There has been a clear post-Budget uplift in activity at the top end of the Capital’s housing market, with a wave of new listings in what is normally a quiet time of year, according to Jefferies London’s Founder, Damien Jefferies (pictured).

The property brokerage’s research shows 444 homes priced at £2m or more have been listed for sale across the capital during the two weeks following the council tax increases (or Mansion Tax) were announced in the Budget. They now account for around one in 10 (9%) of all £2m-plus properties currently on the market.

Those levels are even higher in Wandsworth (12%) and Camden (11%), and 10% in Hammersmith and Fulham, with a still significant 8% in Westminster and 7% in Kensington and Chelsea.

Those with the means to buy at the upper end of the London market are unlikely to be deterred by the new surcharges announced during the recent Autumn Budget.”

Jefferies London’s analysis of Land Registry data shows there are normally around 206 £2m-plus sales completed in December, which is less than half the 444 new listings seen this year in just a fortnight.

Damien Jefferies said, “Realistically, those with the means to buy at the upper end of the London market are unlikely to be deterred by the new surcharges announced during the recent Autumn Budget.

“Prime London remains one of the most desirable property markets in the world, and buyers at this level typically take a long-term view of ownership, not to mention they have deep enough pockets to absorb the additional cost.

Wave of stock

“What we are seeing, however, is an immediate reaction to the Budget, as the announcement of higher ongoing property taxes appears to have nudged a number of would-be sellers off the fence, prompting a wave of new prime stock hitting the market.

“December is usually a quieter month, but this year could defy the norm and, even if many of these homes do not complete before Christmas, the increase in stock should translate into far stronger activity as we move into early 2026.”