London Luxury Homes Face New Hit as U.K. Plans Foreign Buyer Tax
- London property values are falling amid Brexit uncertainty
- Homebuilder shares fall, led by London-focused Berkeley Group
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Britain’s high-end and luxury homebuilders face a squeeze as Prime Minister Theresa May prepares to impose higher taxes on foreigners looking to buy properties in the U.K.
Overseas buyers account for roughly half of all residential transactions in central London, according to Faisal Durrani, head of research at property consultants Cluttons LLP. Berkeley Group Holdings Plc, the homebuilder with the most exposure to the U.K. capital, fell the most among its peers in London trading on Monday.