House prices in the UK, according to Nationwide, rose in November by 0.3% compared to October, reaching 272,998 pounds.
Analysts believe that the new mansion tax will have a limited impact on the market.
Last week, Chancellor of the Exchequer Rachel Reeves announced the introduction of a new property tax in England from April 2028 for houses worth over 2 million pounds. There will be four price categories: from 2,500 pounds per year for properties worth more than 2 million pounds to 7,500 pounds for properties worth more than 5 million pounds.Robert Gardner, chief economist at Nationwide, said: "The changes in property taxes outlined in the budget are unlikely to have a significant impact on the housing market.The increased municipal property tax rate will apply to less than 1% of properties in England and approximately 3% in London.
The annual price growth rate for housing decreased slightly, to 1.8%, although this is more than economists had predicted. In October, the annual growth was 2.4%.
"Against the background of declining consumer confidence and signs of a weakening labor market, these indicators show resilience," Gardner said."The housing market has remained fairly stable in recent months, with house prices rising at a moderate pace."
Source: The Guardian
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