A mansion tax probably will be introduced following the 2015 general election, but it will be viewed by investors as an incremental addition to local-government tax, Challis said.
“Price is not the determinant of what you can and can’t buy in this market because people have more than they need to make the acquisitions,” he said. “If I’ve got 100 million pounds in my account and I’m looking at a 4 or 5 million-pound property and the buyer wants 6, if my wife says I have to buy that property, I’ll pay what I need to pay.”