In response Ed Miliband's plans to introduce a mansion tax, Susan Emmett, director of residential research, Savills said:
We estimate that there are 97,000 properties worth over £2million in the UK, a figures that has risen by 36,000 since 2009. This tax will hit London disproportionately. Over 80 per cent of properties over £2 million are in London.
The London property market has already had to absorb a fair amount of extra taxation over the last couple of years since the idea of Mansion Tax first emerged.
It won't raise that much money. It is unfair on people who've seen their property prices inflate through no fault of their own and who don't necessarily have the income to meet it.
Yes it's okay for hedge fund kings who are living in some stuccoed schloss in Notting Hill, they can pay it out of small change. Fine.
But there'll be loads of people who're living in homes that were not thought to be expensive a few years ago that have now been inflated into this band and they will be clobbered.
And it won't just be them because this thing will creep up until it affects loads and loads of people in London.
This is a tax on London and we've got to resist.
Labour's proposed mansion tax is likely to hit hardest in London where Ed Miliband needs to take 12 seats from the Tories and Lib Dems.
The tax would be placed on homes worth more than £2 million. There is speculation the estimated £1 billion raised in revenue could be spent on health and social care.
The Labour leader dismissed new strike laws which would make it harder for the unions to shut-down London Underground.Read the full story ›
The Labour leader Ed Miliband has denied claims he's being too slow to appoint a candidate for the next race to be London Mayor. ITV London news has learned that some party members are frustrated that the contest is still wide open, believing it could have an impact on Labour's chances.
Our political Correspondent Simon Harris reports.
Ed Miliband has said tackling the cost of living crisis should be the number one priority for any politician in London.
The Labour leader said the "cost of living crisis" was massive for people across the capital, insisting they need a government to stand up for them and not the "privileged few".
Speaking to ITV London, Mr Miliband said Labour were already planning to tackle the cost of living by "abolishing the bedroom tax, tackling energy bills and strengthening the national minimum wage".
Labour leader Ed Miliband has described Boris Johnson as a "good showman but not a very good mayor".
Speaking to ITV London, Mr Miliband said that while the London Mayor was a "fun guy" it was not enough to be a good Mayor.
However, the Labour leader insisted comedian Eddie Izzard - who has announced his intention to stand as London Mayor - was welcome to stand for Labour in the 2020 contest.