Some individuals who voted Labour in 2024 now remorse their choice, a survey has instructed.
Ms Reeves has been criticised within the face of grim figures. (Picture: Getty)
Rachel Reeves has been accused of destroying the housing market as new figures paint a grim image. Information from property agent agency Savills instructed prime nation home costs have fallen 7.8% – wiping £363,500 off the typical worth and signalling a slowdown on the prime finish of the market. As well as, new figures from wealth administration firm Saltus instructed that is feeding right into a rising lack of confidence in property amongst rich owners.
Information from the agency’s Wealth Index – a research of two,000 UK high-net-worth people – discovered that 46% are involved concerning the future worth of their main residence, rising to 53% in London. Youthful high-net-worth people (HNWIs) – aged 25 to 44 – are probably the most anxious, at 57%, consultants added. In the meantime, 44% of Labour-voting HNWIs reportedly remorse their vote, citing the brand new high-value property tax surcharge.
Dubbed a “mansion tax”, the annual, recurring cost can be rolled out in 2028.
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David Simmonds MP slammed Ms Reeves. (Picture: UK Parliament)
The payment can be paid alongside current council tax and can vary from £2,500 to £7,500, based mostly on 2026 property valuations.
David Simmonds, Conservative shadow housing minister, advised the Categorical: “Identical to the remainder of our financial system, Rachel Reeves and the Labour Get together are destroying our housing market. After making a pledge to construct 1.5 million properties – a pledge that even they admit they won’t hit – they’ve pushed down property costs with their limitless taxes and crimson tape.
“Solely the Conservatives have a plan to unlock our housing market by scrapping Stamp Responsibility on main residences and ship a stronger financial system.”
Henrietta Grimston, chartered monetary planner at Saltus, mentioned: “What these findings inform us is that for top web value people, property is now not the simple retailer of wealth it as soon as was.
“The mixture of elevated mortgage charges, stamp responsibility modifications, a possible mansion tax and geopolitical uncertainty has launched an enormous quantity of tension, significantly amongst youthful owners and people based mostly in London.
“For many individuals, their house is each a spot to dwell and a significant a part of their total wealth, so considerations about values and the prospect of upper taxes naturally carry actual weight.
“That’s prompting extra individuals to think twice about how a lot capital they’ve tied up in property and the way resilient their plans can be if prices rise additional.”
Ms Reeves’ November 2025 Finances doc said that the Authorities is “asking these proudly owning the highest-value properties to contribute extra”.
It added: “Native authorities will accumulate this income on behalf of the central authorities and can be totally compensated for the extra prices of administering this new tax.
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“Income can be used to assist funding for native providers, with additional consideration via the following spending overview in 2027.
“The Authorities will seek the advice of on detailed implementation of the HVCTS within the new 12 months, together with figuring out who may want further assist to pay the cost and how you can ship it.”
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