1515 GMT - An additional property tax on houses worth over 2 million pounds will cause distortion in the property market, Rightmove's Colleen Babcock said in a note following the U.K. Autumn budget. Treasury chief Rachel Reeves announced extra charges of 2,500 pounds a year for properties worth more than 2 million pounds, rising to 7,500 pounds for homes worth more than 5 million pounds from April 2028. "The property market needs less taxation not more, to encourage and enable movement," Babcock writes. Berkeley Group shares fall 3%, while Bellway, Barratt Redrow and Taylor Wimpey shares are down 0.7%, 0.15%, and 1.3% respectively. (josephmichael.stonor@wsj.com)

(END) Dow Jones Newswires

November 26, 2025 10:15 ET (15:15 GMT)

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