66% of homeowners said wealthier owners should pay more tax towards public spending, according to research from Boon Brokers on Labour’s ‘Mansion Tax’ plans.
Labour’s Autumn Budget confirmed a high-value Council Tax Surcharge from April 2028.
Properties valued over £2m will pay an extra £2,500 a year, rising to £7,500 for homes over £5m.
Only 22% thought the tax would boost Labour’s popularity, while 78% said it would either make no difference or reduce support.
Most people backed the idea of taxing the wealthy, saying it was fair and manageable.
Gerard Boon, managing director at Boon Brokers, said: “The data shows that the public see a tax on high-value homes as both fair and proportionate, but what is of particular interest is the suggestion that wealth-focused measures are broadly accepted with the conclusion that those with high-value assets can naturally afford them.”
42% said high-value sellers would likely raise asking prices to cover the extra tax, while 33% expected demand and investment to drop.
Economist studies said any effect would be limited to the top end of the market.
53% did not think the tax would put off investment in UK property, compared to 39% who expected investment to fall.
Most thought wealthy buyers would continue to invest, despite some global reports showing more millionaires moving abroad to escape higher taxes.
54% said the tax would not affect wider investment in the UK economy, while 39% predicted less spending.
While most agreed the tax was fair, there were concerns about the impact on the property market and investment.
