Pursuits
London Monthly Luxury Home Sales Drop to Worst in Seven Years
- Sellers awaiting impact of April's stamp-duty tax increase
- Stocks rout may spur demand from investors seeking safety
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Luxury-home sales in Central London’s best districts dropped to their lowest level in seven years in January as buyers awaited the effect of pending stamp-duty tax changes and sellers only slowly cut their prices.
A total of 167 existing homes were sold in neighborhoods including Kensington, Chelsea, Mayfair and Westminster last month, 30 percent below the average volume for the time of year since 2010 and the weakest month since January 2009, according to data compiled by London-based broker Huntly Hooper Ltd.