"Rumours of a 'Mansion Tax' on homes worth more than £1.5 million are already creating ripples across the UK property market. Even before any formal announcement, experts say the prospect of new taxation is influencing how buyers and sellers approach high‑value properties, particularly in London and the South East. For homeowners near the proposed threshold, understanding the potential consequences is essential, as early signals suggest that house prices in these high-value areas could face downward pressure."
"Colleen Babcock, property expert at Rightmove, says: "Even speculation about a Mansion Tax is prompting buyers to be more cautious in prime areas. Sellers may need to adjust expectations if the Budget confirms a new tax." Thomas Lawson, director at national estate agents Knight Frank, adds: "Properties near or above the proposed threshold... are experiencing longer listing periods and more cautious interest. Buyers are factoring potential future costs into their offers, which is affecting market momentum.""
Rumours of a Mansion Tax on homes over £1.5 million are creating ripples across the UK property market. Prospective taxation is influencing how buyers and sellers approach high-value properties, especially in London and the South East. Homeowners near the proposed threshold face potential consequences as early signals point to downward pressure on prices in high-value areas. Commuter belts and nearby pockets are also showing strain. Listing periods have lengthened and interest has become more cautious for properties near or above the threshold. Average prices in prime central London fell by approximately 4% in the year to October, the steepest annual drop since early 2021.
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