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The Institute of Economic Affairs has accused the Bank of actually helping to increase inflation across the country - the opposite of what it is trying to achieve with rate hikes. The Bank of England is at risk of "overcorrecting" the UK's inflation problem, a right-wing thinktank has said after this afternoon's decision to hike interest rates to 4.5%. This, he said, is due to the global super-rich being worried about the prospect of Labour winning the next general election - as they have pledged to scrap a tax loophole for non-doms.Ī report released last year said super-rich people resident in the UK and registered as having non-domicile status with a permanent home outside the country are able to avoid paying more than £3.2bn in tax in total on at least £10.9bn of offshore income a year. Paddy Dring, the global head of prime sales at Knight Frank, said London is "still highly regarded by global buyers" - but he expected super-prime sales to drop by at least 10% over the next year. The previous year, £2.5bn was spent on 144 properties. This is the most since 2016, when the world's mega-rich were spooked from investing in the UK's "super-prime" market by Brexit.Ī total of £3.1bn was spent on the properties, working out to an average of just over £19m per sale.

More than 160 properties worth £10m or more were sold in the capital over the past year to March, according to analysis by estate agent Knight Frank and data provider LonRes.

While most of the country is struggling with the cost of living crisis, sales of London's most expensive homes have returned to pre-pandemic levels.