High London house prices getting cut.
High value London property prices appear to be cooling down, recent research reveals that up to 40pc of houses for sale in some areas of the capital have had to cut their asking prices since coming to market, the price cuts are mainly in the centre, west and south-west of the city.
The brakes may be applied further as new anti-money laundering rules announced by the Government last week will require people who are suspected of criminal activity to explain before any charges how they came by their assets.
The new action plan will also increase the responsibility of businesses, including banks, to report suspicious financial activity and use special measures when dealing with those designated as being “of concern in relation to money laundering”.
One of the things that has driven the London market higher, apart from ultra-low interest rates, is the influx of foreign cash, many wealthy investors saw UK property as a safe haven.
All the positives for the London market are unwinding, most significantly, George Osborne is now taxing high-end property much harder, imposing additional taxes on purchases through companies.
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