The Autumn Budget brings new help for some first-time buyers and higher tax bills for individual landlords, while leaving the standard stamp duty rates unchanged.

For many people moving between established premium homes below £2 million, our view is that the immediate impact on the purchase itself is limited. Much of the new buyer support is aimed elsewhere, and the standard stamp duty bill remains the same.

For example, a £1 million purchase still attracts £43,750 in stamp duty at the standard residential rates, assuming no additional-property or non-resident surcharge applies. That remains a substantial moving cost, but this Budget has not increased it.

Homes assessed at £2 million or more need separate consideration. The High Value Council Tax Surcharge is planned from April 2028, based on 2026 values. It was first announced in 2025, rather than introduced by this Budget. The latest Budget announcements add details on deferrals, discounts and exemptions.

A premium home does not automatically fall within that surcharge. The assessed value matters, rather than the asking price or existing council tax band. Owners close to the threshold should follow the government’s valuation guidance rather than assume their position.

Premium buyers bring different levels of equity, so a single national mortgage average tells only part of the story. A buyer borrowing a smaller proportion of the purchase price may have access to more competitive rates. Their actual options depend on the lender’s affordability checks and their circumstances.

The Budget does not set mortgage rates. Bank Rate remains 3.75 per cent, with the next Bank of England decision due on 5 November. For anyone planning a move, a current mortgage assessment is more useful than assuming either a rise or a fall.

Your First Home is intended to help eligible first-time buyers purchase a new-build home in England with a deposit from 2.5 per cent and a 20 per cent government equity loan. Applications are expected from February 2027. Local price caps, participating developments and full eligibility rules will matter.

The loan is interest-free for five years, but must be repaid, with the amount linked to the home’s value.

Separately, from 29 October 2026, the Lifetime ISA withdrawal charge for an otherwise eligible first-home purchase above £450,000 falls from 25 to 20 per cent. This removes the government bonus rather than extending the £450,000 qualifying limit.

From 6 April 2027, the planned property income tax rates for individual landlords are 24, 44 and 49 percent. These apply to taxable rental profit after allowable expenses, rather than the full rent received.

For a landlord with one property let at £2,000 a month, that is £24,000 a year before costs. The rate they pay depends on their taxable rental profit and other income, including salary and pensions. With the standard personal allowance, the basic rate band normally extends to £50,270 of total annual income. Under the announced changes, 24 percent would apply to taxable rental profit within that band, 44 percent to the portion in the higher rate band and 49 percent to the portion in the additional rate band, normally above £125,140 of total income. Owning a rental property does not automatically put someone into a higher tax band.

Mortgage interest relief can help reduce the bill for landlords with borrowing. Individuals generally claim a tax reduction for qualifying residential finance costs rather than deducting mortgage interest from rental profit. The relief is currently 20 per cent and, under the announced changes, would rise to 24 per cent from 6 April 2027, subject to income and profit limits. Company-owned properties follow different tax rules. Your accountant can confirm how the relief applies to you.

Putterills Lettings can help review rental performance, alongside advice from your accountant on the tax position.

For many premium homeowners below the £2 million threshold, this Budget gives little reason on its own to change a planned move. That is our judgement, rather than a prediction that prices or borrowing costs will stand still.

The right marketing price, strong presentation and a well-prepared launch remain central. At Putterills, we use recent comparable sales and direct buyer feedback to shape the strategy for each home.

If you are considering selling in Welwyn Garden City, Hitchin or the surrounding villages, our teams would be pleased to arrange a free property marketing strategy consultation or valuation.

Jeremey Godfrey

Director

Putterills