Resolution Foundation Urges £3bn Property Tax Shift from London to Northern England

The Resolution Foundation has proposed abolishing stamp duty and council tax in favor of an annual property tax at 0.7% of home value, a plan that would impose an additional £3.1 billion per year on Londoners while cutting bills across the rest of England. Under the proposal, published September 24, 2026, 80% of London residents would see annual property tax bills rise, with 64% facing increases of at least £250. Capital property prices would fall 4%. The North East, North West, Yorkshire and the Humber, and the Midlands would see bills drop by at least £250, with home values rising 14% and 9% in the North East and North West respectively. The think tank argues council tax, based on 1991 valuations, and stamp duty are poorly designed and regressive. Separately, Centre for Cities warned the government's £39 billion affordable housing program would deliver social homes equivalent to just 18% of London's priority waiting list.