{"id":184694,"date":"2025-06-14T21:09:15","date_gmt":"2025-06-14T21:09:15","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/184694\/"},"modified":"2025-06-14T21:09:15","modified_gmt":"2025-06-14T21:09:15","slug":"luxury-property-prices-slump-as-non-doms-flee-london","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/184694\/","title":{"rendered":"Luxury property prices slump as non-doms flee London"},"content":{"rendered":"

By ANNE ASHWORTH <\/a> <\/p>\n

Updated: 16:51 EDT, 14 June 2025 <\/p>\n

The scrapping of the ‘non-dom’ tax regime has produced one set of beneficiaries: families wanting to move to London’s poshest parts.<\/p>\n

Areas such as Belgravia and Knightsbridge, with their white stucco terraces, are suddenly within reach of well-off families previously exiled as prices are slashed by up to 40 per cent.<\/p>\n

Becky Fatemi of estate agent Sotheby’s said: ‘There has never been a better time to start looking in Kensington, Knightsbridge and Westminster \u2013 the areas non-doms have typically left.’<\/p>\n

By contrast \u00a31 million-plus properties in Chiswick and other more outlying areas need to be trimmed by just 5 per cent to sell.<\/p>\n

\"Elite: <\/p>\n

Elite: Prices in London’s Belgravia have fallen by as much as 40 per cent<\/p>\n

About 10 per cent of non-domiciled residents have fled the UK, driven out by changes to inheritance tax<\/a> among other shifts in the rules. Fatemi says a year ago some period Knightsbridge houses were changing hands at \u00a32,500 a square foot. This has fallen 40 per cent to \u00a31,500-\u00a31,600. The average UK price is \u00a3300.<\/p>\n

Period houses on three or more storeys and without a lift are languishing on the market, for those longing for Regency era Bridgerton-type elegance.<\/p>\n

Overseas investors pay 19 per cent stamp duty<\/a> on a second home amounting to a \u00a34.6 million stamp duty bill on a \u00a325,000,000 house. This falls to \u00a32.9 million for a UK buyer who does not own another home.<\/p>\n

However, Fatemi warns: ‘There is only a four-to-five-month window of a good supply of homes because another influx of American prime central London househunters has started.’<\/p>\n

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\n Luxury property prices slump as non-doms flee London<\/p>\n