London accounts for two thirds (66%) homes worth over \u00a32 million, meaning the measure would overwhelmingly target people in the capital if it goes ahead, analysis from Enness Global shows.<\/p>\n
It\u2019s rumoured that Chancellor Rachel Reeves wants to introduce a 1% tax on properties worth over \u00a32 million in the upcoming Autumn Budget on November 26.<\/p>\n
Islay Robinson, chief executive of Enness Global, said: \u201cAny proposal for an annual mansion tax risks unfairly targeting London homeowners and undermining one of the capital\u2019s most important markets.<\/p>\n
\u201cBeyond fairness, there\u2019s also the question of market function. The introduction of such a levy could distort pricing behaviour and deter both domestic and international investment at a time when the UK needs to encourage capital inflows and restore housing confidence.<\/p>\n
\u201cAt Enness Global, we understand the delicate balance between fiscal policy and financial stability. While additional taxation may appear politically expedient, the real-world consequences can often extend well beyond the headline revenue figures \u2013 particularly in markets as globally interconnected as London.\u201d<\/p>\n
\t <\/p>\n
Across England and Wales, 1,434 homes have sold for more than \u00a32 million so far this year, 0.4% of all homes sold. Some 940 of these transactions were in London.<\/p>\n
Across London as a whole, 8% of homes currently listed for sale boast an asking price above \u00a32m. However, across the prime London market, this proportion climbs to 35%.<\/p>\n
Homebuyers and sellers in Mayfair would be most exposed, with 78% of all available homes currently listed above \u00a32 million.<\/p>\n
Knightsbridge follows closely at 61%, ahead of Belgravia (58%), Chelsea (40%), Fitzrovia (39%), and Marylebone and Kensington (38%).<\/p>\n","protected":false},"excerpt":{"rendered":"
London accounts for two thirds (66%) homes worth over \u00a32 million, meaning the measure would overwhelmingly target people in the capital if it goes ahead, analysis from Enness Global shows. It\u2019s rumoured that Chancellor Rachel Reeves wants to introduce a 1% tax on properties worth over \u00a32 million in the upcoming Autumn Budget on November […]<\/p>\n","protected":false},"author":1,"featured_media":5633,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n