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Bloomberg Published December 18, 2024 Reading time
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London’s luxury property market is set for its worst year since 2020, having failed to score even a single £100 million transaction, as concerns over the new Labour government’s tax measures damped sentiment among wealthy and discretionary buyers.
Data from broker Savills Plc show residential sales above £5 million ($6.3 million) tumbled 23% in the first three quarters from the same period a year earlier, putting them on course for the least since the Covid-19 pandemic locked down London. While 2023 saw at least two £100 million-plus deals, the biggest transaction this year was American fashion designer Tom Ford’s purchase of an £80 million home in Chelsea.
Still, a handful of notable deals were wrapped up in 2024, including those by Philip Muelder, partner and head of services at private equity firm Permira Holdings, and Julien Lobry, partner at hedge fund manager Parvus Asset Management.
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