Today’s Autumn Budget has come and gone, and for most people thinking of buying or selling a home, the message is fairly simple. Very little has changed. Chancellor John Healey focused much of his attention on the cost of living, including help with household energy bills, fuel duty and support for smaller businesses.

 

There was some good news for first time buyers, with the announcement of the new Your First Home scheme and a first time buyer ISA for England. However, the main housing scheme is aimed at newly built homes, so its immediate impact on the wider second hand property market is likely to be limited.

 

There were no significant changes to Stamp Duty or building regulations, and no major announcements likely to transform the number of homes being built.

 

Landlords, however, face a further 2% increase in tax on rental income from 2027, which is top of the increase announced last year and this could influence future investment decisions and the supply of rental homes.

 

Perhaps the more important date for the property market is Thursday 5th November, when the Bank of England announces its next interest rate decision. With Bank Rate currently at 3.75%, financial markets have already been factoring higher interest rates to 4%, and mortgage lenders have adjusted their pricing accordingly. The announcement will nevertheless be important for buyer confidence.

 

For homeowners considering a move, today’s Budget has not fundamentally changed the picture. Homes will still sell. Buyers will still buy. And realistically priced properties will continue to attract interest. In short, for the wider UK property market, it is largely business as usual