Tom Bill: Mansion tax plans resurface as Prime London prices slide

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Just over 150,000 properties in England & Wales would be affected by a rumoured levy on homes valued above £2mn, reports Knight Frank’s head of UK residential research - with two London boroughs accounting for nearly a third.

Written by

Tom Bill

Head of UK Residential Research at Knight Frank

Tom Bill is Head of UK Residential Research, producing reports that include Knight Frank’s flagship Prime Central London indices, the Super Prime London Insight and the London Residential Review. He has written detailed reports on London sub-markets and contributes to The Wealth Report and Global Cities report. Tom, a former Bloomberg and Reuters property journalist, is a regular media contributor on the London property market and has presented at events in Europe and the Middle East.

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Main image: PCL underperformed other areas of Prime London during 2025

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Inflation met expectations and rates held steady last week, but a potential productivity downgrade could put real estate in the crosshairs come November.
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Buyers, sellers and the bond market are digesting the recent property tax speculation as government borrowing costs head in the wrong direction, reports Knight Frank's UK resi research boss.
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'I’d be surprised if there was anything to tax in PCL from the last decade as prices have fallen 20%,' notes Knight Frank's UK resi research chief.