Under the headline ‘The attack on our property has only just begun‘ the Telegraph has run an article about Labours attack on property.

It can be seen here (registration may be necessary), and says:

First they came for second homes. Then they came for the so-called mansions.

It really doesn’t take a genius to see the direction of travel. If the past few years have taught us anything, it’s that the Government’s appetite for taxing property wealth hasn’t been satisfied—and sooner or later, the focus will shift from holiday homes and large houses to the ordinary homes most people live in.

A country built on housing wealth

Britain’s obsession with house prices is nothing new, but the numbers are now almost beyond comprehension. The total value of UK housing stock passed £9 trillion earlier this year, according to Savills.

Put simply, there is almost three times as much capital tied up in housing as in every pension pot combined—including the old-style “gold plated” schemes.

So if you’re the Treasury, hunting for money, where else do you look?

The Budget that taxed everything—but left housing for later

The UK tax burden was already at a post-war high before Rachel Reeves delivered her second Budget, but somehow she managed to squeeze more out of individuals and businesses.

At some point, ministers are going to run out of cash-generating options. Unless the UK pulls off an economic miracle (and few credible economists see any chance of that), property becomes the last major reservoir of wealth left to tap.

It’s hardly surprising, then, that housing is becoming politically convenient to target—especially when younger generations feel locked out of ownership and believe the system has failed them.

A political story dressed up as “fairness”

Policies targeting property can be framed as both a tax win and a moral one: “wealthy homeowners vs young renters”. It gives politicians a narrative and a revenue source at the same time.

Take Michael Gove’s reforms. He allowed councils to double council tax on second homes from April this year. Unsurprisingly, tourism-heavy areas rushed to impose the new charge.

Yes, you might argue many second-home owners can afford it. But calling this “council tax” is misleading. It isn’t about funding local services; in many cases second-home owners barely use them. It’s simply another property surcharge dressed up as something else.

The mansion tax—just the beginning?

Then came the Chancellor’s announcement of a High Value Council Tax surcharge on homes over £2m—again, collected by local government but funnelled straight to central government.

The threshold is supposed to rise with inflation. But freezing it for a few years would drag thousands more properties into the net. If this sounds familiar, that’s because it is: stamp duty and income tax thresholds have been eroded in exactly the same way.

Once introduced, property taxes never stay limited to the very wealthy for long.

Mission creep is inevitable

Stamp duty began as a tax only the most expensive homes paid. Now it hits the majority of buyers. The same pathway is entirely foreseeable here.

And because property valuations are subjective and open to challenge, expect years of disputes, appeals and revaluations. It may even cost the Treasury money in the early stages—but the direction of travel won’t change.

When salaries, businesses and dividends have already been taxed hard, houses are the one asset that can’t leave the country or relocate to Dublin.

Why landlords should take notice

These measures may start at the top of the market, but the logic behind them ultimately pushes taxation downward. Politically, taxing “property wealth” is highly sellable and can be spun as an inter-generational justice issue.

In reality, once the principle is in place, it’s only a matter of time before what starts as a luxury surcharge becomes a mainstream levy.

For landlords and homeowners, this isn’t just a debate about fairness—it’s a preview of where housing policy is heading next.