Savills' London prime residential index is about 27% below its 2014 peak; on an inf-adjusted basis prices have fallen more than 49%. A decade-plus downturn reflects higher transaction taxes alongside political and economic shocks. Tax measures since 2014 — beginning with George Osborne's stamp duty reforms and followed by additional levies on landlords, second-home buyers, overseas buyers and corporate purchasers — have materially depressed high-end transactions. Savills head of residential rese

Savills' London prime residential index is about 27% below its 2014 peak; on an inf-adjusted basis prices have fallen more than 49%. A decade-plus downturn reflects higher transaction taxes alongside political and economic shocks. Tax measures since 2014 — beginning with George Osborne's stamp duty reforms and followed by additional levies on landlords, second-home buyers, overseas buyers and corporate purchasers — have materially depressed high-end transactions. Savills head of residential research Lucian Cook says the market currently lacks stimulus to spark a recovery.