Latest news with #LondonRealEstate
Yahoo
19-06-2025
- Business
- Yahoo
London mansion sales collapse as non-doms flee Britain
Mansion sales in London have slumped as the Chancellor's tax raid dents the capital's appeal to wealthy buyers. Transactions involving London homes worth more than $10m (£7.5m) plummeted by 37pc year-on-year in the first three months of 2025, according to Knight Frank. The value of deals also dropped by 30pc to £592m. Separate data from LonRes showed a 15pc drop in sales of properties worth £5m or more. However, there was a 22pc leap in these homes being put on the market. Knight Frank blamed the slump on London's 'adverse taxation shifts'. It comes after Rachel Reeves scrapped non-dom status and began charging 40pc inheritance tax on global assets. Taxes on private schools fees have also increased. The changes have prompted many wealthy people to move out of Britain to escape the charges. Ms Reeves is now considering reversing her inheritance tax changes in an effort to stem the exodus. Liam Bailey, of Knight Frank, said: 'London has definitely been hit by much greater uncertainty around wealth taxation. The super-prime market hasn't stopped, but it is a lot tougher than it was.' He said non-doms were 'not the majority of buyers in this market segment', but there 'has been a degree of contagion through weaker sentiment'. Mr Bailey said: 'The key issue for the market is that the UK is just lacking a coherent narrative around where it wants to go in terms of attracting very mobile global wealth. 'London has massive strengths and attractions for this group – but if it is thought that it is good to have wealthy people in your country, it looks like we need a stronger plan from the Government to attract them. The competition from Italy, Dubai, the US and beyond is getting tougher.' Sales of properties worth $10m or more rose by 5.7pc in Dubai over the first three months of the year according to Knight Frank. The estate agency said its 'low tax environment continues to draw global capital'. Other global hotspots include New York and Palm Beach in south Florida. A lack of buyers in London is forcing wealthy sellers to offer steep discounts. LonRes said there were 45pc more discounts to mansion asking prices than there were last year. Magda Wierzycka, the millionaire founder of UK venture capital fund Braavos, described her struggle to offload a property in Kensington to The Telegraph on Wednesday. She said: 'I put my flat in Kensington on the market five months ago, but because so many like me are leaving there are hardly any buyers.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
19-06-2025
- Business
- Telegraph
London mansion sales collapse as non-doms flee Britain
Mansion sales in London have slumped as the Chancellor's tax raid dents the capital's appeal to wealthy buyers. Transactions involving London homes worth more than $10m (£7.5m) plummeted by 37pc year-on-year in the first three months of 2025, according to Knight Frank. The value of deals also dropped by 30pc to £592m. Separate data from LonRes showed a 15pc drop in sales of properties worth £5m or more. However, there was a 22pc leap in these homes being put on the market. Knight Frank blamed the slump on London's 'adverse taxation shifts'. It comes after Rachel Reeves scrapped non-dom status and began charging 40pc inheritance tax on global assets. Taxes on private schools fees have also increased. The changes have prompted many wealthy people to move out of Britain to escape the charges. Ms Reeves is now considering reversing her inheritance tax changes in an effort to stem the exodus. Liam Bailey, of Knight Frank, said: 'London has definitely been hit by much greater uncertainty around wealth taxation. The super-prime market hasn't stopped, but it is a lot tougher than it was.' He said non-doms were 'not the majority of buyers in this market segment', but there 'has been a degree of contagion through weaker sentiment'. Mr Bailey said: 'The key issue for the market is that the UK is just lacking a coherent narrative around where it wants to go in terms of attracting very mobile global wealth. 'London has massive strengths and attractions for this group – but if it is thought that it is good to have wealthy people in your country, it looks like we need a stronger plan from the Government to attract them. The competition from Italy, Dubai, the US and beyond is getting tougher.' Sales of properties worth $10m or more rose by 5.7pc in Dubai over the first three months of the year according to Knight Frank. The estate agency said its 'low tax environment continues to draw global capital'. Other global hotspots include New York and Palm Beach in south Florida. A lack of buyers in London is forcing wealthy sellers to offer steep discounts. LonRes said there were 45pc more discounts to mansion asking prices than there were last year. Magda Wierzycka, the millionaire founder of UK venture capital fund Braavos, described her struggle to offload a property in Kensington to The Telegraph on Wednesday. She said: 'I put my flat in Kensington on the market five months ago, but because so many like me are leaving there are hardly any buyers.'
