Tom Bill
Head of UK Residential Research
A leading expert on the UK’s prime residential property sector.
Tom’s comments are widely picked up in the British and international media, and he often appears on radio and television to discuss key housing trends and policy issues in the UK.
Tom writes Knight Frank’s industry-leading monthly reports on the prime London sales and lettings markets, and the quarterly Prime Country House price report. He also produces a weekly update on the dynamics shaping the UK housing market and hosts Housing Unpacked, a regular podcast where guests share their expertise on a diverse range of subjects that impact the industry.
Before joining Knight Frank, Tom was a property journalist for seven years, covering market trends in Europe, the Middle East, and Africa at Reuters.
Prime residential
Explore Tom's insights into the prime residential real estate sector.
Prime residential
Budget Clarity Brings Short-Term Relief in Prime London Markets
November 2025 PCL Sales Index: 5,050.2 November 2025 POL Sales Index: 275.0
08 December 2025
Rentals
Budget Seeks to Tame Inflation but Sets Stage for Higher Rents
November 2025 PCL lettings index: 224.5 November 2025 POL lettings index: 228.4
08 December 2025
Tax
Mansion Tax Announced in Budget of Few Surprises
A new tax on homes worth more than £2 million was announced, but there are questions over how much it will yield in a Budget where politics trumped economics.
26 November 2025
Prime residential
Demand Up, Supply Down: Prime London Rents Rise Ahead of the Budget
October 2025 PCL lettings index: 225.2 October 2025 POL lettings index: 228.4
03 November 2025
Prime residential
Mansion Tax Plans Resurface as Prime London Prices Slide
October 2025 PCL Sales Index: 5,068.9 October 2025 POL Sales Index: 275.2
03 November 2025
Prime residential
London Still Calling: International Tenant Demand Defies Economic Gloom
July 2025 PCL lettings index: 224.5 July 2025 POL lettings index: 226.2
11 August 2025
Prime residential
Landlords in Prime London Face Selling Challenge
June 2025 PCL lettings index: 224.0 June 2025 POL lettings index: 225.3
07 July 2025
Prime residential
Prime London Lettings Market Supported by Tax Uncertainty
May 2025 PCL lettings index: 223.0 May 2025 POL lettings index: 224.5
09 June 2025
Prime residential
Prime London Rents Climb as Renters’ Rights Bill Looms
March 2025 PCL lettings index: 221.5 March 2025 POL lettings index: 223.5
04 April 2025
Prime residential
Growing Fiscal Certainty to Support Demand in Prime London Markets
March 2025 PCL Sales Index: 5,242.8 March 2025 POL Sales Index: 277.1
04 April 2025
Prime residential
Fewer £1 Million Property Markets Created as Mortgage Rates Stay Stubbornly High
Three £1 million markets created, two of which are located on the south coast as price growth remains stronger outside of London.
14 March 2025
Prime residential
Prime London Rents Edge Higher as Landlords Brace for Policy Changes
February 2025 PCL lettings index: 221.3 February 2025 POL lettings index: 223.1
10 March 2025
Prime residential
US Buyers Dominant in PCL as Government Sends Mixed Signals to Foreign Investors
February 2025 PCL Sales Index: 5,262.5 February 2025 POL Sales Index: 276.8
10 March 2025
Prime residential
Mortgage Rates Drop but Uncertainty Grows Around Bank’s Next Move
Rates edge lower but MPC voting patterns raise questions about its motives.
20 February 2025
Prime residential
Tentative Stability in UK Housing Market as Spring Approaches
Supply is building but buyers remain hesitant as economic risks linger.
11 February 2025
Prime residential
Non-Dom Uncertainty Boosts Demand in London’s High-Value Lettings Market
January 2025 PCL lettings index: 220.8 January 2025 POL lettings index: 223.0
05 February 2025
Prime residential
Prices Flat in Prime Central London as Non-Dom Uncertainty Persists
January 2025 PCL Sales Index: 5,281.6 January 2025 POL Sales Index: 276.2
31 January 2025
Prime residential
Uncertainty and Opportunity in Country Markets as Mortgage Costs Rise
The impact of Donald Trump on the UK housing market was felt weeks before his inauguration, although price declines narrowed in Country markets late last year.
20 January 2025
Prime residential
Prospect of Trump Presidency Intensifies Labour’s Mortgage Market Headache
December 2024 PCL Sales Index: 5,277.4 December 2024 POL Sales Index: 275.7
13 January 2025
Prime residential
Uncertain Outlook for Prime London Sales Market in 2025
November 2024 PCL Sales Index: 5,279.8 November 2024 POL Sales Index: 275.8
11 December 2024
Prime residential
Post-Budget Limbo Boosts London’s Super-Prime Lettings Market
November 2024 PCL lettings index: 220.5 November 2024 POL lettings index: 223.5
04 December 2024
Prime residential
Post-Budget Certainty Will Support Super-Prime Country Market
With a general election behind us, a Budget that did not explicitly target wealth and clarity around property taxes, super-prime demand is expected to strengthen next year.
