(Recently listed – Northcliffe Drive, Totteridge- £3,500,000 – Full details)
No Uncertainty
As the dust begins to settle on this year’s autumn budget, after all the hype, leaks and speculation, we try to unravel how this will impact homeowners, buyers and sellers within our local community.
We’ve seen much speculation in recent months on what will and won’t be in the Chancellor’s autumn budget, so it’s a relief that we now know exactly what we’re dealing with. As in every budget I can remember, there is always some good news and inevitably some bad, and this one is no different. Apart from the uncertainty, largely as a result of the leaks.
The housing market in particular has been the target for much of the speculation, including possible changes to Stamp Duty Land Tax (SDLT), the prospect of a Mansion Tax, as well as potential capital gains tax charges on high-value home sales.
Here is what you need to know about how the budget affects your next move.
Stamp duty
There has been a good deal of talk in the media about SDLT being on the Chancellor’s hit list for the budget. There has been no change to Stamp Duty and now the, so this uncertainty has been removed.
In the few days since the budget, we’ve seen a significant upturn in market activity across all price ranges, with many sellers bringing their homes back to the market, and an increase in buyers registering, viewing and making offers.
Mansion tax
The government is introducing a new annual surcharge on high-value homes: properties in England valued at £2 million or more will face an extra levy.
That surcharge will begin in April 2028, based on property valuations carried out in 2026.
The surcharge of £2,500 – £7,500 is tiered: the lowest band (homes £2.0 m – £2.5 m) will pay a lower charge; the highest-value homes (e.g. £5 m+) will pay a higher annual surcharge.
This measure applies on top of existing local taxes (i.e. it does not replace council tax or other property-related taxes).
On a positive note, unlike short-notice tax changes that can often cause markets to tighten abruptly, this framework is predictable and has clear timings, which is beneficial for liquidity and enables owners and buyers to plan and budget accordingly, having the uncertainty removed.
Conclusions
For those people who held off making an offer on a property, pre-budget, due to uncertainty around stamp duty, have all now offered with the uncertainty removed. For those buyers and sellers who, pre-budget, held off exchanging contracts due to the uncertainty, all have now exchanged.
After all the hype, the Budget provides stability where it counts, clarity where it’s needed most, removing uncertainty and allowing people to have confidence in the property market once more.
I, for one, am looking forward to a stronger market going forward.
Here are just a few of our recently listed homes for sale
Bungalow for Sale in Barnet – £735,000
Apartment for Sale in Hadley Wood – £875,000
House for Sale in Barnet – Guide Price £1,050,000
House for Sale in Hadley Wood – £1,500,000
House for Sale in Elstree – £1,550,000
House for Sale in Totteridge – £2,499,950
House for Sale in Arkley – £3,000,000
To see all of the latest homes coming to the market, click ‘New to market homes’.
Or click here to see our ‘Recently Sold Properties’.
Considering a winter move?
If you’re considering a move this winter or earlt spring – or simply want a clear, evidence-based view of value – Statons will help you set the right strategy: street-by-street pricing, best-in-class presentation and proactive buyer matching. In a market that rewards preparation and realism, we’ll help you move forward with confidence this autumn.
All property listings are available from across our offices, from our London Office in Totteridge and Barnet to Hadley Wood and our Hertfordshire office in Brookmans Park.
Please don’t hesitate to call me for any help or advice.
Thank you for reading
Nick Staton – Owner Statons Estate Agents
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