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We just got a sure sign that Britain's wealthiest are struggling with soaring London property prices

Oct 28, 2015, 21:27 IST

ReutersLondoners pose while visiting the Dalston House art installation by Leonardo ElrichThe very top of Britain's property market is slowing down and it's a sure sign that some of the wealthiest middle-class are struggling with rising prices.

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Since the changes came into force, all houses costing above £937,500 ($1.44 million) pay more stamp duty than before. For example, a house costing £2.1 million ($3.22 million) will now be subject to £165,750 ($253,000) in stamp duty, £18,750 ($28,700) more than at the same time last year.

Overall house prices in the capital rose by almost 10%, according to the Land Registry's data, despite the drop in sales for the most expensive properties. The average price for a property in the capital touches the £500,000 ($766,000) mark.

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Land Registry data lags behind that of the Office for National Statistics. The ONS already indicated in July this year that house prices in London average over half a million pounds signalling prices are seemingly spiralling out of control. While this has been bad news for first time buyers, it now it looks like it's the wealthy that are struggling with prices too.

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