Rising house prices in London over the past decade have turned a record number of homeowners in the capital into property millionaires. As our infographic shows, there are 11,462 homes in London worth more than £2m. But instead of toasting their good fortune, London’s property multimillionaires face paying a mansion tax if Labour wins power after next year’s General Election.
Leader Ed Miliband announced the policy at his party’s annual conference and in mid-October shadow chancellor Ed Balls revealed that middle-class families will be prevented from deferring the mansion tax if they earn more than £42,000.
Our infographic shows how many houses in each London borough will pay the mansion tax, which Labour says will raise £1.2bn to fund extra NHS staff. While it should come as no surprise that Westminster and neighbouring Kensington and Chelsea top the list of boroughs with the highest number of £2m-plus properties, it is interesting to note that London’s property boom means areas not normally associated with wealth, such as Croydon and Tower Hamlets, also have properties that pass the mansion tax threshold.
Even if your home isn’t yet worth £2m or more, according to the Land Registry, the figures on our infographic showing the percentage increase in property values in each London borough over the past decade will help you work out whether your house will hit the £2m mark any time soon.
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