Naseema Ahmed, a broker at Indus Real Estate LLC in Dubai, has been digging through her e-mails for leads after failing to sell a single home in the past month. She had been closing deals at a clip of about six a week since the market began recovering in 2012.
It took more than a year for Mark Hudson to find his six-bedroom home in the English countryside. Within weeks of moving in, he got a bid that topped the 1.75 million pounds ($2.8 million) the property cost.
Luxury-home prices in central London are increasing in value twice as fast as the U.K. market as a whole as the weaker pound leads more overseas buyers to shrug off higher taxes and seek bargains in the most expensive neighborhoods, according to Knight Frank LLP .
London luxury-home prices rose at the fastest pace in five months in September as more buyers sought properties costing less than 2 million pounds ($3.2 million) to avoid a sales tax that was increased last year, Knight Frank LLP said.
London luxury-home prices rose at the fastest pace in five months in September, led by buyers avoiding increased taxes by purchasing homes worth less than 2 million pounds ($3.2 million), Knight Frank LLP said.
Price increases in London’s luxury- home market will almost halve in 2014 as buyers shun neighborhoods such as Chelsea and Knightsbridge that fueled a five-year boom, Knight Frank LLP said. A plan to tax overseas buyers’ capital gains may also crimp demand.