It's true that council tax is paid directly by renters, whereas in the US renters only pay property tax indirectly via rental cost. However, from the point of

It's true that council tax is paid directly by renters, whereas in the US renters only pay property tax indirectly via rental cost. However, from the point of view of the housing market they are comparable. They're both an annual cost to holding real estate... and in the UK it is very low. In all countries there are plenty of older homeowners with a surplus of space. Most people don't want to move out of their home if they don't have to, even if it is now larger than they need. However it's even more so in the UK because the system incentivises people to stay put.