The Cheshire area set to be worst hit by 'mansion tax' outside of the south
Use our interactive map to see where all the £2 million homes are located
(Image: PA)
Cheshire East is set to be the most affected by the "mansion tax" outside of the south of England. The new tax will mostly impact London and the South East, but our interactive map reveals that every part of the country could be affected.
Owners of properties valued at more than £2 million are set to be hit with a surcharge of at least £2,5000 from 2028 in what has been dubbed the "mansion tax". The High Value Council Tax Surcharge, to use its official name, was announced in Rachel Reeves’ budget and will be charged on top of existing council tax.
The Valuation Office will conduct a targeted valuation exercise to identify properties above £2 million and therefore liable for the new charge. The number and location of homes that will be impacted is therefore unknown at this stage, but exclusive analysis of Land Registry data by the Reach Data Unit has revealed every home in England and Wales that has sold for over £2 million in the last five years.
A total of over 26,500 homes cost their new owners on or above the mansion tax threshold since the start of 2020. More than two thirds of those (67 per cent) have been in London. Westminster has seen a total of 3,832 homes sold for £2 million or more in the last five years. That works out as 14 per cent of the total, or one in every seven across the country.
Kensington and Chelsea has had the next highest number with 3,525. That’s around one in every eight (13 per cent) of the total in England and Wales. Elmbridge in Surrey has the highest number outside of the capital with 939 homes.
Bournemouth, Christchurch and Poole tops the list of places outside of the Home Counties with 241, while Cheshire East is top outside of the South with 183. You can see all of the homes sold for £2 million or more in the last five years by using our interactive map below: