According to Jin10, London's prime residential market remains weak, with Savills' London prime residential index down about 27% from its 2014 peak and the real price decline exceeding 49% after inflation is taken into account. Savills head of residential research Lucian Cook said there may currently be no stimulus to drive a market recovery, adding that the long-awaited rebound is constrained by the broader economic environment and stamp duty. He said the market has remained subdued since then-U.K. Chancellor George Osborne launched a series of tax reforms in 2014, which sharply raised transaction taxes on high-value homes and were later followed by additional levies on landlords, second-home buyers, overseas buyers, and purchasers buying through companies rather than in their own names.