IN THIS ISSUE:
Country Houses: Confidence in pricing London: London's property experts New Homes: Green light for grey sites
No. 61 | Autumn / Winter 2026
MANSION TAX Will the High Value Council Tax Surcharge avoid the pitfalls of its predecessors?
UK MARKET REVIEW NUMBER 61 Published by Jackson−Stops since 1997, the UK Market Review is a concise overview, drawn from insights and data from some 40 offices across the London and Country House markets, plus national statistics. Views and projections are opinions of the authors at the time of writing and may change.
Cover: Northamptonshire £1,095,000 guide (Oundle) Main: Devon, excess £2,000,000 (Exeter)
COUNTRY MARKET COMMENT
Shared values The impact of confidence in pricing
B
uyers and sellers alike in the middle to upper market know that both have access to the same huge wealth of market information. There is an essential caveat here in relation to more idiosyncratic and larger country houses, but even there the additional evidence which we collate is, in the interests of both sides, often made available to both. Coupled with largely static or softening prices (see graph) this has quietly resulted in something most unusual: price is no longer the greatest obstacle. Timing − the ability for buyer and seller to get their proverbial ducks in a row − is. Even this, in a market dominated by people with pressing, ‘stage of life’ reasons to buy and sell, is not the obstacle it was, because everyone involved has to move. They are of serious intent. When offers are discussed but not finalised, both sides will go off to tackle their remaining hurdles − finding a buyer for
AVERAGE DETACHED HOUSE PRICE & TOTAL SALES VOLUME (2022-2026)
Volume
Price
140,000 120,000
£500,000
Average detached house price
£400,000
100,000 £300,000
80,000 60,000 40,000
£200,000
Sales volume (all property types)
£100,000
20,000 £0
0 Jul 2022
Jan 2023
Jan 2024
Jan 2025
England only. Source: Jackson−Stops using Land Registry price data
Jan 2026
Jul 2026
Left and Inset: Cheshire £25,000,000 guide (Alderley Edge)
a dependent sale, securing mortgage offers, securing probate etc. − confident that, once in a position to transact, it should be possible to agree a price: they are already in the same ball park. Echoing this (and that serious intent), fall−throughs due to late disagreement on price, are rare at the moment. Things can still get personal though: one cash bidder who demanded a discount on the accepted value of a house ‘on principle’, caused such offence as to be given a very firm refusal − also ‘on principle’. An alternative buyer at the accepted value was found soon after. One problem faced by buyers hoping to get a good deal by being able to move fast is that too many owners can’t match that speed anyway − they haven’t sorted out their documentation, fixed the off−putting repairs or even told their solicitor. This is a regular refrain of this column, but one which warrants repeating: proper preparation makes it easier for potential buyers to believe that a deal will go through swiftly and so commit more deeply to buying, often at a higher price.
REWARDS FOR BUYERS WHO REGISTER
Geographically, whether would-be buyers register with us (so we can tell them as soon as the right house comes up, rather than them contacting us only when it does) varies wildly. Perhaps it’s cultural? Either way, in some areas it is the norm, in others, a rarity. It matters because greater confidence around pricing is leading more owners who are keen to prioritise privacy, to ask us to find a buyer ‘off−market’, ie without the multi-platform high exposure that modern online marketing inevitably involves. When they do, we can only call you, if we know you are there. So it’s worth doing. That geographical variation though, means that while this approach is proving highly successful in some regions, it’s inadvisable in others: all of that marketing, online and off, is needed in the fight for attention and generating competition. Historically, incidentally, such open market testing was regarded by lawyers in probate sales as necessary to demonstrate that the best price
COUNTRY MARKET COMMENT
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Right: Surrey £1,950,000 guide (Dorking) Below: Suffolk £1,250,000 guide (Bury St Edmunds) Below Right: Greater Manchester £3,895,000 guide (Hale)
had been achieved. Today, the aforementioned wealth of market information appears to have made this much less of an issue. A slightly less welcome (for us) consequence of static prices has arisen through their coincidence with new tenant rights. Historically, the ‘hottest’ of our serious buyers with an unavoidable reason to buy were those who had sold and were renting while house hunting. The new Renters’ Rights legislation has caused these buyers to wake up to a new found freedom…and relax. They don’t have to move! Brendan May of the Oundle office explained how this group has gone from having a fixed date by which they must give up their home, to being able to give two months’ notice whenever they wish. “They are feeling really comfortable” says Brendan “and slower to commit as a result.” On the plus side, the combination of price stability, two months’ notice and improving affordability as incomes rise, is encouraging more long−term renters to take the plunge and buy. It is also far easier for us to coordinate completion dates to suit both parties.
