The only thing worse than a Labour government is a Conservative one, an upmarket property search company has said.

Property Vision made the remark in the context of how Stamp Duty reforms have hit the prime central London market where it hurts.

The firm said that the UK is now no longer a tax haven, and warned that this will have consequences.

In the week beginning October 9, it said, there were 180 new instructions but just 24 sales in prime central London. There were also 95 price reductions, 23 fall-throughs and 45 properties withdrawn from the market.

In its latest twice-yearly market review, Property Vision said that at least it was not having to discuss Mansion Tax.

However, it went on: “If you are involved in any way with the top end of the UK property market you may be forgiven for thinking that the only thing worse than a Labour government is a Conservative one.

“The list of blows to the market is impressive: Stamp Duty changes, Enveloped Property tax, non-dom reform, buy-to-let taxation and the Mortgage Market Review.

“That the market hasn’t fallen over in the face of all these hammer blows is remarkable.

“It is certainly weak at the knees, with turnover down about 30% compared with last year.”

The review particularly picks out Stamp Duty reforms, saying that transaction costs on a £6m property are nearly £750,000 – “You can’t borrow this, so it is a straight capital hit that makes staying where you are an attractive proposition.”