Desire for luxury property in London pushing up prices

[Nicholas Wallwork]

Developers are capitalising on London’s recent growth in high value residential sales, as shown by the number of units in Central London now awaiting planning consent, according to consultants. Following years of undersupply of new homes, there were 6,548 units in Central London awaiting consent in the first quarter of 2013, compared with 3,023 units [...]

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[LondonOffices]

It should be interesting to see if increased stamp duty (from 5 to 7 %) on properties over £2 will change anything. At the same time, the government will also levy a 15 percent tax on residential real estate valued at more than 2 million pounds bought using companies set up to avoid taxes.