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London Quarterly Home Presales Drop 33% as Tax Burden Rises

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Is the U.K. Housing Market Set to Slow?

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Demand for London homes under construction slumped by 33 percent in the first quarter as a new tax on overseas buyers and high values damped demand.

The number of homes sold prior to completion in the U.K. capital fell to 5,947 from a record high of 8,927 a year earlier, according to data compiled by Molior London that was seen by Bloomberg News. Molior declined to comment.