The current plan is to charge a property levy council tax on homes valued at more than £2m with a new charge of between £2,500 and £7,500 a year from 1 April 2028 called high value council tax surcharge (HVCTS) hitting 165,000 homeowners.

Now it is understood the new chancellor, John Healey is looking at whether there is scope to reduce the threshold further, perhaps by as much as 25%, to capture an additional 130,000 property owners, primarily in London and the southeast.