Commenting on the Autumn Budget 2025, our CEO, Antonia Jennings said:

“This budget offers a handful of first steps towards change for the capital. What London and the UK need is bold steps to address the issues holding back our housing market and our economy.

The budget has confirmed the DLR extension to Thamesmead, the ability for the Mayor to implement a new tourist levy and a ‘Mansion Tax’ on homes over £2 million and £5 million. These are sensible moves forward – investing in London’s transport, devolving financial powers to the Mayor and making property tax fairer.

But they are incremental measures when London needs transformative change. London requires a comprehensive pipeline of new transport infrastructure, a programme for fiscal devolution fit for a global city, and wholesale reform of Stamp Duty and Council Tax.

London is often referred to as being ‘in crisis’. We have a housing crisis, a productivity crisis and a local government funding crisis. The list goes on. These issues are urgent. They demand ambitious policymaking, not minor changes.

For the Chancellor to achieve her goals of a stable, inclusive economy, this budget must serve as a springboard for bolder, more comprehensive action. Only decisive, future-thinking reform will begin to turn the tide on London’s most pressing issues”

Commenting on the announcement of a ‘Mansion Tax’, our Research Director, Rob Anderson, said:

“Due to London’s sky-high house prices, the ‘Mansion Tax’ announced today will impact London more than anywhere else in the country. This is fair – but it is a missed opportunity to reform to our deeply dysfunctional property tax system.

Our main property taxes – Stamp Duty and Council Tax – are no longer fit for purpose and are making our housing crisis worse. The Chancellor has missed a real opportunity for reform.

Stamp duty adds tens of thousands onto the cost of buying an average priced London home for first time buyers. And it puts a price tag on moving – stopping people downsizing, even if their home isn’t right for them anymore, and preventing much-needed larger homes becoming available for the many London families in need.

Meanwhile, Council Tax is a deeply unfair, regressive system based on 1991 property values. It hits those in lower-value smaller homes harder than those in expensive and larger properties – even with the addition of a ‘Mansion Tax’.

Given how broken our current system is, it’s disappointing to not see the Chancellor take bolder action to reform our property taxes wholesale.

A proportional property tax would be fairer, ensuring people living in the largest and most valuable homes pay more while those living in smaller and less valuable homes pay less, remove the ‘tax on moving’ that Stamp Duty creates, and it could generate revenue to build the affordable homes that London needs.”

Commenting on the effects of the budget on child poverty and the cost-of-living crisis in the capital, our CEO, Antonia Jennings said:

“Abolishing the two-child poverty is fundamental to tackling child poverty – but frozen tax thresholds could mean families remain squeezed for cash at the end of the month.

700,000 children in London are living in poverty – an estimated 260,000 children in London are affected by the two-child benefit cap. Many families today will be breathing a sigh of relief to hear that this policy is coming to an end.

But, as the government gives with one hand, they are taking away with the other. Freezing tax thresholds will drag tens of thousands of the poorest Londoners into paying tax on low incomes. As rent, bills and the cost-of-living continue to eat away at Londoners disposable income, far too many will be left counting the pennies at the end of the month.”