Harrods Estates shuts up shop after 130 years as tax raids on wealthy overseas buyers take their toll

"The agency has confirmed what it called a "very difficult" decision to close its last remaining office on Brompton Road, bringing an end to operations that once stretched from the Home Counties to Monte Carlo."

"The government's decision to abolish non-dom tax status has proved a significant disincentive for wealthy overseas buyers considering a move to the capital."

"Coupled with stamp duty surcharges of up to 19 per cent for foreign purchasers, the effect has been stark: Savills calculates that average prices for homes valued at £4.5 million and above fell by 4.8 per cent last year."

"The geographical dynamics of prime central London have shifted, too. Knightsbridge, once the undisputed pinnacle of luxury living in the capital, is no longer as desirable."

Harrods Estates has closed its final office after 130 years in the London property market. The closure is attributed to stamp duty hikes, the abolition of non-dom tax status, and changing preferences among wealthy buyers. The agency will continue to serve existing clients until operations cease entirely by March next year. The luxury property market has been significantly impacted, with average prices for homes over £4.5 million dropping by 4.8% last year, reflecting the challenges faced by the sector.

Read at Business Matters