"London's [housing] market performance continues to be aided by overseas buyers"
- Liam Bailey, Knight Frank's head of residential research
Luxury-home prices in London grew at its fastest pace in three months in September, as demand for property remained strong. The average price of a luxury home in central London rose by 0.7 per cent from August. At the same time, sales tax for properties valued at more than 2 million pounds was raised to 7 per cent, up from 5 per cent starting in April.
"London's market performance continues to be aided by overseas buyers, who account for more than 50 percent of buyers in the 2 million-pound-plus market," said Liam Bailey, Knight Frank's head of residential research.
"Most people in this country don't understand why people who have very high-value property don't pay their fair share. It's easier to stop tax avoidance on bricks and mortar than on money you can move around the world," said Deputy Prime Minister Nick Clegg.
The FTSE 100 Index surrendered 0.24 per cent to 5,838.84. However, the broader FTSE All-Share Index erased 0.26 per cent to 3,047.13.
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