Budget wishlist
October 26, 2026
Kevin Shaw, National Sales Managing Director at LRG
With the Budget just days away, the property market is in a slightly better place than it was this time last year. Stamp Duty has been ruled out of this year’s changes, which removes the kind of speculation that held buyers and sellers back last autumn. The government has also signalled a clear intention to help first-time buyers onto the ladder. The issue this time round centres on mortgage rates and affordability. What matters now is the detail.
To support the property market effectively, the Budget should focus on:
Support that reaches the whole ladder
Your First Home is a welcome step, and helping people who don’t have the bank of mum and dad behind them is clearly a priority. But as it stands, the scheme is limited to new-build homes, while most first-time buyers buy second-hand. Every first-time buyer who buys a flat or starter home frees its owner to move on, and that’s how the market keeps moving. Extending support to existing homes, even in a more limited form, would spread the benefit across the whole market.
Your First Home is a welcome step, and helping people who don’t have the bank of mum and dad behind them is clearly a priority. But as it stands, the scheme is limited to new-build homes, while most first-time buyers buy second-hand. Every first-time buyer who buys a flat or starter home frees its owner to move on, and that’s how the market keeps moving. Extending support to existing homes, even in a more limited form, would spread the benefit across the whole market.
Price caps that work in every region
An affordable home in the North East is something very different from one in the South East. A single national cap risks being too generous in some areas and too low in others. Caps should reflect local house prices, so the scheme genuinely helps buyers wherever they’re looking. We are awaiting confirmation on income caps following recent speculation in the media.
An affordable home in the North East is something very different from one in the South East. A single national cap risks being too generous in some areas and too low in others. Caps should reflect local house prices, so the scheme genuinely helps buyers wherever they’re looking. We are awaiting confirmation on income caps following recent speculation in the media.
Stability on property tax
Ruling out changes to Stamp Duty this year is the right call. Each time a major overhaul is rumoured, buyers and sellers wait to see what happens, and transactions slow while they do. A longer-term commitment to stability would let people plan their moves without one eye on the next Budget.
Ruling out changes to Stamp Duty this year is the right call. Each time a major overhaul is rumoured, buyers and sellers wait to see what happens, and transactions slow while they do. A longer-term commitment to stability would let people plan their moves without one eye on the next Budget.
Keeping borrowing costs in check
For most buyers, the monthly mortgage payment matters more than any single tax or scheme. A Budget that supports stable public finances, and doesn’t add to pressure on interest rates, will do more for affordability than almost any targeted measure.
For most buyers, the monthly mortgage payment matters more than any single tax or scheme. A Budget that supports stable public finances, and doesn’t add to pressure on interest rates, will do more for affordability than almost any targeted measure.
The government has clearly recognised the problems buyers face, and that deserves some credit. If the Budget gets the detail right and supports movement at every level of the market, from first-time buyers to second-steppers and downsizers, it could give the market the confidence it needs going into 2027.
The housing market is interdependent, and support that only reaches one link will only go so far.
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