Home prices in London ’s wealthiest neighborhoods fell on a
monthly basis for the first time in four years as uncertainty over property
taxes and national elections next year deterred buyers.
Values in the
13 neighborhoods including Chelsea and Mayfair
that Knight Frank LLP defines as prime central London declined 0.2% in November from
October, the first drop since October 2010, the broker said in a report today.
Labour and Prime Minister David
Cameron's Conservative Party were tied with 31% support in a YouGov/Sun poll
published Nov. 28.
“It is
difficult to rank individual reasons for the decline in order of importance,
but anecdotally they appear to include the looming U.K. general election, the
proposals for a mansion tax and the impact of capital gains tax reform for
non-residents,” Tom Bill, head of London residential research at Knight Frank,
said in the statement.
Annual price
growth in the prime areas has slowed to 6.1% in November from a high this year
of 8.1% in June, Knight Frank reported. The average gain for the U.K. was 8.5%,
Nationwide Building Society said
yesterday.
Buyers from
Asia and the Middle East and Russia , who helped drive price growth in the
central London market, are now facing a rising U.K. pound as
well as series of levies imposed by Cameron’s government. The pound has
strengthened 3.8% this year, according to Bloomberg Correlation-Weighted
Indexes, which track 10 developed-nation currencies.
Source: Bloomberg
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