伦敦最富区域出现显著价格下跌。Kensington and Chelsea 年度降幅 11.3%，约跌近 £160,000，使均价仍高于 £1,000,000。Westminster 下跌 14.4%。全市房价同比跌逾 £10,000，典型房价 £556,000，降幅 1.8%，为 2024 年 2 月以来最大跌幅，也是全英国唯一同比转弱的地区。下行压力与预算前预期的“豪宅税”相关，该税将针对价值超过 £2,000,000 的住宅，并可能扩大至更低价位房产。

税收调整的财政动机强烈。财政缺口扩大、借贷成本上升、政策反复，使预算需额外收入来源。伦敦将承担不成比例影响，因为其占英国价值超 £2,000,000 房产将近 60%。新税将加剧本已高度分化的市场结构。英国全国房价为 £272,000，同比上涨 2.6%，较 8 月 3.1% 的增速放缓，显示全国温和上涨与伦敦局部剧烈下跌的对比。

结构性压力长期累积。伦敦房价仍是英国均值的两倍，使购房难度极端上升。平均收入夫妻需约 13 年积攒首付，反映持续的供应不足。市场对潜在税负变化的反应强化了区域脆弱性，在高价区形成更大价格波动幅度。整体趋势显示价格下跌集中于高端区域，而全国数据基本保持增长但速度放缓。

London’s wealthiest districts are experiencing sharp declines. Kensington and Chelsea fell 11.3%, nearly £160,000, with average values still above £1,000,000. Westminster dropped 14.4%. Across London, home prices decreased by more than £10,000 year over year, with the typical value at £556,000, down 1.8%, the largest drop since February 2024 and the only regional annual decline in the UK. The downturn is linked to expectations of a “mansion tax” targeting homes above £2,000,000 and possibly extending to lower-value properties.

Fiscal motivations are significant. Budget pressures from rising borrowing costs, policy reversals, and a widening financial gap drive the need for new revenue. London will bear disproportionate effects because it contains nearly 60% of UK homes valued above £2,000,000. New taxes would intensify an already polarized market. National home prices reached £272,000, up 2.6% year over year, slower than August’s 3.1%, showing moderate national growth contrasted with London’s concentrated declines.

Structural pressures remain severe. London homes remain twice the national average, making ownership highly difficult. An average-income couple now requires about 13 years to save a deposit, reflecting chronic underbuilding. Market reactions to potential tax changes amplify vulnerability in high-value districts, producing larger price swings. The emerging pattern shows declines concentrated in premium areas, while national values continue rising at a decelerating pace.