02 December 2024
Prime residential
Buyers and Sellers in Prime London Markets Digest UK Budget and US Election
October 2024 PCL Sales Index: 5,280.8 October 2024 POL Sales Index: 275.6
08 November 2024
Prime residential
Landlords and Tenants Digest the UK Budget
October 2024 PCL lettings index: 221.0 October 2024 POL lettings index: 223.9
08 November 2024
Residential
Delve into Tom's opinions on the UK's residential property market.
Residential
Council Tax Revaluation Plan Risks Unsettling Property Market
Revaluing properties in the top three council tax bands could prove costly and disruptive. The proposal highlights how backbench politics is driving this week’s Budget.
24 November 2025
Residential
Tax Uncertainty Drives Buyers to Beat the Budget
Three months of Budget rumours have stalled activity in parts of the UK economy. But at the top of the property market, some have accelerated their plans before possible new measures take effect.
17 November 2025
Residential
Government Urged to Boost Tax Coffers with Investor Visa
As the Treasury contemplates a manifesto-breaking income tax rise, one group argues that a UK Investor Visa could raise £225bn over ten years and keep wealthy individuals, and their stamp duty receipts, in the country.
10 November 2025
Prime residential
London Landlords Test Sales Market as Budget Looms
August 2025 PCL lettings index: 224.9 August 2025 POL lettings index: 227.0
08 September 2025
Tax
Big Noise, Small Numbers: Property Taxation Back in Focus
Capital gains tax on main homes, council tax reform and scrapping stamp duty are among the proposals ministers are reportedly exploring to plug the fiscal gap.
21 August 2025
Residential
Wealth Taxes, Non-Doms and Capital Flight: Foreign Investors for Britain CEO Speaks to Knight Frank
Leslie MacLeod-Miller talks about how he is spearheading lobbying efforts with the government to persuade them to tweak non dom rules and what he expects to happen next.
18 August 2025
Prime residential
UK Housing Market Resilient as Wider Economy Stutters
Economic data disappoints but UK housing market finds its feet after stamp duty wobble in Q2.
04 August 2025
Rural
Country Market Stirs into Life as Asking Prices Fall
Country Market Stirs into Life as Asking Prices Fall
14 July 2025
Residential
High Supply Keeps UK House Price Growth in Check
Despite an improving interest rate outlook, asking prices this spring will need to reflect the wide choice on offer for buyers
16 May 2025
Commercial
Corporate Relocation Demand Strong Despite Tariff Turbulence
April 2025 PCL lettings index: 222.2 April 2025 POL lettings index: 223.9
02 May 2025
Residential
UK Housing Market Steady as Government Walks Fiscal Tightrope
The spring statement contained no nasty surprises for the UK housing market, but it failed to address concerns about the government’s tight financial headroom
28 March 2025
Residential
UK Housing Market Faces Rate Turbulence and Lost Stamp Duty Revenue
There was no “Liz Truss” moment, but the impact of October’s Budget will be felt in the housing market for some time
24 March 2025
Residential
UK Housing Market Adjusts as Economic Policies Take Shape
More certainty around tax and inflation outlook may underpin demand from next month
21 March 2025
Residential
UK Housing Market Resilient with Inflation Risks on Horizon
House price growth edges down but transactions hold steady as buyers and sellers wait for more clarity around UK economy.
28 February 2025
Residential
2024: The Year Predictability Returned to London’s Lettings Market
December 2024 PCL lettings index: 220.2 December 2024 POL lettings index: 223.2
13 January 2025
Residential
UK House Prices Strengthen but Budget Cracks Show
Buyer demand underpinned by imminent stamp duty rise and mortgage offers that pre-date the Budget.
03 January 2025
Prime residential
Landlords Await More Clarity on Renters Rights Bill
September 2024 PCL lettings index: 221.2 September 2024 POL lettings index: 223.5
03 October 2024
Prime residential
Sellers Move Quicker than Buyers this Autumn as Rates Drop
Although more sub-4% mortgages are appearing, uncertainty ahead of the Budget means some buyers remain hesitant.
20 September 2024
Prime residential
Upwards Pressure on Rents May Return if More Landlords Sell
August 2024 PCL lettings index: 221.5 August 2024 POL lettings index: 222.6
17 September 2024
Residential
How Did Different Parts of the UK Property Market Perform as Rates Surged?
New analysis shows the limited role of cash buyers as rates increased 14 times between November 2021 and August 2023
19 August 2024
Prime residential
Buying Opportunity Arises as Election Manifestos Launched
Competition among buyers has fallen ahead of the election, which is putting downwards pressure on prices.
17 June 2024
Prime residential
General Election Means Longer Limbo for Landlords
May 2024 PCL lettings index: 220.3 May 2024 POL lettings index: 220.9
06 June 2024
Forecasts
UK House Price Forecasts: May 2024
Political uncertainty ahead of a general election means we have reduced our near-term forecast for prime central London, but upwards pressure remains on rents
29 May 2024
Prime residential
Country Market Warms up as Temperatures Rise
There are signs of a seasonal pick-up in activity, but higher mortgage rates are keeping demand in check.
