Tax Raid Deepens London’s Housing Market Downturn, Agents Say

London is experiencing the most widespread declines in house prices in the UK, estate agents warned, as the capital bears the brunt of Labour’s new tax on high-value homes.

The Royal Institution of Chartered Surveyors said its gauge of London property values dropped to minus 44 in November, the lowest in more than two years. A negative score indicates that agents reporting a fall outnumber those reporting an increase.

The capital had the worst reading of any UK region for the first time since 2022. It suggests the so-called mansion tax — an extra levy on residences worth more than ...