Announcing its annual results today, the company stated that demand at the higher end of the property market had been beset by a bout of nerves in the months preceding the General Election, due to the threat of a Labour government imposing a ‘mansion tax’ on homes valued at over £2m, and introducing a cap on private rents. British Land is responsible for a number of the UK’s most well-known modern structures, including 122 Leadenhall Street (colloquially dubbed ‘The Cheese Grater’).

“The prime central London market softened, reflecting uncertainty ahead of an election and the risk of a mansion tax on properties above £2m,” the company stated in its results statement. “The super-prime market moderated slightly, but we are continuing to see good demand for exceptional new build properties, such as Clarges Mayfair – and good interest as a result.”

British Land’s property portfolio increased in value by 14 per cent in the year ending 31 March, meaning the company’s holdings now stand at £13.6bn. The results statement attributes this to a positive economic environment and low borrowing costs.

“As we look ahead, our results give us confidence. We are well positioned for changing trends in the real estate sector,” says Chris Grigg, chief executive of British Land. “We have a modern portfolio focused on the right locations; a strong balance sheet with a low cost of debt; and an exciting development programme.”