"In the leafy London borough of Richmond, on the south-western fringes of the capital, there was quiet resignation at the chancellor's announcement of a mansion tax on England's most expensive properties. In an area where one-bed flats often sell for 300,000, and large, detached family homes regularly sell for upwards of 2m, mansion is seen as something of a misnomer. It's laughable, said local homeowner Nick Miller, whose five-bedroom family home is on the market for 2m."
"Boasting the largest of the capital's royal parks, a thriving high street, highly rated schools and quick transport connections to the city, Richmond has long been a popular base for well-heeled Londoners, including among its longtime residents the broadcaster David Attenborough and actor Richard E Grant. The constituency of Richmond Park which includes parts of Barnes, Kew, East Sheen and Richmond-on-Thames is likely to be among the places most affected by Rachel Reeves's property tax changes announced in the budget."
A high-value council tax surcharge will apply to properties in England valued at £2m or more in 2026, payable annually from April 2028 on top of existing council tax. Richmond-upon-Thames has a substantial share of such properties, with houses worth £2m+ accounting for 6.4% of sales over the past five years. Local residents and agents describe typical £2m–£2.5m homes as large family houses rather than mansions, and some homeowners express frustration at the mansion label. The measure is expected to affect affluent London constituencies and is not predicted by some agents to destabilise the local housing market.
Read at www.theguardian.com
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