More will pay Mansion Tax under Andy Burnham
Summary
The article reports speculation that Andy Burnham may support lowering the threshold for the UK’s High Value Council Tax Surcharge, commonly referred to as the Mansion Tax, from £2 million to £1.5 million. It also notes wider commentary that such a move could reduce transaction volumes and discourage property improvements in higher-value markets.
Why it matters
Residential surveyors may see increased client concern, valuation sensitivity and market distortion around properties near any revised threshold. The issue is particularly relevant in higher-value areas where tax policy could affect buyer behaviour, owner decisions and comparables.
Key points
- The current Mansion Tax is due to apply in England from April 2028 to homes valued above £2 million.
- The article says Burnham may consider lowering the threshold to £1.5 million.
- Commentators warn this could affect transaction numbers and housing market activity.
- Higher-value areas such as London and the South East are expected to be most exposed.
- Owners may defer improvements if they risk pushing a property into a higher tax band.
Organisations:
The Negotiator, Daily Mail, Purplebricks, RICS
Regulations:
High Value Council Tax Surcharge, Council Tax, Stamp Duty
Locations:
England, London, South East
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