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Property industry calls for tax cuts to lift London market

Prime residential transactions have slumped, prices are down by 5-10% in the past year, says data firm Lonres

Published Sun, Feb 26, 2017 · 09:50 PM
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London

THE fizz has gone out of the London real estate bubble and the property industry is calling for a reduction in stamp duties to lift activity and prices.

According to LonRes, a property data company, Savills, Knight Frank and other agents, prime London residential transactions have slumped and on average prices are down by 5 to 10 per cent in the past twelve months and by 10 to 15 per cent since the market peaked. Some of the very high priced properties of £5 million (S$8.76 million) or more have fallen by an even greater percentage from peak 2014 valuations, according to anecdotal reports of sellers and agents.

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