Pursuits
London Mansion Prices Fall 11.5% as Home `Bubble' May Have Burst
People walk past rows of luxury residential properties on Eaton Place in the Westminster district of London, U.K., on Monday, Aug. 10, 2015.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
London’s most expensive homes and apartments have slumped in value as the government’s stamp duty sales tax damps demand.
Prices of homes valued at 5 million pounds ($7.6 million) or more fell 11.5 percent on a per square foot basis in the third quarter from a year earlier, according to Richard Barber, a director at broker W.A. Ellis LLP, a unit of Jones Lang LaSalle Inc. Sales volumes across all homes in the best parts of central London dropped 14 percent in the period, the realtor said on Thursday.