The upcoming Autumn Budget on 26 November may have a lot in store for the mortgage market, with possible stamp duty reform, changes to capital gains tax (CGT) impacting second homes and investment properties, and the imposition of National Insurance on landlords’ rental income.
According to research from We Buy Any Home, homeowners in London, the East of England and Wales showed the most anxiety about tax changes, and younger homeowners were more worried about mortgage rates and job stability.
The firm said it was not just financial concerns but the uncertainty of what may be in the Autumn Budget that is leading to a “wait-and-see approach”.
Elliot Castle, We Buy Any Home’s CEO, said: “We’re seeing a perfect storm; people want to move – but they’re frozen by what the November Budget might bring. Will stamp duty go up? Will tax thresholds change? Will interest rates drop, or stay stuck? The lack of clarity is stalling the market.
“It’s like waiting for a traffic light that never turns green. People feel they can’t plan properly until they know what Rachel Reeves will announce.
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“It’s understandable – no one wants to make the biggest financial decision of their lives in the dark.”
He noted that even small changes to stamp duty or CGT could have a “huge ripple effect” as “buyers get cold feet, sellers delay decisions – and the whole chain collapses”.
“The Budget needs to bring clarity and confidence. Otherwise, we risk deepening the gridlock we’re already seeing in the property market,” he added.
The report also found that around 38% said they were specifically worried about being able to afford stamp duty on a new home.
Approximately 57% said they feared hidden moving costs like solicitors, surveys and removal vans.
Nearly 53% said interest rates and mortgage affordability were holding them back, while 26% said they were nervous about job security in the current economic climate.
