Andy Burnham's mansion tax plan threatens London and South East homeowners
Burnham mansion tax plan threatens London and South East

Andy Burnham, previously a critic of the mansion tax, is now reportedly preparing to introduce one on properties valued at £1.5 million or more. The tax would disproportionately affect homeowners in London and parts of the South East, where a modest three-bedroom semi-detached house can easily reach or exceed that threshold.

Homeowners already struggling

Many residents in these areas are not wealthy, despite high property values. They face crippling mortgages and are far from rich, with limited savings. The property bubble in the South has burst, with sellers reporting zero interest in their homes. When properties cannot be sold, their value becomes merely notional.

Levelling up or targeting the South?

Burnham, known as the King of the North, must be cautious that his 'levelling up' agenda does not appear as a vindictive attack on Southerners. The tax could exacerbate regional tensions and be seen as penalising homeowners who are already financially strained.

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