Asian and Russian homebuyers who once made up a third of those buying property in London’s wealthiest areas have largely deserted the market this year as emerging market currencies plunged against sterling.
Properties in boroughs such as Kensington, where the average home price is ￡1.5m, were a sought-after asset among wealthy buyers seeking an investment in a global, politically stable city.
But that has changed in 2015, in a shift that estate agents said was partly down to turmoil in emerging markets and partly to sweeping changes to stamp duty, increasing the rate for those buying homes worth more than ￡937,000 This includes rates of 10 per cent on the portion of the sale price above ￡925,000 and 12 per cent on the part above ￡1.5m.
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