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The French do this and their housing market has been stagnant/falling for 12 years.
The side effect is that people produce a lot of receipts proving they have spent more on the work to bring it up to the selling price than any profit, and they usually flog the wardrobes and beds to the buyer for €10,000 euros to reduce the headline selling price.
bq
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It wouldn't stop the housing market, people move for all sorts of reasons that are nothing to do with capital appreciation.