Rightmove Urges Caution on Property Tax Reform Amid Market Risks
Rightmove, the UK’s largest property platform, has called on the government to tread carefully in considering landmark changes to property taxation, warning that reforms could inadvertently stall key housing market segments.
Rightmove's data reveals that nearly a third (30%) of homes for sale across England are valued over £500,000—making them potential targets for a proposed annual property tax that could replace stamp duty. The regional disparity is stark: in London, this figure climbs to 59%, compared to just 8% in the North East.
Sales figures echo this regional divide. About 19% of concluded property transactions this year in England exceeded the £500,000 mark—over half (52%) of which occurred in London, while only 4% were in the North East.
House prices also vary widely, with the average asking price in Great Britain at £368,740. London tops the scale at approximately £667,000, with the South East at £480,000 and the North East at £195,000.
Beyond the proposed national property tax, Rightmove highlights the potential impact of a “mansion tax” on homes valued above £1.5 million. Though these represent just over 1% of all agreed sales nationally, they account for around 11% of listings in London—underscoring the potential regional implications.
Rightmove CEO Johan Svanstrom stresses the need for a well-thought-through approach: “Any shift in tax responsibility—especially reversing who pays—must be phased carefully to avoid impeding market mobility, particularly for those caught between systems”.
As speculation mounts ahead of policy announcements, Rightmove’s message is clear: reforms should aim for affordability and movement—but mustn't jeopardise the very markets they intend to support.
© 2025 News On The Block. All rights reserved.
News on the Block is a trading name of Premier Property Media Ltd.