Zoopla – 82,000 aims worth 2 million plus

The Zoopla portal claims that over 82,000 homes across the UK are valued at £2m or more and unsurprisingly 95 per cent are in London and south east England.

The portal says that any annual levy on high value homes of this kind – as proposed at different times in the past year by the Liberal Democrats and Labour – would generate less than £1.2 billion in tax revenue per year. On average, each of the 82,000 property owners could be required to pay an extra £14,500 per year in tax.

Remarkably, more than one third of the properties are in a single London borough, Kensington & Chelsea, where £427m of the annual charge would fall on the 18,660 properties currently worth over £2m.

Zoopla claims the Liberal Democrats and Labour have overestimated the amount the proposed mansion tax would generate – the parties claim up to £2 billion annually, over a third more than the portal calculates. The portal also suggests the title ‘mansion tax’ is a misnomer as many of the properties hit by the measure would be relatively modest apartments and houses.