Adrian Black delivers critical property market insights and the influences, behaviour and money driving them.
Reporting of mansion tax and political focus continues.
I estimate with a broad back of the envelope calculation covering our focus areas (see below) that the total mansion tax payable in these focus areas will be roughly £400m per annum. Given that the total mansion tax payable is estimated to be between £1.2bn and £2bn per annum (depending on whose research you read) then our focus areas will contribute between 20% to 30% of the total.
Roughly 30% of the take from a 5 square mile block means that it's really a Prime Central London Tax.
Our focus areas: (Hillgate Village, Holland Park, Ladbroke, Kensington, Queen’s Gate, South Kensington, Artesian Village, Bayswater, Belgravia, Chelsea, Earl’s Court, Gloucester Road, Golborne, Hyde Park Estate, Knightsbridge, North Kensington, Notting Dale, Paddington, Paddington Central, Pembridge, Pimlico, Portobello, The Boltons, Westbourne Grove, Westbourne Park and Westbournia).