London Luxury Home Values Lost Ground to Cheap Districts: Chart

London House Prices Post Biggest Drop in Six Years

Tax hikes on luxury homes broke a decade-long spell in which house prices increased faster in London’s priciest neighborhoods than in its cheapest, according to data published on Tuesday by the Greater London Authority. Price growth in the bottom 10 percent of districts overtook the top 10 percent in the final quarter of 2014, when the government raised a sales tax payable on homes costing more than 937,000 pounds ($1.1 million). A further hike for second-home buyers and landlords in April 2016 widened the gap.

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