Rightmove reaction to the Autumn Budget

Love or Hate Rightmove

Tim Bannister, Rightmove’s property expert says: “Increasing stamp duty on additional home purchases by 2% means that, based on the average asking price for a home (£371,958), a landlord could face an additional charge of more than £7,000 from tomorrow when buying a property. In the short-term, some landlords may need to pause for thought, but in the longer-term it becomes yet another charge that landlords wanting to invest in buy-to-let will have to become accustomed to and factor into their decision making. Overall, we need more homes in the rented sector not fewer, but in recent times we have seen record levels of stock leaving the rental market.

 “There was no mention of retaining the current residential property thresholds for paying stamp duty, which means we expect that the typical first-time buyer will be over £3,500 worse off come 1st April based on current prices. After paying fees, carrying out any surveys, and stretching their budget with high mortgage rates, this will be an unwelcome additional charge next Spring.

“We may now see a rush of buyers, particularly those purchasing for the first time, either bringing their plans forward or trying to get their deal done before charges go up. It currently takes a lengthy 152 days on average to complete a property transaction once a sale is agreed, which would mean agreeing a deal tomorrow to complete on time. While this is an average and many will be hoping to complete more quickly, it highlights that those who are hoping to avoid higher charges will need to act quickly.

“It’s still early days for the government and it’s encouraging to hear its wider commitments to housebuilding, but we are hoping for more support for first-time buyers and making the existing thresholds permanent would have been a start.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Six UK vineyards where homebuyers avoid the 84% premium

Six affordable UK vineyards where homebuyers avoid the 84% house price premium and toast a better deal The latest research from Yopa has revealed that living close to one of the UK’s top vineyards will set homebuyers back an average of £494,739, 84% more than the current UK average house price. However, there remain a…
Read More
Breaking News

Red tape slashed to revamp high streets with new cafes and bars

Communities and town centres across the UK are set to benefit from a wave of new cafes, bars, music venues and outdoor dining options, as the Government slashes red tape to breathe new life into the high street. Government to overhaul planning and licensing rules to make it quicker and easier for new cafes, bars…
Read More
Breaking News

London’s prime parks command 86% property premium

The latest research from Jefferies London has found that buyers hoping to live within arm’s reach of one of the capital’s royal parks will need to stump up a serious property price premium, with the average price of property around these green spaces coming in 86% higher than the average London house price. Jefferies London…
Read More
Planning disputes on new build land
Breaking News

Padel Boom Sparks 113% Surge in Planning Applications

17,000 UK Sites Ripe for Development New insight from Searchland reveals that planning applications for padel courts surged by more than 113% in 2024, with the upward trend expected to continue throughout 2025. The explosive growth of the sport in the UK has unlocked a wealth of potential for developers and investors, with Searchland estimating…
Read More
Breaking News

Property values rise at 5.3 times the rate of earnings

House prices across Britain rise at 5.3 times the rate of earnings in the last year The latest research from eXp UK has found that the average house price in Great Britain has increased at 5.3 times the rate of average earnings over the past year, highlighting a widening affordability gap for homebuyers. eXp UK…
Read More
Estate Agent Talk

London homes with a patio prove hot property,

The latest research from Benham and Reeves has found that London homes offering a patio have become highly sought after, with 41% of all patio-equipped properties currently listed already snapped up by eager homebuyers. However, potential buyers dreaming of a summer-ready outdoor space might face challenges, as only 8% of properties currently on the market…
Read More