Sales of London’s Priciest Homes Fall Amid Mansion-Tax Concerns

Magnolia buds sit on a tree opposite a row of coloured terraced houses in the Notting Hill district of Kensington and Chelsea in London, U.K., on April 1, 2015. Home prices in central London's wealthiest districts fell for a second quarter as buyers were deterred by higher taxes and uncertainty surrounding the U.K. general election on May 7.

Photographer: Matthew Lloyd/Bloomberg

Sales of London homes worth more than 2 million pounds ($3 million) dropped 34 percent in March from a year earlier as buyers were deterred by the Labour Party’s proposals for a mansion tax.

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