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In the capital, prime values rose by over 2% throughout the year, fuelled by professional buyers seeking well-connected, premium residences.

The measures, framed by the Chancellor as ensuring “those with the broadest shoulders pay their fair share,” are set to reshape the housing market and significantly increase costs for landlords.

1 Mayfair is set to deliver 24 new residences including lateral apartments, penthouses and townhouses, plus five staff suites and a realm of “stately home inspired” entertaining spaces and lounges set around central gardens.

The Conservatives have also declared in favour of a crowd-pleasing update: leader Kemi Badenoch announced last week that her party would “abolish Stamp Duty” if they returned to power.