NORTHERN POWER HOUSES
In striking contrast to this ‘normal’ world of dependent sales, mortgage offers and static prices, primarily in the £700,000 to £1.2 million range, our Greater Manchester and Cheshire offices have enjoyed a remarkable run of successful top−end transactions over recent months. Sales this year have averaged around £2 million per property and they have their strongest sales pipeline in at least two years. This includes an unusually busy August. It is, they are swift to point out, a highly localised and statistically small market, dominated not by salaried people with children and mortgages, but by those who have, for example, sold their substantial tech companies, done well from their private equity businesses, or are part of the Premier League world. These buyers hold cash: when interest rates go up, they have more money, not less. At the moment, they are spending it. One suspects that not many of them take the time to search price histories and comparable sales.
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JACKSON-STOPS UK MARKET REVIEW No. 61; 2026
LONDON MARKET COMMENT
London’s property experts Following a busy summer market, demand to live in the capital is stronger than ever
W
ith a long−established presence across London and its surrounding areas, Jackson−Stops combines expert insight with a personalised service. Our teams take the time to understand each customer’s priorities, building lasting relationships built on trust. Harry Buchanan, Sales Director at Jackson− Stops Pimlico & Westminster, explains, “We are proud to have retained our core values, with colleagues who understand the market and the needs of each individual. We visit every home, and clients work with the same consultants from the first viewing through to
completion, with 150 to 200 hours of work invested in each sale or let. This consistency means they can be confident that their home is handled by people who know their circumstances and understand the property first−hand.” Across our network, Jackson−Stops assists thousands of people at any given time, which is why having a prominent high street presence is more important than ever. Harry explains, “Sellers and landlords rely on our guidance and appreciate having local agents close by who take a hands−on approach to every instruction.”
Left: Gloucester Street £1,250,000 guide (Pimlico)
COMPLETE CONFIDENCE
In an increasingly competitive market and with the Renters’ Rights Act now in full effect, being supported by experienced professionals offers reassurance that everything is well managed and compliant. “Our clients rely on us to provide expert guidance, ensuring every aspect of the lettings process is handled seamlessly and in line with the latest legislation,” comments Alex McConnell, Lettings Director at Jackson−Stops Pimlico & Westminster. “More than 70 per cent of our business comes through recommendations
Above: The Gateways £6,500pcm (Pimlico) Right: Blackhills, Esher £13,000pcm (Weybridge)
and referrals, which demonstrates the dedication of our colleagues, who strive to achieve remarkable results while making everything as straightforward as possible.” FIRST−CLASS EXPERIENCE
Feedback from our customers is extremely valuable to us, as we know they have a choice of who they work with. “We are proud to have received thousands of Google reviews, and have an average rating of 4.9 out of 5 stars,” Harry comments. “This reflects the outstanding level of care provided by our teams, who deliver a fantastic service.
JACKSON-STOPS UK MARKET REVIEW No. 61; 2026
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Left: Oatlands Avenue £2,500,000 guide (Weybridge) Below: Mayfield Road £2,750,000 guide (Weybridge)
Our people are the key to our success, and investment in their long−term training and development is at the heart of the business. Over 90 per cent of our managers began their careers as trainees, showing the genuine opportunities for progression at Jackson−Stops. By focusing on developing talent from within the business, we maintain the high standards of service our customers expect.” CONTINUED DEMAND
London remains an exciting place to live and invest, attracting buyers and tenants from around the world. “We have experienced an incredibly busy summer across both sales and lettings, achieving superb results,” Alex explains. “We recently let a luxury apartment in a prestigious Chelsea development, having secured four offers at the asking price. By making a bespoke marketing plan and managing interest from the outset, we were
able to achieve an excellent result for the landlord, securing a quality tenant who was the right fit for the property. Our offices work closely together, allowing us to connect prospective buyers and tenants with the most suitable homes for their requirements.” From Mayfair and Pimlico to Teddington and Weybridge, Jackson−Stops uses the strength of its network to help clients stay one step ahead in a fast−moving market. FUTURE READY
“The autumn months present an exceptional opportunity for selling and letting, as demand from those moving to the capital for work or to study is at a record high,” Harry concludes. “If you are curious about the value of your property or are considering a move, our advice is not to wait. Our local teams will be delighted to assist and provide advice tailored to your needs.”
