With less than 24 hours to go before UK Chancellor arrived in parliament to deliver his emergency budget, two clients of property agent Charles McDowell were cracking open the Champagne. A wealthy American and a highly-paid British city worker were celebrating having just sold their luxury second homes just hours before the UK's capital gains tax was set to rise.

"They wanted to make a quick sale ahead of the budget announcement," said McDowell, an independent agent in central London. The two five bedroom houses, one in Kensington, one in Chelsea, sold for a cool £10m (€12m) and £9m respectively. Both were sold to foreign buyers, one through a private off-market sale, the other after being on the market for four months.