The supposed slowdown in the London property market is a “myth” as the majority of Londoners see prices continue to rise.
While some hotspots have slowed, "normal neighbourhoods" continue to increase in value.
Property prices across London rose 8.2% over the last year, although the top quarter saw a fall of 2.4%.
Kensington High Street saw the biggest annualised fall at -11.8%, followed by Notting Hill -10% and Hampstead.
Areas such as Soho, Sutton and Tottenham are now driving London property price growth instead.
The capital has widespread house price falls, with negative price growth confined to London’s prime market, according to new analysis from Stirling Ackroyd, in the latest London Hubs Tracker.
Across the board, house prices in the capital rose by 1.6% in Q4 2015, taking the average London property to £533,000.
Andrew Bridges, managing director of Stirling Ackroyd, said: “Luxury no longer means profit – or at least you can no longer presume so.
“London’s hugely diverse property market is undergoing a serious readjustment, with the traditional old heart of ‘prime’ London under pressure from many fronts – from a low global oil price and China’s economic slowdown, to stamp duty reform and international fears of Brexit.
“Yet for most of London’s communities, these factors affecting luxury buyers are less important."
There are still too few new homes coming onto the majority of the market compared to demand from a growing population, Bridges said.
“Anyone who thinks that London property is synonymous with international jet setters is only looking at a very small part of what London has to offer.”