Well over 400 homes priced £2m or more have been put up for sale in London alone in the two weeks following the Budget.

Chancellor Rachel Reeves announced a council tax surcharge on homes £2m-plus, to come into effect in 2028.

Now new research shows that some 444 homes priced at £2m or more have been listed for sale across London alone, since Reeves’ announcement  These new listings account for around one in 10 (9%) of all £2m-plus homes currently on the market, signalling a clear post-Budget uplift in activity at the top end of the market.

Jefferies London analysed current for sale listings stock data, looking at £2m-plus homes listed for sale across the capital and what proportion of these have hit the market in the two weeks since the Budget.

This is a sharp contrast to normal end-of-year activity. 

Over the last decade, London has seen an average of just 206 £2m-plus sales complete in December, with Westminster leading the capital at an average of 55 monthly sales, followed by 42 in Kensington and Chelsea.

Together, these figures suggest that the prime London market may be heading for a far busier December than usual, reversing the quieter end-of-year pattern seen in recent years and, given the surge in new £2m-plus instructions in the weeks since the Budget, Jefferies London says early 2026 could prove far more active than in previous years as these listings begin to convert.

A spokesperson adds: “Realistically, those with the means to buy at the upper end of the London market are unlikely to be deterred by the new surcharges announced during the recent Budget. Prime London remains one of the most desirable property markets in the world, and buyers at this level typically take a long-term view of ownership, not to mention they have deep enough pockets to absorb the additional cost.

“What we are seeing, however, is an immediate reaction to the Budget, as the announcement of higher ongoing property taxes appears to have nudged a number of would-be sellers off the fence, prompting a wave of new prime stock hitting the market.

“December is usually a quieter month, but this year could defy the norm and, even if many of these homes do not complete before Christmas, the increase in stock should translate into far stronger activity as we move into early 2026.”