The majority of MPs in the UK believe additional higher rate council tax bands would be a better way to reform annual property taxes on high value homes than introducing a mansion tax, according to a survey commissioned by the British Property Federation (BPF), which also found that 69% back the council tax change while 75% agree with the need for a revaluation of council tax in general.

The survey also looked specifically at what Labour MPs think as it is the Labour Party that wants to introduce a mansion tax if it comes to power at the general election in May. It found that 39% of Labour Party’s MPs favour additional higher rate council tax bands over a mansion tax, despite the party championing the tax as one of its flagship policies ahead of the election. Just over half, 56%, thought a mansion tax would be preferable.

The majority of the Liberal Democrat MPs surveyed, 89%, also prefer additional council tax bands to a mansion tax, as do 92% Conservative MPs. The Liberal Democrats first mooted the idea of a mansion tax in 2012.