According to CoinMeta, the downturn in London's luxury housing market has not yet ended. Data from the real estate analysis firm lonres shows that housing prices in London's wealthiest areas fell by 6.6% year-on-year last month, and by 9.4% compared to pre-pandemic levels. Transaction volumes also declined, with property sales in high-end areas such as Mayfair and Belgravia decreasing by 17.5% compared to October last year. Nick Gregori, the research director at lonres, stated that some potential buyers and sellers may have postponed their transactions in anticipation of the budget announced last month. He added, "We need to wait for the data from November and beyond to determine whether the unchanged policies have reassured potential buyers and sellers. Some of the suppressed transaction activity may be released." Over the past decade or so, successive UK Chancellor of the Exchequer have introduced policy adjustments that significantly increased the transaction taxes on the most expensive residences in the country. Starting from April 2028, properties valued over £2 million will also be subject to what is known as the "luxury tax." At the same time, other tax reforms, along with the general perception that the UK's business environment is becoming less favorable, have also weakened London's status as a gathering place for super-rich individuals.