NEW HOMES & DEVELOPMENTS
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NEW HOMES & DEVELOPMENTS
Green light for small and grey sites Planning reforms prioritise small sites of fewer than 10 houses.
I Above: Devon £1,050,000 guide (Exeter)
n August, the government confirmed its latest changes to the National Planning Policy Framework (NPPF), effective immediately. These include a presumption in favour of development within existing settlement boundaries, and of sites within walking distance of a “well connected” train station, and of so−called grey belt sites within Green Belt zones. Implicitly recognising the less welcome aspects of large, homogenous developments (major housebuilders prefer sites of 100 or more homes) there is a requirement for local authorities to meet a combined total of at least 20% of their housing need via two categories of smaller (up to 2.5 hectare)
sites, most of which will involve under 50 dwellings. (When planners talk about housing density, the preferred measure is dwellings per hectare, or dph.) Within those, only sites of under half a hectare, suitable for fewer than ten homes, have so far been given immediate, significant planning advantages. These include exemptions from a host of very costly statutory requirements including: l Affordable housing contributions l Building Safety Levy l Concise planning statement (policy DM1) l
40% built to accessible/adaptable homes standard M4(2).
JACKSON-STOPS UK MARKET REVIEW No. 61; 2026
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In addition, the developers of such a site are entitled to: l Faster statutory determination (a decision in 8 weeks instead of 13) l Slightly lower and more predictable application fee l Officer−delegated decision (not the more uncertain and time−consuming committee referral process). A high proportion of such sites are also likely to be eligible for the two stage Permission in Principle process. This enables basics such as land use, location and volume to be agreed early and inexpensively, before starting detailed technical work. Again though, this route is available only for sites of under 10 homes. It is hard to overstate the cumulative impact of these exemptions and process simplifications. They will make qualifying sites a high priority for all SME developers and builders whose organisations are suited to that scale. WHEN IS GREEN BELT, GREY?
The prospect of the development of any Green Belt land caused real concern when this concept was first introduced and over 70% of major residential appeals on grey belt land have since been approved. This is
a striking reversal of fortune for sites that would previously have been refused outright. The revised NPPF provides some comfort here, both in its emphasis on the smallest sites and in a clearer definition of a ‘grey belt’ site. It must be previously developed or other land which, in either case, does not strongly contribute to holding back the sprawl of large built−up areas, or to preventing neighbouring towns from merging into one another, or to preserving the setting and special character of historic towns. Green Belt land which does not qualify as ‘grey’ retains a high level of protection from development. That is, unless it is within walking distance of a “well connected” train station… WHAT IS A “WELL CONNECTED” TRAIN STATION?
This matters a great deal. For qualifying sites (and there are many qualifications) within ten minutes’ walking distance of such a station, there is a presumption in favour of relatively high density development, even in Green Belt areas. However, finding out whether a specific station is “well connected” is not easy − there is no list. Instead, there is a test. Simply stated, this is that such a station sits within a top 80 Travel to Work Area (TTWA) and offers
Left: Cheshire £1,150,000 guide (Alderley Edge)
NEW HOMES & DEVELOPMENTS
PRIVATE FINANCE
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REMORTGAGE LOOMING? RESERVE FIRST Lenders have had to move again. Reacting as much to the bond markets as to further Middle East conflict, swap rates (which reflect the cost of funding fixed−rate mortgages) have risen and become more volatile. Hence mortgage rates have risen and few predictions are being made with any confidence, other than that they might rise again. The view that any rise might be temporary is widely held but can only be one of the more likely scenarios, at best. Given these circumstances, if your fixed rate mortgage expires within six months, it makes sense to plan ahead, now: most standard variable rates are over 7%. Even if you expect to be better off by remortgaging (not sticking with your existing lender) with most lenders you can reserve a new rate and switch to a better deal up to 14 days before it starts, so it’s a one−way bet in your favour. The terms offered vary significantly though. Key questions to ask include: 1. Does your lender offer early rate reservation and, if so, how far ahead? Most offer at least four months, some as much as six. A few do not offer it at all.
