🏘️ UK property tax overhaul could shake up house prices
A potential overhaul of the UK property tax system could introduce taxes linked to land values instead of current council tax. This proposal could see an average £358,000 Band D property face an annual charge of about £2,551. A £2.6 million Band H property might face roughly £30,534 annually, up from around £4,081. Buyers might pay less for expensive homes due to these higher recurring costs, especially in London. First-time buyers could benefit from stamp duty changes, but investors could face higher taxes. 🏡