Millionaires flee London's prime property market

Brian Monteith writes in the Daily Telegraph that the economic repercussions of Rachel Reeves' tenure as Chancellor are becoming increasingly evident, particularly in London's prime property market. He cites Coutts' London Prime Property index, which he says indicates a troubling trend, with 76% of prime properties sold at a discount, averaging an 8.9% reduction from asking prices. Monteith notes that the decline has been attributed to the exodus of high net-worth individuals, exacerbated by Reeves' tax increases and the ending of non-dom status. The Adam Smith Institute estimates that the policy could cost the Treasury £6.5bn in tax revenues and 23,000 jobs by 2035. Monteith adds that only Sir Keir Starmer can change the current direction of travel by changing his Chancellor. 

The Daily Telegraph (15/02/2025)