Higher property taxes will cool the housing market

 
Published by MoneyWeek on Monday, 27 October 2014
Merryn Somerset Webb
 
I have a friend who has been trying to sell a central London flat for eight months. Another has had a large house on the market for six months. They can’t understand why these one-time money machines aren’t selling.

What happened to the hot London housing market, the one in which you could sell any dark, noisy, mini-Victorian conversion for a million quid?

It seems it is fading. A quick look at news from Strutt & Parker gives some background. The overall value of the transactions the agent conducted in the third quarter of this year was down 21% on the same period last year.

Those of houses under £2m were down …


Tags: housing market, tax

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