Westminster has become the least desirable borough in the capital to buy property in, new figures show.
According to a report in the Daily Telegraph, demand for homes in the borough has struggled in 2014 and has been further hit by the Chancellor of the Exchequer’s stamp duty overhaul, which saw an increase in duty to be paid on property over £250,000. The average price of a home in Westminster is £1.7 million.
Figures from online estate agent eMoov show only 17 per cent of stock placed on the Westminster housing market in December sold. This is despite having the highest property prices in the country, and including exclusive areas such as Knightsbridge, Belgravia and Mayfair, the borough ranks 93 in the most in-demand places to live in the UK.
eMoov founder Russell Quirk warned the situation could worsen further. He said: "The possible introduction of a mansion tax if Labour win the next general election could see Westminster fall even down the rankings."
