Demand for Prime London property over £1m tumbled by 10% after the 3% stamp duty surcharge came into force on 1 April.
Property demand in Prime Central London has fallen to its lowest level since eMoov started recording the research a year ago.
Demand for Prime London property over £1m tumbled by 10% after the 3% stamp duty surcharge came into force on 1 April.
The high end property market surged in March, but Russell Quirk, founder and chief executive of eMoov, said that was clearly a “brief resurrection” as investors scrambled to complete sales.
He added: “It seems the extra 3% levy has brought London’s top-end market back to its knees once again and this will inevitably lead to further, sizable reductions in property values across such well-heeled areas.
“Add this stamp duty penalty imposition to the approaching threat of Brexit, current economic woes across global powerhouses such as Russia and the slowdown in the Chinese economy, plus extremely low oil prices that are failing to fill the coffers of Middle Eastern buyers and it makes for a toxic cocktail of PCL doom.
“There will always be demand for such property to an extent, but the jewel in London’s property crown is certainly losing its shine where the majority of buyers are concerned.”