Right: West Sussex £1,875,000 guide (Chichester)
a good, regular service. Mercifully, all local authorities have been given specific tools to work this out. Some have even begun to use them so, if you want to know the status of a particular station, your best bet is probably to contact the relevant planning department. AN OPPORTUNITY FOR SMALLER, HIGH QUALITY DEVELOPMENTS
These latest NPPF reforms create greater obstacles to the development of land outside established settlement boundaries while making development within them, more likely. In specifically facilitating the building out of smaller sites with fewer than 10 homes, the reforms aim to give the very SME builders who build among the highest quality products and yet who have struggled to survive, a fighting chance. We hope they succeed. If anyone is actively trying, in the face of high systemic and economic hurdles, to enhance the built environment of our country market towns and villages, it is those small, local firms.
2. How long do you have to accept the rate offered? This typically varies from 14 to 30 days. Miss it − as happens surprisingly often − and you have to start again, at whatever rate then prevails. 3. Is a fresh affordability assessment required? It’s best not to make assumptions here, especially if your circumstances have changed. Ideally, you can reserve your existing lender’s best rate months before your current deal ends, giving time to explore the benefits of remortgaging. This will usually involve a reassessment of income and property value, as well as arrangement and other fees. Even so, with larger loans and where circumstances have changed, remortgaging can be highly attractive because you can access the whole market, not just that of your existing lender. Reserving first, gives you that access without cost. Views and opinions expressed herein are those of the author and do not constitute financial, legal or professional advice, do not necessarily reflect the official views, policies or positions of Private Finance and should not be relied upon. For independent mortgage advice, contact Private Finance on 0800 980 8777 or at jacksonstops@privatefinance.co.uk
www.privatefinance.co.uk
JACKSON-STOPS UK MARKET REVIEW No. 61; 2026
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THE BIG PICTURE
Mansion Tax Will the High Value Council Tax Surcharge avoid the pitfalls of its predecessors?
I
n the last edition, this column looked at how successive governments have grappled with Stamp Duty Land Tax, somehow increasing their reliance on its revenues even as they acknowledge its social and economic drawbacks. This is nothing new: arguments over whether and how land should be taxed, go back to Domesday. The current government’s latest attempt to reconcile its need for revenue while satisfying pleas for greater fairness in land taxes, is the High Value Council Tax Surcharge (HVCTS): the so−called ‘mansion tax’ on owners of residential property in England worth £2 million or more in 2026 and taking effect in April 2028. Affected owners will have to pay between £2,500 and £7,500 a year, depending on value. Here, we look at the underlying issues which beset the taxing of land, historic parallels
with the HVCTS − and a peculiar inversion which makes it politically vulnerable. LAND: CAPITALISM’S INNER CONFLICT
Legally, Capitalism treats land just like any other asset: as a commodity to be traded, something you can own and control. This is odd because, as economists of all colours, from John Stuart Mill to Karl Polanyi have stressed, land is not something that is manufactured or grown. It pre− existed the economy, in a fixed amount. Every parcel of it has a unique location over which every owner is granted monopoly control. And it is a resource which people have no choice other than to use for all terrestrial activities − there are no substitutes. These distinctions distort or even destroy the ability of a free market to fulfil its prime function: allocating a resource efficiently.
