18 Oct 2024
Labour Autumn Budget Predictions: Housing
The UK’s chancellor, Rachel Reeves, will deliver the Labour government’s autumn budget at the end of the month, we take a look at what could be announced in relation to housing.
Stamp Duty
The stamp duty rates announced in the mini-budget in September 2022 were to remain until 31st March 2025. Labour confirmed prior to the election that if it formed the next government the first time buyer stamp duty exemption threshold would go back to £300,000 – this was raised to £425,000 from September 2022.
Reeves has said that in the upcoming budget, there may be other changes to stamp duty.
Freedom to Buy
Labour’s housing policy is the Freedom to Buy scheme. They have pledged to help 80,000 people get onto the property ladder over the next five years by permanently extending the mortgage guarantee scheme, which is due to expire in June 2025.
Council Tax Adjustments
There have been suggestions that Labour could introduce a flat-rate council tax system based on the value of the property instead of the current banding system currently in place. This could mean more expensive bills for more expensive properties, but may benefit lower value homes.
The Autumn budget will take place on Wednesday 30th October.
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