This has divided property experts in London. They want a workable replacement for stamp duty, but worry a mansion or wealth tax will penalise retirees who have lived in a home that has accrued value dramatically over decades and quash an already sluggish central London market. As with all tax changes, there will be winners and losers, but a flat land or property tax would disproportionally hit London households, especially in areas such as Hackney, where the average cost of a semi-detached house has leapt from £570,470 in 2012 to £1,181,319 now. There are also fears that if a homeowner has recently moved and paid stamp duty, with the change of prime minister, they could be hit with an annual property tax too.
What does Andy Burnham’s arrival in Westminster mean for the London property market?
