New tax may see French exodus
Following the recent election battle across the Channel London property agents are predicting a rise in the amount of French people looking to move to the capital to avoid a rise in taxes.
In his pre-election manifesto Francois Hollande promised to increase taxes by raising the upper income tax to 45 per cent and has suggested a massive 75 per cent super tax band for residents whose yearly income is above £1million.
The UK capital city already has a considerable number of French expats as residents and with Monsieur Hollande now at the helm agents expect an influx of wealthy French people looking to buy or rent property in London in order to dodge the proposed tax increases.
One leading agent, Knight Frank has found that South Kensington has proved popular with French buyers and so far in 2012 they are the largest overseas group of investors to buy in this district, another local agent has plans to increase staffing levels with four French speaking employees in order to cope with demand.