Overview
- The Centre for London published its report on Wednesday, May 20, 2026, proposing a partly devolved annual Proportional Property Tax (PPT) to replace stamp duty and council tax across London.
- The thinktank says removing stamp duty for ordinary movers would free up about 79,000 homes a year and that the PPT could fund roughly 106,000 social and affordable homes over the next decade.
- Under the report’s modelling, a base PPT rate would average about 0.39% on properties up to £800,000 with stepped increases for homes worth more than £1m, and the plan includes concrete examples such as a Band D Greenwich home saving over £15,000 in the first ten years.
- The proposal would shift costs from renters and small homeowners to a yearly charge on property wealth, with the report estimating the typical renter could save about £1,890 a year to put toward a deposit.
- The PPT is a thinktank recommendation that would need central and local government agreement, legal change and new administration to implement, and proponents say it would increase turnover, encourage downsizing and change who bears housing costs in London.