Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleLondon is in the midst of a housing crisis (PA)London is facing a severe housing crisis, with a record number of residents in temporary accommodation and house prices soaring to 12 times average earnings. The Centre for London think tank proposes replacing stamp duty and council tax with an annual Proportional Property Tax (PPT) to address the crisis. The proposed PPT aims to encourage downsizing, help renters save for house deposits, and generate funds for 106,000 new affordable homes over the next decade. Under the new system, the PPT would be calculated as a percentage of a home's value, with an average rate of 0.39 per cent for properties up to £800,000 and higher rates for more expensive homes. Renters would no longer pay council tax, potentially saving them £1,890 annually, which could significantly assist them in becoming first-time buyers. In fullLondon housing crisis could be fixed by scrapping stamp duty and council tax, think tank saysThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
Fix the London housing crisis by scrapping council tax – think tank
Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.AllNewsSportCultureLifestyleLondon is in the midst of a housing crisis (PA)London is facing a severe housing crisis, with a record number of residents in temporary accommodation and house prices soaring to 12 times average earnings. The Centre for London think tank proposes replacing stamp duty and council tax with an annual Proportional Property Tax (PPT) to address the crisis. The proposed PPT aims to encourage downsizing, help renters save for house deposits, and generate funds for 106,000 new affordable homes over the next decade. Under the new system, the PPT would be calculated as a percentage of a home's value, with an average rate of 0.39 per cent for properties up to £800,000 and higher rates for more expensive homes. Renters would no longer pay council tax, potentially saving them £1,890 annually, which could significantly assist them in becoming first-time buyers. In fullLondon housing crisis could be fixed by scrapping stamp duty and council tax, think tank saysThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in
