Nearly one in five prospective home movers has put their plans on hold amid uncertainty over possible property tax changes in next week’s Budget, according to new research from Rightmove.
A survey of more than 10,000 people found widespread anxiety about potential changes to stamp duty, council tax and a possible new “mansion tax” on homes worth over £2 million — all measures Chancellor Rachel Reeves is reportedly considering.
Rightmove said 61% of respondents were aware of rumours about upcoming tax changes, and nearly 80% of that group feared the impact that new levies could have on the housing market. Concern was particularly high among over-55s, with 81% expressing worries, reflecting their greater likelihood of purchasing higher-value homes that could be targeted by reforms.
Regionally, homeowners and buyers in the South East and South West were the most anxious about potential new property taxes.
Colleen Babcock, property expert at Rightmove, said uncertainty was clearly weighing on decisions: “We’ve heard directly from home movers about how it’s denting their confidence. Some are preferring to wait until after the Budget to see how any policy announcements affect their plans.”
Separate Rightmove research found the most popular idea for reforming stamp duty was to spread payments over time rather than demanding the full amount upfront. Other frequently suggested options included adjusting thresholds regionally and offering protections for older homeowners or downsizers.
The concerns echo figures from the Office for National Statistics, which reported that house price growth slowed to 2.6% year-on-year in September, down from 3.1% in August, as buyers delayed decisions until after the Budget.
London saw the steepest contraction, with average house prices falling 1.8% to £556,000 compared with a year earlier. Across the UK, prices rose modestly to an average of £272,000.
Renters continue to be hit hard by rising costs, though the pace of increases is easing. Average rents were 5% higher in October compared with last year, bringing the typical monthly payment to £1,360 — the slowest annual rise since August 2022.
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Budget uncertainty forces home movers to pause plans, Rightmove finds