2016 proved a challenging year for the Prime Central London (PCL) property market. The past 12 months not only witnessed a marked slowdown in sales activity as Stamp Duty changes dramatically affected sentiment, but uncertainty has been a recurring theme, both before and following the UK’s Brexit vote.
With the headwinds it has been encountering, this year has seen the PCL market fragment with different dynamics driving the performance of property at the lower end and the luxury end. This has created a watershed at £1m, above which tax is having the most significant effect on investor decisions.