Left: Cornwall £2,000,000 guide (Cornwall)
Above: Somerset £1,650,000 guide (Taunton) Below: East Sussex £1,500,000 guide (Kent & East Sussex)
FREEHOLDERS ARE NOT SOVEREIGN
Another distinction between owning land and, say, a car or gold bars, is that, because it is physically part of what a nation state is, ownership is granted by the state and exists only as defined by the state. Your home might be your castle, but the state decides how big that castle can be, what you can do with it and that, should you die without inheritors, your land (and its castle) will revert to its ultimate owner − the Crown. When the state taxes your title in a plot of land it is − uniquely − taxing something which, in law, it has created and something with a value determined primarily not by you, but by the activities of the state and its other citizens. This has long concerned economists and politicians, wary of a ‘rentier economy’ dominated by unproductive landlords. These concerns were most fully expressed by Winston Churchill when lending his support to new land tax legislation which today’s HVCTS echoes with concerning accuracy.
CHURCHILL’S ‘MOTHER OF ALL MONOPOLIES’
Supporting the Land Value Duties proposed within the People's Budget of 1909, Churchill described land as 'the mother of all other forms of monopoly'. Evocatively expressing the unearned growth in value enjoyed by owners, he went on to say "Roads are made, streets are made, services are improved, electric light turns night into day, water is brought from reservoirs a hundred miles off in the mountains − and all the while the landlord sits still”. In a similar vein, the ministerial foreword to this year’s HVCTS consultation document, highlights the injustice that the council tax payable on “a £400,000 house in Darlington, is more than on a £10 million mansion in Mayfair”. As we shall see, however, this argument can run both ways. TOO COMPLEX, TOO COSTLY
The costs of collecting the Land Value Duties
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JACKSON-STOPS UK MARKET REVIEW No. 61; 2026
Left: Essex £1,495,000 guide (Newmarket) Below: West Sussex £2,600,000 guide (Midhurst)
proved too high, sometimes exceeding revenues. They were ended by the Finance Act 1920. Parliament stopped future charges, abandoned outstanding assessments and even provided for repayment of amounts already received. Even so, repeated further attempts have since been made to tax land and development gain, without establishing a successful, lasting system. With this in mind, does the HVCTS look set to avoid the pitfalls of earlier attempts? The downfall of the 1909 Land Value Duties lay in their combination of working from an estimated value not a price paid, of the difficulty in valuing properties which are hard to compare and rarely sold, of the annual recurrence of the tax and thus of these problems and costs, and of their sheer complexity. HVCTS shares all of these features: it seeks to tax all £2 million+ houses, regardless of when they last changed
hands. It will be a recurring tax, hence regular revaluations are already planned. These were legislated for in relation to Council Tax too, but proved so politically unattractive that we are still working from 1991 valuations. Finally, HVCTS will be complicated, with not one but four value bands and fixed payments within each. This will encourage the ‘bunching’ of valuations, just as the old SDLT thresholds did and still more valuation appeals, especially during any periods during which values fall. HOW MUCH WILL HVCTS RAISE?
The Office for Budget Responsibility estimates that the surcharge could raise about £605m a year from 165,000 houses, before “behavioural effects”. These effects include exemptions, the cost of appeals and price suppression at thresholds and their associated SDLT losses.
THE BIG PICTURE
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The OBR assumes that one in five owners will challenge their valuation and that 40% of those will be successful. Net revenue after all of these costs, aside from the one−off £150m cost of the initial valuations, falls to roughly £400m pa (about 2.5% of SDLT revenues). THE POLITICAL RISK
Of those 165,000 homes, 85% are in London and the South East and over 70,000 are thought to be in the lowest £2m − £2.5m band. The owners of quite a large number of these look set to take Churchill’s argument head−on. ‘Yes’ they will say ‘I have done nothing to make the value of my property rise to just over £2 million. But it’s
Above: Gloucestershire £2.650,000 guide (Cheltenham) Right: Lancashire £2,800,000 guide (Lancashire)
not a mansion. It’s a modest family house with a value I can’t access without moving. Why should I pay more to stay here?’ In themselves, these owners are probably not numerous enough to threaten the survival of HVCTS. However, if they organise − and there are clear signs that they are doing so − they might aim to show that this is a plan which has not been properly thought−through and thereby wield a threat of real political damage. Given the number of precedents, one has to hope that such a vulnerability is not there. Either way, the conflict embedded within our market system, between land as home and land as a tradable store of value, continues to disrupt.
