Autumn Budget 2024 - Richard Kendall Estate Agents

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What Does the Autumn Budget Mean for the Housing Market?

Chancellor Rachel Reeves has announced the Autumn Budget, marking the first Labour Budget in 14 years (and the first woman to ever deliver a budget in the UK).

With the ongoing cost of living pressures, many were closely watching this Budget yesterday. Below we summarise the key points that we feel our relevant to the property market.

* The Budget included a £5 billion investment in Labour’s housing plan, with £500 million going to the Affordable Homes Programme.

* The government will also invest £25 million to build 3,000 energy-efficient homes across the country, with a target for all of them to be affordable.

* The Capital Gains Tax on residential property stays the same.

* Additionally, the government will work with the mortgage industry to make the Mortgage Guarantee Scheme, which helps with loans that cover 95% of a property’s value, permanently available.

Changes to Stamp Duty

There was no mention of extending the current stamp duty relief for first time buyers, which ends in March 2025, however for second homes, such as rental properties and holiday homes, the stamp duty surcharge will increase from 3% to 5% starting 31 October 2024 (today!)

Capital Gains Tax Unchanged

Before the Budget, some landlords were selling rental properties due to talk of a potential rise in Capital Gains Tax. This tax applies to the profit made from selling assets like rental homes (it is important to note that it does not apply to the whole sale price of the property). Today’s Budget confirmed the tax rate for residential properties will remain the same, which is a relief for all second home owners as previous talk had indicated a significant rise.

Mortgage Market

The chancellor has focused her sights on the mortgage industry to make permanent the Mortgage Guarantee Scheme. Whilst mortgage rates remain relatively high, over the last 12 months they slowly been reducing by up to 1% which has ultimately had a positive impact of the market. Following the budget, we do expect this trend will continue over the months to come, especially if the Bank of England decide to reduce the interest rates in the coming weeks.

If you are thinking of moving and would like to know how much your home is worth, then telephone any of our local offices to arrange your FREE market appraisal. We can also help you with your budget planning if you are thinking of buying a new home, re-mortgaging or considering a buy-to-let property.

For all your property requirements, think of the Richard Kendall way.

Latest Properties

Phoenix Court, Wakefield

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ATTRACTIVE two bedroom townhouse benefitting from AMPLE reception space, MODERN fitted kitchen and an LAWNED rear garden, as well as a DETACHED GARAGE. An internal viewing is essential. EPC rating D66.

$4 bed property in Church Close, Pontefract$

Church Close, Hemsworth, Pontefract

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Situated in Hemsworth is this FOUR bedroom detached property benefitting from AMPLE reception space and an integral DOUBLE GARAGE. VIEWING ESSENTIAL. EPC rating D68.

Thornes House, Dale Street, Ossett

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UnfurnishedA very well presented two bedroom apartment situated in Thornes House which is a characterful property located within the heart of Ossett Town Centre. The town itself offers many amenities including shops, pubs and a bus station.

Rhubarb Hill, Wakefield

£1,100 PCM

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UnfurnishedA fabulous, energy efficient, two bedroom semi-detached property located in this modern development on the outskirts of Wakefield City Centre with good access to local schools and amenities as well as the M1 motorway.

Richard Kendall Estate Agents have been handling the sale of my property. Mandy has been my main contact. We've been extremely unlucky with buyers due to their personal reasons but throughout it all Mandy has dealt with everything with complete professionalism. She updated me with extreme regularity and I never felt I couldn't contact her. The agency certainly earned their very reasonable fee. Linda 21/10/2025

Karen at Richard Kendall was excellent in helping us through the process of buying a house. Her communication was regular and clear, and she was always on hand to deal with any queries or questions. Johnathan 21/10/2025

Absolute professionalism dealing with my house sale. Such efficiency, care and expertise. I would like to say a special thank you to Amanda Dyson at the Pontefract store who went above and beyond. You made a massive difference to the whole process. Thank you C 21/10/2025

We would like to say a massive thank you to Donna and Suzanne at the Ossett Branch for all their help during our house sale. It was a very difficult and stressful time for us due to a lengthy chain with plenty of complications and without them to reassure and guide us along we wouldn’t have made it through. Also we’d like to thank Karen at the Wakefield branch for her efficiency and help with our purchase. We can highly recommend Richard Kendall Estate Agent for both buying and selling properties. Christine 21/10/2025

A seamless process from start to finish. Everything was taken care of professionally and in a timely fashion. I would highly recommend Richard Kendall Estate Agents and a special thank you to Alison for making selling our property easy.I wouldn't hesitate to recommend Joanne and Richard Kendall Estate Agency. Hazel Holdsworth Greg 21/10/2025

My agent was Sarah she was great . Always kept me well informed , always pleasant and very professional . I like that Richard Kendall always answer the phone, all the agents are easy to talk to and very helpful at all times . I would recommend them to family and friends .Their whole team were nothing but professional excellence from beginning to end with our property being processed from market to completion in a little less than 6 months. Special thanks to Cathrine and Shireen for their care and attention to detail with excellent communication at every stage of the process. THANKYOU ALL Team Wakefield. Consumer 21/10/2025

Couldn’t have asked for a better experience buying a house for the first time, Liz was lovely and kept in touch with us regularly. Thanks so much for all your help. Rebecca 21/10/2025

We have never sold a house before and had heard that it can be a very stressful process. In many ways it was, but the whole experience was made much more bearable and positive due to the great service provided by 2 wonderful ladies - J and D. They provided great service, kept us updated, were both cheerful and up beat and encouraging when viewings were slow, and offered helpful advice and guidance. When a purchaser was eventually found, they were in regular contact with the buyers and solicitors and helped to move things along. Great team work. Claire 21/10/2025

I've sold both my Mothers and Sisters house with Richard Kendall Ossett branch. Excellent company, very professional, polite and friendly staff, nothing too much trouble. All the staff was very helpful and Lucy kept us informed and updated on all stages of our sale. Would definitely recommend this company, and would use again Brian 21/10/2025

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If you are looking to buy, sell or let a property in Wakefield and surrounding areas or would like a FREE property valuation, contact us via the details below and a member of our team will be in touch.

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