Mansion tax is already wiping £285k off homes worth over £2m before it even comes into force

Chancellor John Healey has turned down calls to reduce the threshold from £2m to £1.5m, a move that would have doubled the number of affected properties from 134,000 to 271,000. Despite the levy not taking effect until April 2028, its impact on the market is already apparent.

Healey is said to believe that altering the terms ahead of April 2028 would 'undermine public support' for the tax.