Fix the London housing crisis by scrapping council tax – think tank

• 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 FULL

London housing crisis could be fixed by scrapping stamp duty and council tax, think tank says