London’s Luxury Homes Slump
Prime property prices in London are falling, but not as much as during the financial crisis. It is mainly stamp duty and Brexit that is weighing on luxury real-estate, with some properties taking up to 6 months to sell.
The sale prices of top-end homes in the British capital have been falling for nearly four years, weighed down by a cocktail of tax hikes, a crackdown on money laundering and a glut of new properties. Uncertainty surrounding Brexit has only made things worse, and the recent decision to delay the divorce until Halloween means sellers’ long wait for the bottom will likely continue.