Bloomberg
18-06-2025
- Business
- Bloomberg
Non-Doms Are Trying to Sell London Homes, But No One Wants Them
The number of London homes for sale at £5 million ($6.8 million) or more rose to the highest on record last month, as the nation contends with the departure of wealthy foreigners looking to escape tax hikes. There was a 22% year-on-year jump in these homes on the market at the end of May, according to data from researcher LonRes. However, there were 15% fewer deals compared with the same month last year, hinting that the UK's decision to abolish tax breaks for non-domiciled residents has weakened demand.
Daily Mail
14-06-2025
- Business
- Daily Mail
Luxury property prices slump as non-doms flee London
The scrapping of the 'non-dom' tax regime has produced one set of beneficiaries: families wanting to move to London's poshest parts. Areas such as Belgravia and Knightsbridge, with their white stucco terraces, are suddenly within reach of well-off families previously exiled as prices are slashed by up to 40 per cent. Becky Fatemi of estate agent Sotheby's said: 'There has never been a better time to start looking in Kensington, Knightsbridge and Westminster – the areas non-doms have typically left.' By contrast £1 million-plus properties in Chiswick and other more outlying areas need to be trimmed by just 5 per cent to sell. About 10 per cent of non-domiciled residents have fled the UK, driven out by changes to inheritance tax among other shifts in the rules. Fatemi says a year ago some period Knightsbridge houses were changing hands at £2,500 a square foot. This has fallen 40 per cent to £1,500-£1,600. The average UK price is £300. Period houses on three or more storeys and without a lift are languishing on the market, for those longing for Regency era Bridgerton-type elegance. Overseas investors pay 19 per cent stamp duty on a second home amounting to a £4.6 million stamp duty bill on a £25,000,000 house. This falls to £2.9 million for a UK buyer who does not own another home. However, Fatemi warns: 'There is only a four-to-five-month window of a good supply of homes because another influx of American prime central London househunters has started.'
Daily Mail
12-06-2025
- Entertainment
- Daily Mail
'Astonished' Location, Location, Location viewers are up in arms as woman with whopping budget struggles to find one-bedroom flat - raging 'move out, it's a rip off!'
Location, Location, Location viewers were up in arms when a woman with a whopping budget struggled to find a one-bedroom flat. Wednesday's instalment of the long-standing Channel 4 property show saw co-hosts Phil Spencer and Kirstie Allsopp attempt to help buyers find their dream abode. Kirstie set about helping Ben and Maya find a home in south-west London while Phil searched for flat for medic Chloe in London too. Chloe had a budget of £450,000 and hadn't had much luck with her own attempts to search. She hoped to find a one-bedroom apartment with parking for her beloved motorbike. From A-list scandals and red carpet mishaps to exclusive pictures and viral moments, subscribe to the DailyMail's new Showbiz newsletter to stay in the loop. She was considering areas such as Tooting, Balham, and Earlsfield. By the end of the episode, she put an offer on an apartment for £415,000 and secured the property. However, some viewers were particularly taken aback by the property prices in London and took to social media to share their shock. One posted on X: '450 grand Jesus wept enjoy the roadside #locationlocationlocation.' 'Nearly half a million pounds and yet still hard to find a one bedroom flat in South London with space to park a motorbike pretty much sums up how much London is f****d... #locationlocationlocation,' another added. A third said: 'Wow a balcony with a view of a road London prices are ridiculous #locationlocationlocation.' Someone else penned: 'And as always I'm astonished at how little your money gets you in London #LocationLocationLocation.' 'How can you have a budget of £450k and it not get you a one bed flat with a bloody front door? Just move out of rip off London! #locationlocationlocation' another posted. An episode of Location Location Location last month left viewers baffled by a young couple who dubbed spacious homes in leafy Surrey a 'compromise'. However, some viewers were particularly taken aback by the property prices in London and took to social media to share their shock Kirstie and Phil hoped to find Elise, Elliot and their three young children the perfect home. Having already sold their three-bedroom property, the couple had a healthy budget of £650,000 for four bedrooms and an open-plan downstairs. But, heavily emphasising that they weren't willing to compromise, Elise and Elliot were struggling to meet all their needs with the money available. As a result, they'd viewed countless properties and, despite having moved back in with Elliot's parents, were refusing to settle for something less than perfect. With Kirstie taking them round several properties, the couple either weren't 'sure' about the area, said the homes were 'too small', and even just 'didn't feel the love' for what they were seeing.
