Labour is considering broadening its forthcoming property levy to include homes valued above £1.5 million, according to The Times. The policy currently targets properties over £2 million and was unveiled last year by then chancellor Rachel Reeves.
Under the existing plan, owners of homes above £2 million would face an annual top‑up between £2,500 and £7,500. Hamptons estimates around 153,000 properties fall into that bracket, and roughly 88% of them are in London.
John Healey became the UK's finance minister in July and is set to present his first budget next month. He is being pushed to produce results as he looks to shore up the UK's increasingly fragile public finances.
The Times reported that widening the levy to include £1.5 million homes would raise the count of affected properties to 271,000. London homeowners would bear much of the load, given prices in the capital. Even smaller family houses in some areas would be swept in, with the Office for National Statistics putting average prices in Kensington & Chelsea at nearly £1.25 million in September 2025.
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Once in force in April 2028, the property tax is expected to generate about £400 million a year. If you own or plan to buy in pricier postcodes, especially in London, keep an eye on that budget date - the threshold that matters to your bill may be about to move.
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