Sales for London's luxury properties priced over £10m-plus dropped 86 percent in the past year, reports The Guardian (17 October 2016). The fall in sales and prices is partly due to a steep increase in stamp duty and rising property taxes, which has caused super-rich buyers to look elsewhere. However, the 20 percent depreciation of the pound post-Brexit could potentially bring back foreign investors back to the UK luxury property market – especially the Chinese. According to Chinese property portal Juwai.com, Chinese buyer enquiries for the UK were up 12 percent in August as cash-rich Chinese begin scouring the UK for property bargains.
