Housing market remains resilient despite tax fears

The newly announced mansion tax is expected to have a limited effect on the UK housing market, according to Nationwide. The average house price rose 0.3% in November, reaching £272,998. The tax will apply to homes valued over £2m from April 2028, with a surcharge starting at £2,500. Robert Gardner, Nationwide's chief economist, said: "The high value council tax surcharge . . . will apply to less than 1% of properties in England." Despite a slowdown in annual growth to 1.8%, the housing market remains stable, supported by lower interest rates. 

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