London house prices fall £7k as buyers brace for ‘mansion tax' [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
The price of an average home slipped by £7,000, dropping down to £556,000, amid fears of a mansion tax, according to the Office for National Statistics (ONS). It was also the only region in the UK to record a year-on-year fall, with prices decreasing by 1.8pc. b' Fears over the introduction of a mansion tax have been rumbling on for months and London's housing market has been spooked by prolonged speculation. September's 1pc price drop was the sharpest fall since November 2023 and the fourth largest since the pandemic. Separate data from property analyst LonRes showed sales of homes worth £5m or more plunged by 65pc last month. London houses are poised to bear the brunt of Ms Reeves's plans to introduce a mansion tax on England's 300,000 most expensive homes, which will be introduced after properties in the top three council tax bands are revalued. Estate agents Hamptons found more than nine in 10 homes likely to be hit by the surcharge are in the capital and the South
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