Conservative mayoral hopeful Sir James Cleverly has proposed plans that he claims could lead to a reduction of as much as £100,000 in London house prices. Cleverly argues that excessive taxes and bureaucracy are making the capital unaffordable for young professionals.
The former home secretary aims to cut additional costs associated with building new homes. He stated that taxes, regulation, and other charges add around £100,000 to the price of a new-build property, money he says does not go into the construction itself.
Cleverly suggested that removing these costs could potentially reduce the price of some flats from £350,000–£400,000 to £250,000–£300,000. However, he has not yet specified which taxes or requirements he would remove, nor how he would guarantee developers pass any savings on to buyers.
His proposals come amid concerns about residents leaving London for more affordable areas. Office for National Statistics figures indicate that around 420,500 people moved from London to other parts of the UK in the year to mid-2025.