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London luxury-home gains to halve in 2014

Buyers seen shunning areas such as Chelsea, Knightsbridge

Looking quiet: Prices in Chelsea, Mayfair and Knightsbridge in 2013 underperformed the rest of London's best areas for the first time in a decade. - PHOTO: BLOOMBERG

[LONDON] Price increases in London's luxury-home market will almost halve in 2014 as buyers shun neighbourhoods such as Chelsea and Knightsbridge that fuelled a five-year boom, Knight Frank LLP said. A plan to tax overseas buyers' capital gains may also crimp demand.

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