020 7538 0102
17th April 2015
The prospect of a mansion tax and increases in stamp duty have resulted in sales of £2m-plus properties in London declining by 40%. Data from Lonres found that sales of these homes in the three months to the end of March were 38% lower compared with the same period in 2014. Sales of properties worth between £1m and £2m were also 8.5% lower over the same period as stamp duty reforms in December kicked in. A reduction in demand has hit property prices in prime central London. The average price paid per square foot was 8.4% lower in the first quarter of 2015 than it was in the final quarter of 2014.