only part of the UK real estate market that is rising faster than
London’s luxury homes is the land underneath them."
Homes selling for
less than 2 million pounds in districts such as Chelsea and Knightsbridge have
been climbing ever since the government raised a transaction tax
known as stamp duty to 7 percent from 5 percent for properties priced above that
The program has contributed to the
most buoyant housing market since the financial crisis. The government’s measure
will lead to a stronger market without causing a bubble, because it is bringing
in money from the top, not the bottom, a London-based group sponsored by Ernst & Young LLP, said
in a report October 14th.
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