On the commuter belt in Surrey’s “golden triangle”, Weybridge is renowned as one of the most affluent areas of the UK.
It has long attracted wealthy residents in search of an exclusive enclave 30 minutes from London on the train.
However, it now risks becoming a victim of its own success.
Under Labour’s mansion tax proposals, the constituency of Runnymede and Weybridge will be one of the areas most affected by a new yearly surcharge of between £2,500 and £7,500 on homes worth more than £2m.
This will come into force in April 2028.
Between January 2024 and April this year, a total of 152 homes in Runnymede and Weybridge sold for more than £2m, more than any constituency outside London, according to figures from Land Registry.
Unsurprisingly, the levy is rattling residents, particularly those who bought properties decades ago and whose household income has not risen in line with surging property prices.
“Many of them have quite modest incomes and obviously they’re concerned about having the funds to pay for a big increase in the council tax,” says Andrew Goddon, a tax partner at TWP accounting.
“Some of our clients have been living in the same house for 50 years. There’s a bit of a struggle with some of these concepts.”
Shaun Robinson, a property developer, is one local resident bracing for the so-called high-value council tax surcharge after he bought a house in the area two years ago.
