Tax Fears Loom Over London’s Housing Market, Rightmove Says
According to a report by Rightmove, London's housing market is facing a potential downturn due to fears of a new tax on property. The report states that London led the UK's house prices to their first annual decline in nearly two years, and other high-cost areas are also at risk of further weakness. The report suggests that the prospect of a new tax on property is a significant factor contributing to the market's uncertainty. This fear of a potential tax raid on property is weighing heavily on London's housing market, leading to the first annual fall in house prices in the region since 2020. The report highlights the vulnerability of the capital's housing market and other expensive areas to the possibility of a new tax on property. This uncertainty could have a broader impact on the UK's housing market, as the dynamics in London often set the tone for the rest of the country.
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