One-fifth of UK public up in arms over ‘unfair’ mansion tax

Almost one-quarter (23%) of those living in London and the South West of England are set to be hit the hardest by the change, given the stark difference in regional property prices.

Those living in Bristol (27%), London (23%) and Plymouth (23%) are calling out the ‘mansion tax’ most strongly.

Ryan Etchells, CCO at Together, commented: “The Baby Boomer generation — somewhat unfairly — tends to have a bad reputation due to buying homes in the 1970s–1990s when prices were low and disproportionately benefitting from house price inflation since then.

“However, with this new ‘mansion tax’ in place, as our research proves, it’s crystal clear that they will be hit hardest.

“This means ‘empty nesters’ and people who bought their property decades ago simply as a family home, not as an investment, will now have to cough up thousands just to continue living in their own home.

“That’s utterly unfair and will penalise them — adding even more cost pressures. Asset-rich but cash-poor older homeowners could really struggle, as this ‘mansion tax’ could be equivalent to an entire year’s state pension.

“The industry needs to prepare for the likelihood that the government won’t carry out any affordability checks.

“This means lenders will need to factor this additional cost into mortgage assessments for homes above the £2m threshold, of which there are many, especially in London and across the South of England.”