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JLL, the agency formerly known as Jones Lang LaSalle, says prime London's market for homes valued at £1.5m and above has quietened thanks to stamp duty changes and the possibility of a mansion tax following the general election in May.

The slowdown comes despite continuing strength in the market for homes below £1m according to the agency.

"Labour's Mansion Tax proposal is affecting the market above £1.5m as people adopt a wait and see attitude" says Neil Chegwidden, director in the residential research team at JLL.

The agency says output by developers have not been deterred by the prospect of an election - contrary to a report today by London agency Stirling Ackroyd - with a 23 per cent increase in the number of homes under construction in the second half of last year.

Chegwidden says the biggest increases are in what JLL refers to as the 'outer core' - effectively London Zone 2 - while prime central London has shown far smaller increases in new homes being built.

Comments

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    Those commenting here don't seem to understand the mansion tax very well, even if they do purport to be experts. It's not as altruistic as people here are making out.

    • 02 April 2015 14:48 PM
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    Unfair to people living in 2m plus houses Do me a favour.

    If I could afford to live in a 2m house, I don't think a relatively small annual charge would really keep me awake at night. Typical Tory scaremongering.

    • 02 April 2015 14:45 PM
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    And of course everyone loved that readjustment of prices that took place at the end of 2007/8. It didn't affect anyone at all did it.

    • 02 April 2015 11:22 AM
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    Incredibly unfair Eh Have a word with yourself.

    • 02 April 2015 11:06 AM
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    Won't be long before all the lefties are on here decrying JLL and pointing to the absolute fairness of the incredibly unfair mansion tax.

    • 02 April 2015 10:45 AM
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    Boo-hoo! A bit less high-end demand might be good for the whole market by helping to bring the sky-high prices down. When properties going for 300,000-350,000 are now deemed as relatively affordable and good value, you know something is rotten with the market.

    No wonder our young people despair at their chances of ever getting onto the property ladder.

    • 02 April 2015 10:42 AM
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