London's wealthy downsize property investments

London's high net worth individuals (HNWIs) are increasingly opting for smaller properties, according to Alex Michelin, co-founder of Valouran. Many are reducing their property investments as they plan to spend more time abroad. Michelin noted: "While they may no longer move here on a full-time basis... London's appeal as a global city remains strong." The trend follows the removal of non-dom tax status and potential new taxes, including a proposed mansion tax on properties over £2m. Lucian Cook from Savills highlighted growing caution in the market due to these changes.

City A.M.