Apartment prices in “prime” central London rose by a staggering 33 percent last year, according to a report out on Wednesday, thanks to reforms to the taxes levied on homebuyers.
As a result, the average home price in prime central London—which includes some of the world’s most desirable addresses in the Royal Borough of Kensington and Chelsea and the City of Westminster—hit £1.74 million ($2.65 million), reported the London Central Portfolio (LCP), an asset management firm which invests in residential property.
The U.K. housing market showed mixed signals during 2014, after the introduction of schemes designed to make homebuying more affordable—particularly in London—piqued fears about another property bubble. Investors worried about the future of the market, hitting the number of transactions.
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