#london-property-market

#london-property-market

They were the talk of the town for years - those massive, often multi-level, underground extensions dug deep beneath London's most exclusive postcodes, hence the nickname "iceberg" basements. But then the horror stories began, with tales of neighbouring houses collapsing and outrage over the disruption caused by the creation of subterranean swimming pools and cinemas. So, have these mega-basements now fallen out of fashion, or is there still a whir of construction happening beneath our feet?

New analysis by leading property data provider, Search Acumen, shows that 16,780 properties across England above the rateable value of £500,000 will be affected by an increase to business rates if Chancellor Rachel Reeves goes through with planned reforms, having a material impact on occupiers and investors. The analysis indicates that business rates increasing will disproportionally impact London, with almost two-fifths (37%) of properties liable based in the Capital alone. The 6,100 premises have a rateable value of £9bn nearly half of the overall collective value of rateable properties above the £500,000 threshold.