London’s housing market is in freefall, with prices plummeting as much as 25% in hotspots like Mayfair and Kensington — wiping out nearly $300K from some homes in just a year. Blamed on Labour’s aggressive tax moves — including a mansion tax, higher stamp duty, and second-home surcharges — experts like Kirstie Allsopp call it a “massive own goal.” With more taxes rumored for middle-class homes and inheritance gains, affordability is crumbling as mortgage rates stay high. Meanwhile, the UK average rose 2%, with the North and East booming — but London’s tenth straight month of declines shows it’s the outlier everyone’s watching.
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