HOME
AN EXISTENTIAL CRISIS? By Richard Bean Richard Bean was born in Hull in 1956. After school, he worked in a bread plant before leaving to study Psychology at Loughborough University. Richard has worked as a psychologist and stand−up comedian. In 2011 Richard became the first writer to win the Evening Standard Award for Best Play for two plays, THE HERETIC and ONE MAN, TWO GUVNORS.
PROPERTY EXPERTS SINCE 1910
It’s 1976, I’m twenty years old and I’m driving down the M1 heading to a new home. My car is a bright yellow Morris 1000 towing an open trailer the contents of which turn a few heads. The principal fascinations are a tin bath, a five gallon “Baby Belling” boiler and a pin ball machine – “the Bullfight”. My second year of a Social Psychology degree doesn’t excite me quite as much as the new home. I’m heading to 45 Sparrow Hill, Loughborough. It’s a three bedroomed shoemaker’s terraced house in the centre of town. I’ll be living there with two fellow students. The house has one tap, cold obviously, no bathroom and the toilet is outside, across a yard of flagstones. The rent is £5 a week. Between three of us, that’s about £1.66 each. It’s perfect. I’d spent my first year in University halls where home was one room in a block with two hundred other single rooms and no cooking facilities. Most annoyingly, the room was invaded every day by a cleaner. That daily expression of control by the university defined the room as theirs, not mine. It could never be home. “Spuggy Hill”, as the terrace became known,
was a magnet for fun and community. Saturday mornings would see the living room full of campus trapped students sitting on the floor watching a sixteen year old Lenny Henry on “Tiswas” or playing the pin−ball and listening to the new music – punk. I live with my wife, Sonia, in a village outside Stratford upon Avon. Home is where I’m loved and can love. But I can only really love if I know where everything is. This summer we rented a cottage in Cornwall and I can see myself now opening and closing cupboards and drawers before declaring “this has never been anyone’s home, there are no egg cups!” So, in our house I have an old apothecary’s chest, with 36 little box drawers. Each drawer has a label – “TV Licence”; “small instrument tools”; “foreign money”. Home is the outward embodiment of the inside of my mind. My 13 year old daughter lives with me half the week and with her mother for the rest. I’ve just asked her where she considers “home” to be. She said “I don’t know, I don’t know! Stop giving me an existential crisis!” Maybe that’s what home is – the opposite of an existential crisis.
SALES | LETTINGS | NEW HOMES | AUCTIONS Country Houses 020 7664 6646 London Mayfair 020 7664 6644 Pimlico 020 7828 4050 Teddington 020 8943 9777 Weybridge 01932 821160 West Country Barnstaple 01271 325153 Blandford Forum 01258 423002 Bridport/Dorchester 01308 423133 Exeter 01392 214222 Shaftesbury 01747 850858 Sherborne 01935 810141 Taunton 01823 325144 Cornwall 01872 261160
Cotswolds, Midlands & Oxfordshire Cheltenham 01242 783333 Chipping Campden 01386 840224 Central Northampton 01604 632991 Oundle 01832 617 617 Woburn 01525 290641 North East Yorkshire 01904 625033 North West & North Wales Alderley Edge 01625 540340 Lancashire 01704 651029 Chester 01244 328361 Hale 0161 9288 881
East Anglia Burnham Market 01328 801333 Bury St Edmunds 01284 700535 Chelmsford 01245 806101 Colchester 01206 982272 Ipswich 01473 218218 Newmarket 01638 662231 Norwich 01603 612333 South East Chichester 01243 786316 Arundel 01903 885886 Emsworth 01243 370300 Dorking 01306 887560 Kent & East Sussex 01580 720000 Canterbury 01227 781600 Tunbridge Wells 01892 521700
This publication is produced for general information purposes only; while prepared and presented in all good faith, it should not be relied upon and no responsibility or liability can be accepted by Jackson−Stops for any loss arising from reliance on its contents.
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Midhurst 01730 812357 Mid Sussex 01444 484400 Oxted 01883 712375 Reigate 01737 222027 Sevenoaks 01732 740600 Weybridge 01932 821160 Woking 01483 322135 Auctions J−S Auctions is an online service providing full market coverage and the timing and certainty that sale by auction can bring. Find out more at www.jackson−stops.co.uk/auctions