This feature has been written by David Hallas, co-owner of David Hallas Keller at Williams.

Walking along the High Street this week, past the corner where Teddington meets the flow of runners heading for Bushy Park, I overheard the same question twice in one morning - 'am I going to be hit by the mansion tax?'

If you own a home in TW11, it is a fair question, and the answer matters more after last week's news.

On 5 November, Richmond Council wrote to ministers to say the Government has ignored residents' concerns about the High Value Council Tax Surcharge, the levy most of us call the mansion tax.

The council asked for meaningful relief for households that are rich in bricks but short on income, and for a London-specific way to defer payment.

Both requests were rejected. Councillor Gareth Roberts, the council leader, has warned that the policy targets a handful of London boroughs disproportionately, and Richmond is one of them.

So what has actually been confirmed?

From April 2028, owners of homes in England valued at £2 million or more will pay an annual surcharge on top of normal council tax.

The bands are:

• £2 million to £2.5 million: £2,500 per year
• £2.5 million to £3.5 million: £3,500 per year
• £3.5 million to £5 million: £5,000 per year
• Over £5 million: £7,500 per year

Those figures rise with inflation from 2029/30. Richmond Council estimates around 4,900 homes in the borough already sit over the £2 million threshold.

Here is the part that surprises people: the surcharge is based on official valuations, not what you paid for your home. That matters enormously in Teddington.

Streets such as Bolton Gardens already have median sold prices above £2 million, and homes on Clarence Road, Langham Road, Cambridge Road and Coleshill Road sit close to or over the line.

A family that bought their house fifteen years ago for £900,000, and has never thought of themselves as wealthy, could find their home valued over £2 million in 2028 and face a bill simply for owning it.

There is also a practical trap for buyers and sellers. Negotiating a purchase at £1.99 million to duck under the threshold does not guarantee anything, because the tax follows the valuation rather than the price tag.

I have already had conversations with buyers in Teddington asking whether a property will be revalued upward, and my honest answer is that nobody fully knows how the valuations will be carried out.

That uncertainty alone will change how some people price and time their moves between now and April 2028.

What should you do about it?

Three things. First, get a realistic idea of what your home is actually worth today, not what Rightmove says the street achieved at its peak.

Second, if you are thinking of selling in the next couple of years, the timing conversation is now worth having rather than later, because the market may get crowded in the run-up to 2028 as owners near the threshold decide to move.

Third, if you are asset-rich but income-poor, help is limited. The Government has confirmed a deferral scheme, but it is narrow: it applies only to your main home, and you must have household income of £35,000 or less, savings of £16,000 or less, or a household member meeting specific disability criteria. Deferred amounts accrue interest, are secured against the property, and are repaid when the home is sold.

Richmond Council had asked for a London-specific deferral route reflecting higher local incomes and was refused, so in practice most homeowners in this borough will not qualify.

I am a Teddington local myself, and I have watched this market through both booms and wobbles. If you want a straight, no-pressure valuation and an honest word about where your home sits against the £2 million line, that is exactly what I am here for.

Call me, David Hallas at Keller Williams, on 07550 016100. Book your valuation before Christmas and sell for just 0.7% + VAT.

You can also find out more via my website here.

David Hallas is a sponsor of Nub News.

Without their community-minded sponsorship, we wouldn't be able to bring you local news free from overly-intrusive ads, pop-ups and clickbait.