It affects the whole market.' Following the recent stamp duty reforms , London property sales fell by 64 % in the last 12 months as the higher tax rates affect properties selling for more than £ ##50 m . According to Douglas & Gordon , property prices dropped 1.4 % ( £ ##5 ) in the prime area between Notting Hill and Chelsea during the past year . Ed Mead , Director of Douglas & Gordon states that the problem with this is that " when prices fall sellers do not put their properties on the market , causing paralysis in the market " . Although the new stamp duty changes affect those buying a multi - million property , it benefits 98 % of people who are paying tax on a new home .
Following the recent stamp duty reforms , London property sales fell by 64 % in the last 12 months as the higher tax rates affect properties selling for more than £ ##50 m . According to Douglas & Gordon , property prices dropped 1.4 % ( £ ##5 ) in the prime area between Notting Hill and Chelsea during the past year . Ed Mead , Director of Douglas & Gordon states that the problem with this is that " when prices fall sellers do not put their properties on the market , causing paralysis in the market " . Although the new stamp duty changes affect those buying a multi - million property , it benefits 98 % of people who are paying tax on a new home .