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You're reading: Billionaires cool on London property as rich-bashing grows
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Prices of homes costing more than 10 million pounds ($16
million) have risen 56 percent since 2007 as overseas investors
park money in the relative safety of London bricks and mortar,
with foreign buyers accounting for about a two thirds of deals,
a report by property consultant Knight Frank shows.

Prices in top neighbourhoods, such as Mayfair and
Kensington, will be flat next year after a slowdown that began
in March with a coalition government budget that included a
proposed “mansion tax”, Knight Frank said on Friday.

Alex Michelin, founding partner of luxury developer
Finchatton, said: “A 3.5 million pound house in Chelsea was put
on sale in March, but interest cooled rapidly after the budget.
It was like the buyers disappeared into quicksand.”

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