The reality of wealth inequality in the UK is laid bare in the housing market, with younger generations struggling to buy and others living in homes that are only increasing in value, paying taxes based on an out-of-date valuation.

Rachel Reeves attempted to rebalance this in her Budget – owners of homes worth over £2m will face a new high value council tax surcharge from 2028.

Supporters of this, and other property taxes, argue that housing is an undertaxed store of wealth and that higher rates could fund services and rebalance the market. Critics warn that raising taxes would punish ordinary households, many of whom are asset-rich but cash-poor.

So, should homeowners pay more tax? Our housing correspondent Vicky Spratt, economics columnist Hamish McRae and columnist and former chancellor Kwasi Kwarteng give their perspectives.

With ever increasing public expenditure, bureaucrats are looking for more people to tax. Such targets are usually wealthier individuals, businesses of all kinds and other groups who politicians........

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