New non-dom rules led to a plunge in the number of deals in London’s prime housing market last month, as interest cooled from wealthy international buyers.
There were 35.8 per cent fewer transactions in May for high-end properties compared with a year earlier and 33.5 per cent fewer than the pre-pandemic 2017-2019 average for the period, according to property firm LonRes.
The number of under offer high-end properties — including the capital’s most expensive homes in Kensington, Knightsbridge and Belgravia — fell by 22.3 per cent, while available stock rose by 11.7 per cent in May on an annual basis.
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