London mansions see prices slashed as the city's wealthiest run from Labour's proposed tax hikes
Asking prices on the capital's luxury homes are being slashed as the super-rich move elsewhere
Luxury properties in London are being "left in the dark" as wealthy homeowners are fleeing amid higher taxes amid failing high-value sales.
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Scores of mansions across the capital are being left temporarily abandoned, giving rise to the term "lights out London" coined by estate agents.
The phrase refers to scores of mansions and luxury apartments which are left sitting in the dark by the time evening comes.
Labour's focus on targeting the wealthy has led to a reported increase in landlords looking to sell their luxury mansions.
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Recent data from Hamptons estate agents shows competition for homes in desirable areas has died down following an absence of overseas buyers and international investors, the Standard reports.
Only two homes in the exclusive Montpelier Square estate in Knightsbridge were listed for sale during 2019 but the Telegraph report this figure has more than trebled.
Anthony Payne of property agents LonRes told the newspaper: "It used to be that houses never came up for sale in Montpelier Square.
"Now there are nine on the market there and they just can't sell. Nobody wants to be there.
"There's a weird dynamic now where the international community doesn't have the same level of demand for London and yet Britons have been priced out, so Knightsbridge hasn't found its new level.
Chancellor Rachel Reeves this week hinted imposing higher taxes on the UK's wealthy which will form part of November's budget.
Ms Reeves said there had been scaremongering over her decisions that hit the pockets of the wealthy as she all but confirmed a tax hike for the rich to The Guardian during a trip to Washington for the International Monetary Fund (IMF) meeting.
The average discount on the initial asking price leapt to 10.8 per cent in September – the biggest jump seen since early 2019.
Swiss billionaire Bryon, founder of property developer Unica Capital, says some of his friends are trying to sell their houses in the capital.
"Many people are going to Switzerland or Monaco or Italy," he told the Telegraph.
"London will always be attractive for assets, but they are not living here. It's difficult for them now."
He also cited security concerns as a reason for those leaving, amid suggestions of rising crime in London.
Ollie Marshall, a buying agent at Prime Purchase, has overseen a handful of deals for domestic buyers this summer.
He told the Standard: "We bought a family-sized property in Belgravia for a buyer from Manchester off Middle Eastern sellers, at a big discount.
"He thought it was a great time to buy and the property was previously unaffordable.
"Generally, when I first speak to prospective British or domestic clients, the assumption is that certain areas are unattainable and they are very surprised when they realise price falls have put the best postcodes back on the map for them."