Prime London house prices fell 6.6% YoY last month and remain 9.4% below
pre-pandemic levels, LonRes data show. Sales volumes in high-end pockets such as
Mayfair and Belgravia were down 17.5% versus October last year. LonRes research
head Nick Gregori said some buyers and sellers delayed transactions ahead of
last month’s budget and that November and later data will be needed to judge
whether unchanged policy reassures the market and releases suppressed activity.
Successive chancellors have increased taxes on the UK’s most expensive homes,
and from April 2028 properties valued above £2m will face a so-called mansion
tax. Additional tax reforms and a wider perception of a less business-friendly
UK are weighing on London’s appeal to the super-rich.
