(Bloomberg) -- Tax hikes on luxury homes broke a decade-long spell in which house prices increased faster in London's priciest neighborhoods than in its cheapest, according to data published on Tuesday by the Greater London Authority. Price growth in the bottom 10 percent of districts overtook the top 10 percent in the final quarter of 2014, when the government raised a sales tax payable on homes costing more than 937,000 pounds ($1.1 million). A further hike for second-home buyers and landlords in April 2016 widened the gap.
To contact the reporter on this story: Jack Sidders in London at jsidders@bloomberg.net.
To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Andrew Blackman
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