Transaction volumes in prime central property have dipped lower than their last trough in 2008, according to research from property data company LonRes.
In the second quarter of this year, there were only 286 sales in prime central London property recorded, lower than the 347 sales recorded in the fourth quarter of 2008.
Sales of high-end homes in the centre of the capital peaked in the second quarter of 2006 at 1,148, and again in the fourth quarter of 2013, when 1,027 properties were sold.
The research conducted for estate agents Strutt & Parker does not count new build homes - or houses sold without an estate agent.
Stephanie McMahon, head of research a Strutt & Parker, said: "It is worth noting that in turbulent times the prime central London property market becomes increasingly opaque with more properties being sold off-market, which does cause a lack of transparency - but nevertheless these recorded figures from LonRes are significant.
"It will be interesting to see whether the current currency play could be enough to spur activity for the market to make some form of recovery in the second two quarters of this year."
The luxury rent market in London has also been suffering. Knight Frank recently published research saying the government's buy to let tax changes have knocked the capital's luxury rent prices.
Knight Frank said, however, that the rental price drop was only temporary.