Should the UK implement an annual property tax (removing stamp duty and council tax)?

The UK currently raises revenue through stamp duty on property purchases and council tax based on 1991 property bands. Proposals from campaign groups such as Fairer Share and Labour figures including Andy Burnham advocate replacing both with a single annual proportional property tax set at 0.48% of current market value, with an initial £1,200 cap on increases and double rates for second homes. Recent analyses show potential bill reductions for most lower- and mid-value homes but rises for higher-value properties, especially in London and the South East.