Transactions have fallen by 32% across London and by 18% across England and Wales in the first quarter of this year, compared with the first three months of last year.
The comparison highlights the artificial strength of the market last March, driven by the April 1 deadline to beat a 3% Stamp Duty surcharge on the purchase of second homes.
It also shows the ongoing effects of high Stamp Duty on the most expensive homes.
Property sales of homes over £2m are down by 25%, while just 7% of properties priced above £2m are under offer in central London.
It is also clear that London buyers are firmly resistant to properties they consider over-priced: under-offer properties in west London have average asking prices 30% lower than those without an offer. In east London the proportion is 20%.
The figures are from chain-breaking online agent Nested, based on data from Zoopla and the ONS/Land Registry.