In 2014, the stamp duty rates were increased in London. This increase in taxes has hit buyers purchasing houses that cost more than one-million pounds the most. One side effect of this tax increase is that people overseas are purchasing expensive London homes less often. For houses that are traditionally less expensive, they have seen an increase in house price year-over-year. This is in places like Havering, Gravesham, and Broxbourne. Clearly, this expensive tax has hurt those living in high-end houses, while providing growth to the more affordable housing solutions.

Read more: These are the three London areas where house prices fell in January – City A.M.