Bailey said: "The prime rental market in London remains closely tied to conditions in the business and financial services employment market and the ongoing weakness in the Eurozone economy have contributed to falling rents.
"However, confidence in London as a business centre remains high, with expansion in the technology, media and telecoms sectors in particular driving demand for corporate lettings.”
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