Scrap stamp duty and council tax to fix London housing crisis, thinktank says
A report by the Centre for London suggests scrapping stamp duty and council tax to address the housing crisis in London. The proposed changes include a new property wealth tax that would encourage downsizing and generate funds for social housing. The report highlights significant housing inequality and the urgent need for reform to improve affordability for renters and first-time buyers.
- ▪House prices in London are currently about 12 times the average earnings.
- ▪The Centre for London report proposes replacing stamp duty and council tax with a new property wealth tax.
- ▪The report indicates that homelessness costs £5.5 million a day in London.
Opening excerpt (first ~120 words) tap to expand
House prices in London are now about 12 times average earnings, according to the report. Photograph: William Barton/AlamyView image in fullscreenHouse prices in London are now about 12 times average earnings, according to the report. Photograph: William Barton/AlamyHousing marketScrap stamp duty and council tax to fix London housing crisis, thinktank saysCentre for London report finds levy on property wealth would free up homes, fund social housing and help renters save for depositsAnna WhiteWed 20 May 2026 02.00 EDTLast modified on Wed 20 May 2026 02.02 EDTSharePrefer the Guardian on GoogleStamp duty should be scrapped and replaced with a new property wealth tax to fix London’s housing crisis, a leading thinktank has proposed.A report on the capital’s property market suggests an annual…
Excerpt limited to ~120 words for fair-use compliance. The full article is at World news | The Guardian.
Discussion
0 commentsMore from World news | The Guardian
