With the Autumn Budget just days away, many are asking what changes the Chancellor, Rachel Reeves, might announce—and how they could affect the property market.
Current speculation points to possible reforms in property taxation, including changes to Stamp Duty Land Tax (SDLT), revaluations of council tax bands, and adjustments to Capital Gains Tax for higher-value properties. These rumours have already influenced behaviour. Rightmove reports the sharpest November price drop since 2012, as buyers and sellers pause for clarity. High-value markets in London and the South East have been particularly cautious.
Why it matters
Any reduction in Stamp Duty would ease the upfront cost of buying a home—a welcome boost for affordability. However, many first-time buyers are also hoping for broader support, such as the return of Help to Buy or similar schemes.
Richard Merrett, Managing Director at Alexander Hall, explains:
“There is no doubt that any change to Stamp Duty that reduces the high upfront cost of homeownership would help boost activity, but many homebuyers will also be hoping to see some form of relief in the way of a buyer's initiative… What we need from the Budget is a stable environment that allows these improvements to continue without artificially overheating demand.”
The good news
Even without government schemes, recent lender innovation is making a real difference:
• Higher income multiples (potentially up to 5.5x)
• Greater choice if you’re buying and have a smaller deposit
• More flexible affordability rules
Our latest analysis shows that the average homebuyer in England is effectively £41,000 better off due to the shift towards higher income multiples. Under the previous 4.5 times income limit, a typical buyer earning £40,954* could borrow around £184,000. With 5.5 times income now increasingly available, their borrowing potential rises to just over £225,000. And if you’re in London, that uplift exceeds £54,000.
Looking ahead
Whatever the Budget brings, the key will be stability. Sustainable affordability and accessible lending options are essential for long-term recovery and for helping more people achieve homeownership.
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* Starling Bank Average UK salary
This is for information only. Products and rates vary depending on your circumstances, lender criteria and products available at the time.
