Below are some of they key points that will affect the housing market .. 

Mansion Tax

Properties in England worth more than £2 million to face a council tax surcharge which is payable each year & will depend on the band the property value falls within.

The thresholds at the outset are as follows:

Threshold Rate (£)

£2 million to £2.5 million - £2,500

£2.5 million to £3 million - £3,500

£3 million to £5 million - £5,000

£5 million and above - £7,500

Landlords

From April 2027, property income will be taxed using separate, higher rates than other income.

The new rates for property income are:

basic rate: 22% (up from 20%)

higher rate: 42% (up from 40%)

additional rate: 47% (up from 45%)

If you hold your properties in your own name, every pound of taxable rental profit you earn after April 2027 will attract 2 percentage points more income tax than it does today.

 

Stamp Duty

There have been no changes to stamp duty for first time buyers, if you are moving home or if you are purchasing an additional property.

The current rate for first time buyer is 0% up to £300,000

The current rate for moving home is:

£0-£125,000 - 0%

£125,001-£250,000 - 2%

£250,001-£925,000 - 5%

The current rate for purchasing an additional property is 5% on top of the current SDLT rates.

Other points highlighted in the budget ..

Personal Taxation

Income tax and national insurance thresholds will be frozen for another three years from 2028, bringing more people into higher tax bands.

Pensions

From April 2029, there will be a £2,000 cap on the amount that can be put into a pension and shielded from national insurance contributions through salary sacrifice. Contributions above that level will be taxed in the same way as other employee pension contributions.

Isa reform

From 6 April 2027 the annual ISA cash limit will be set at £12,000, down from £20,000.

Two-child benefit limit

The cap limiting households on universal credit or child tax credit from receiving payments for a third of subsequent child to be scrapped.

National minimum wage

The minimum wage for 18- to 20-year-olds will go up from £10 to £10.85 an hour, while the national living wage will go up from £12.21 to £12.71 an hour from April 2026.

Electric vehicles

A new mileage-based tax for electric vehicles and plug-in hybrid cars to be introduced from 2028.