Lucian Cook, head of residential research at Savills, believes private school fees—surging 14% due to new VAT—will significantly weaken values in affluent areas.
Property experts predict that homeowners facing increased tuition costs will downsize or relocate, leading to a slowdown in demand and prices in prime London.
Karen Noye, mortgage expert at Quilter, indicates that while suburban areas may see growth, prime central London is poised for an increase in supply and falling prices.
Savills forecasts a 4% dip in prime central London house prices this year, equating to a £184,000 decrease on the current £4.6 million average.
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