What does the budget mean for the housing market? Many estate agents will be wondering the same thing. This blog post provides a quick overview of what was discussed when Labour delivered its first Budget in 14 years, and sheds some light on what we can expect from their plans for housing and how those plans will affect homebuyers, sellers and landlords.
To offer some further clarity and expert insights on these issues, we hosted an exclusive webinar led by a panel of industry experts where we discussed these concerns in relation to the Autumn Budget and considered how Labour has performed in its first four months in power. We also turned the conversation over to our fantastic viewers with some thought-provoking poll questions, providing some real-time insights into what the market thinks.
Short on time? Jump straight to the webinar:
Autumn Budget Housing Market Impact: Overview for Estate Agents
- £5 billion investment to deliver Labour’s housing plan
- £500 million boost to the Affordable Homes Programme
- Funding to develop new sites, like Liverpool Central Docks (2,000 new homes)
- £25 million for 3,000 new energy-efficient homes, aiming for 100% affordable
- Capital Gains Tax on residential property remains unchanged
- Plans to consult with lenders on making the Mortgage Guarantee Scheme (95% loan-to-value) permanent
- No extension announced for existing first-time buyer stamp duty relief, set to end March 2025
- Stamp duty surcharge for second homes and buy-to-let properties rises from 3% to 5% on 31 October 2024
- Current elevated stamp duty thresholds revert at the end of March 2025
- For home-movers, the no-stamp-duty threshold will drop from £250,000 to £125,000
- For first-time buyers, the no-stamp-duty threshold will fall from £425,000 to £300,000
- Despite speculation, there’s no increase to Capital Gains Tax on residential property
What does the Budget mean for the housing market?
These changes could have a lasting impact on sellers, buyers and landlords. Let’s take a look at some of the potential fallout:
- Landlords could face an extra stamp duty cost of more than £7,000 on an average-priced property
- More buyers may bring forward their plans to beat upcoming stamp duty rises
- The unchanged rates may influence some landlords to keep rather than sell their buy-to-let properties
Dezrez Webinar – The Autumn Budget: What Does It Mean For Your Estate or Lettings Agency?
Key insights and takeaways from our expert panel:
- It’s actually cheaper for a first-time buyer to purchase a home in London today than it was in 1989
- Year-to-date, we are 14.9% ahead in gross sales than the same time in 2023 and when it comes to net sales we’re 17.3% ahead
- In terms of property transactions we’re 11% ahead of last year
- 42% of landlords are saying they have plans to sell up in the next 12 months
- 19% of landlords sold in 2024 compared to only 8% in 2023
- Only 1 in 8 renters are able to buy if they wanted to and the cost of renting continues to rise (12% at time of broadcast)
- The impact tax changes could have on employers may see a loss of jobs as it’s too expensive to employ people
- Agencies need to be really thinking about every spend across their business and make the most of every tool and piece of PropTech available to them to stay on top
Get to Know Our Expert Guest Panel
Simon Whale, MD & Founder Kerfuffle
With his extensive experience helping agents identify the right PropTech and suppliers, Simon guided the conversation, ensuring all pressing questions were addressed.
Chris Watkin, Property Statistician
Affectionately known as “Property Stato” in the estate agency sector, Chris leveraged his expertise in property statistics to offer a data-driven perspective on how Labour’s policies might reshape the market.
Sophie Lang, Director/Owner, Lang Llewellyn & Co
Sophie advises and guides landlords, tenants and fellow professionals through the complex Lettings sector. She is passionate about property and educating landlords and agents on their responsibilities. Sophie is also ARLA Propertymark Executive for Cornwall since 2020 and a Propertymark Advisory Board member since 2023.
Megan Eighteen, Lettings in a Nutshell
Megan is Head of Development for Home Finders in Swindon and has 15+ years of estate and lettings experience. As an upcoming Propertymark President, Megan is a prominent industry voice, addressing tenant concerns through media and social channels.
James White, MD & Founder, Belong
With a boots-on-the-ground perspective, James shared his experiences and insights from the frontlines of property sales and lettings. His unique approach emphasised customer service coupled with modern technology, making his viewpoint particularly relevant.
Richard Price, MD, Dezrez Group
With two decades of landlord experience and a strong background in technology, Richard focused on how technology supports the property market and how it can help you adapt to upcoming changes.
Next webinar in the series: Is Confidence in the Housing Sector Slipping?
After exploring how Labour’s first 120 days in office and their Autumn Budget are shaping your agency’s future. Now, with cracks appearing in Labour’s once-strong support, many may be questioning whether sentiment in the housing market is beginning to waver.
Are we on the brink of a downturn, or is this just a temporary dip in confidence? Join us for a deep dive into the latest trends and expert insights on how public perception of the Labour government may be influencing property prices, buyer demand, and investment flows.
Whether you’re a seasoned agent or just starting out, this is your chance to get ahead of the curve. Discover how to navigate shifting sentiment, protect your business interests, and seize new opportunities amid market uncertainty.
We’ll also explore how technology—particularly lettings agents software—can help future-proof your agency during periods of volatility, ensuring you stay efficient, agile, and connected to market trends.
