20 Nov What the 2024 Autumn Budget means for property

The 2024 Autumn Budget was announced on 30th October and a series of changes were revealed that could impact both residential and investment property in the UK. Here, we explain everything that buyers, investors, tenants and landlords need to know:

Increased stamp duty for second homes

One of the most talked about changes is the rise in Stamp Duty Land Tax on buy to let properties and second homes. Immediately effective, buyers will now face an extra 5% (up from 3%) when they purchase a second property. The aim of this is to create more opportunities for first time buyers but it could impact the attractiveness of buy to let for some landlords and further impact rental supply. 

Development initiatives revealed 

The government has committed £5 billion in housing in 2025-26 in a bid to address housing shortages. This includes specific investment for smaller developers which will help them to bring properties to the market at a quicker rate. It’s hoped that by boosting supply, demand will be balanced, and prices stabilised. 

Capital Gains Tax remains the same 

Before the Budget it was rumoured that changes to Capital Gains Tax would occur, but this has not been the case. While there were plenty of other tax changes, current CGT rates remain which will likely have a positive effect on investment in the market. 

Affordable housing is a priority 

Councils can now retain more sales revenue and reinvest it into affordable housing projects. The government has also reduced Right-to-Buy discounts with the aim of keeping more properties in the public sector, which should have a direct impact on long-term affordability.  

There’s a focus on sustainability and planning

 Homeowners will be incentivised with the likes of tax relief to upgrade their properties with energy-efficient features. As well as this, planning support will see an improvement with faster development approvals helping to get more properties onto the market quicker. 

So, what does this mean for buyers, sellers and investors?

It’s an exciting time for property and the recent 2024 Autumn Budget marks a shift towards supporting first time buyers, encouraging eco-friendly homes and increasing affordable housing. Above all, it’s hoped these announcements will create a more accessible market for buyers, but of course new challenges will also crop up. One thing’s for sure, if you’re looking for a new property in Manchester, we’re the team to turn to. Not only do we have lots of properties on our database, but our team stays up to date with current legislation and news, so you don’t have to. Why not get in touch and see how our property experts could help you?