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‘Mansion Milliband’ tops political property stakes

From Property Talk Live on March 26, 2015

According to the latest research by property website Zoopla, Labour leader Ed Miliband is the only main UK political party leader who owns and lives in a ‘mansion’, according to his party’s definition, based on the proposed Mansion Tax for properties valued at over £2m.

Miliband’s North London home is now worth £2.73m, more than three times the average in the area, according to Zoopla. Both Prime Minister David Cameron’s West London home and Nick Clegg’s South London pad fall just short of the threshold applicable to the controversial new proposed tax, valued at £1.97m and £1.89m respectively. UKIP chief Nigel Farage’s Kent abode is currently valued at a more modest £550,000.

Each leader has seen the value of their home grow substantially since the last election, like most homeowners across the country. Miliband has seen the value of his home increase by a staggering £1m since the Conservative/Lib Dem coalition came to power, despite his apparent distaste for their economic policies. Cameron’s home has risen by £671,000 in value and Clegg’s by £573,000 during the same period.

As things currently stand, Miliband would be the only current party leader required to pay the annual Mansion Tax mooted by the Labour party on properties worth in excess of £2m, although house price rises could also soon nudge Cameron and Clegg into this territory.

Lawrence Hall of Zoopla commented: “Soulless second kitchen or not, Ed Miliband’s home is in a desirable part of London and is now worth a lot more than he paid for it before the last election. He may, however, have to put any plans for upgrading his kitchens on hold if Labour comes to power as his tax bill is likely to rise by at least £3,000 per year.”

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Source: Property Talk Live