Property Values in Prime London Areas Fall by Nearly 25 Per Cent

As a result of the Stamp Duty overhaul last year, property values in some of London's most sought after postcodes have dropped by almost 25 per cent.

According to industry experts, the dramatic drop in some of London's property prices was due in part to the overhaul of the stamp duty tax system, which came into effect at the end of 2014. The changes meant that the amount of tax paid on homes costing more than £938,000 increased, holding back the booming market in the capital.

Anthony Payne, Director at property data networking company LonRes, said:

"The top end of the market in the last few years has been reliant on foreigners, but a series of things are affecting them that are out of the government's control - the strength of the pound, the weakness of the oil prices, the state of Chinese markets.

"Those people who were awash with cash don't have as much cash to spend."

According to data from LonRes, the combined value of the houses and flats solid in prime areas such as Chelsea and Belgravia came to just shy of £3 billion in 2015, a loss of 24.5 per cent on the value in 2014.

If you're looking to buy or sell a property in London, contact our property solicitors on 020 8297 4414 for advice.

Mandy Peters

Property Solicitors