The richest people in London are still investing in property but are now diverting their attention to cheaper homes.
This is because of new fees that came into force in April. Basically any properties over £1 million carry a huge extra cost and if you already own a property, any additional homes carry another fee on top of that. It is all explained here.
In turn, rich people looking to invest in property are starting to shy away from properties over £1 million and are increasingly looking at other places they can find a bargain.
Knight Frank published a report on Monday, looking at prime residential property market activity and within it, there is a map which shows where the richest people in the capital are buying lots of property and therefore pushing up prices.
It also shows where prices are slumping because of the dampened demand in those locations.
Here is the map:
Knight Frank