The removal of stamp duty would boost activity at the upper end of the market

Buyers of prime London mansions could see huge benefits from a move to an annual property tax , according to new data.

Chancellor Rachel Reeves is reportedly considering replacing stamp duty with a new national property tax on homes, as well as replacing council tax with an annual property tax.

Stamp duty, which is paid in bands tied to property prices, currently affects around 60 per cent of the market and is considered a significant barrier to home ownership , particularly for first-time buyers.

While the average London buyer stands to save £16,250 on Stamp Duty Land Tax (SDLT) should it be removed, the average buyer in Mayfair and St James’s stands to save £453,750 in the current market, according to

See Full Page