Kirstie Allsopp, presenter of Location, Location, Location, has accused the Labour government of 'punishing' homebuyers over reported plans to overhaul stamp duty and council tax. The Treasury is reportedly considering a 'proportional property tax' payable by owners of homes worth more than £500,000 when they sell, replacing stamp duty paid by buyers.
Speaking to Times Radio, Allsopp said: 'Don't fly kites like this. It is really destabilising for the property market and when I say the property market, I mean people's homes. And their mortgages and homes affect their relationships, their jobs, their education, their wellbeing in almost every way you can think of.' She added: 'It's the roof over their head. And this Government seems to want to punish people for making the sacrifices they've made to buy their own homes.'
According to the Guardian, ministers have asked officials to examine the proposals, which could also include a local property tax to replace council tax. No final decision has been made, but the national tax could help build a model for local levies. Analysis by Hamptons shows half of all home sales over £500,000 are in London, with a further 26 per cent in the South East.
A Treasury spokesperson said: 'As set out in the plan for change, the best way to strengthen public finances is by growing the economy – which is our focus. Changes to tax and spend policy are not the only ways of doing this, as seen with our planning reforms... We are committed to keeping taxes for working people as low as possible.'
Conservative shadow chancellor Sir Mel Stride said: 'The Conservatives have warned that more taxes are coming and now reports are emerging that the family home is next in the firing line. This tax grab would punish families for aspiring to own their own home.'