13 May 2024
Finance and the markets
Read Tom's thoughts on the economy, property tax, and financial forecasts.
Prime residential
Property and Bond Markets Face Pre-Budget Turbulence
August 2025 PCL Sales Index: 5,115.8 August 2025 POL Sales Index: 275.6
08 September 2025
Prime residential
Property Tax ‘Trial Balloons’ Add to Financial Market Jitters
Buyers, sellers and the bond market are digesting the recent property tax speculation as government borrowing costs head in the wrong direction
01 September 2025
Prime residential
Price Growth Gap in London Widens to Brexit Levels as PCL Buyers Circle
July 2025 PCL Sales Index: 5,134.6 July 2025 POL Sales Index: 275.7
11 August 2025
Residential
‘Don’t Tell Me You Love Me, Show Me’: Investors Challenge Government on Non-Dom Reform
A House of Lords event last week underlined growing disquiet over the government’s non-dom tax reforms. But any new direction on policy may have to wait until the autumn.
28 July 2025
Prime residential
Non-Doms Leave London but Keep Property Options Open
June 2025 PCL Sales Index: 5,166.9 June 2025 POL Sales Index: 276.0
07 July 2025
Residential
UK Housing Market Faces a Smoother Ride in Second Half of 2025
As tariff turbulence appears to have peaked and the stamp duty disruption fades, the main risk over the next six months is the autumn Budget.
30 June 2025
Prime residential
Non-Dom Changes Create £401 Million Stamp Duty Black Hole
The falling number of high-value residential transactions has put more pressure on the government’s finances, Knight Frank estimates show
23 June 2025
Economy
Mortgage Outlook Brightens as Economy Stumbles
Rate cut expectations have grown as April tax deadlines dragged on the economy in Q2
16 June 2025
Residential
Transactions to Recover Faster than Prices after Stamp Duty Slump
UK transactions fell 28% in April thanks to higher rates of stamp duty introduced at the start of the month. Will there be parallels with 2016 as sales volumes recover?
02 June 2025
Residential
High Supply Keeps UK House Price Growth in Check
Despite an improving interest rate outlook, asking prices this spring will need to reflect the wide choice on offer for buyers
16 May 2025
Forecasts
UK Housing Market Forecast: May 2025
Price expectations have improved in needs-driven markets, but political uncertainty means we have cut the near-term growth outlook for prime central London
14 May 2025
Prime residential
Wexit Weighs on Demand in Prime London Markets
April 2025 PCL Sales Index: 5,215.1 April 2025 POL Sales Index: 276.8
06 May 2025
Global
UK Property Becoming Safe Haven by Default
International buyers and tenants are looking more closely at the UK due to economic instability and political uncertainty elsewhere in the world
25 April 2025
Economy
Financial Markets Take Breather, Rates Edge Lower but Outlook Stays Unsettled
The tariff turbulence has calmed for now but any downwards pressure on mortgage rates is not guaranteed to last
17 April 2025
Economy
Country Market Steady as Tariff Turbulence Sends Borrowing Costs Lower
Prime Country House Price Index Q1 2025: 269.3
11 April 2025
Government & Policy
Don’t Overlook Foreign Investors in Hunt for Economic Growth
Foreign Investors for Britain lobby group urges the government to look more closely at key parts of its non dom plans as the UK economic backdrop deteriorates
24 January 2025
Tax
Budget Uncertainty and Tax Changes Cloud Horizon for UK Housing Market in 2025
Tax changes, a new US President, and lingering doubts around the Budget will create an environment of uncertainty early next year.
17 December 2024
Forecasts
UK Housing Market Forecast: November 2024
Sales forecasts are revised down slightly after the Budget while rental value growth is expected to increase marginally.
27 November 2024
Global
The Budget, the Base Rate and the US election: your questions answered
We answer your questions on what the Budget, the Base Rate and the US election might mean for your UK property plans
13 November 2024
Residential
US Election: What Does it Mean for the UK Residential Property Market?
What are some of the risks and opportunities for the UK housing market?
07 November 2024
Residential
October 2024 Budget: What Does it Mean for the UK Residential Property Market?
Updated 1 November: In a widely-trailed Budget, there was one surprise for the residential property market and disquiet over planned changes for non doms.
05 November 2024
Tax
Higher-Value Property Markets See Bigger Pre-Budget Slowdown
A non dom tells Knight Frank why they would only stay in the UK if a tiered tax regime was introduced.
18 October 2024
Tax
Film and TV Lettings Demand Outpaces Supply Thanks to Tax Breaks
Tax relief rules announced last week are the latest in a series of incentives to encourage inward investment, which will boost lettings demand further.
10 October 2024
Prime residential
Country Buyers Have One Eye on the Budget as Rates Fall
Some discretionary buyers are hesitating although there may be a bounce in activity after the Budget.
27 September 2024
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