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.

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This was our first house sale so we had no clue what to expect but Karen Marijewko was there for us all the way, so I would like this opportunity to thank Karen for all her support, professionalism and patience shown to us. We had communication all throughout our house sale and nothing was too much trouble, selling our home was an emotional time for us but we felt looked after and supported from beginning to end, so again a massive thank you Karen for everything!!! Sarah & Chris 09/10/2026

Liz kept me & my wife informed on the purchase of our new home she called us every week to gives latest update and progress she is so professional she even got updates from solicitors and updated us and we had sold our house with another estate agents but she Liaised with all parties and made a stressful time more comfortable she is a credit to the company. Alan 08/10/2026

We recently worked with Miranda Cooke at Richard Kendall during our home‑buying process. She was consistently professional, efficient, and easy to work with. We genuinely appreciated her effort, clear communication, and strong coordination throughout the transaction. Everything progressed smoothly and on time because of her organised approach and commitment to meeting deadlines. We wish her continued success in her career and would confidently recommend her as a sales agent. Thank you again, Miranda. Amila 05/10/2026

I’ve used Richard Kendall many times over the years for both buying and selling, I’ve always received excellent customer service, absolutely lovely staff, very good at keeping you updated and pushing things along nicely in a chain. My latest experience was with the Ossett branch and Mandy and Shireen went above and beyond. I would highly recommend them and any of the Richard Kendall offices. Rachel 25/09/2026

As first-time buyers, we didn't know what to expect, but Amber talked us through it and guided us perfectly. Although it was a stressful process, Amber was always reassuring, on call, and provided weekly check-ins with updates. Because we had an efficient and experienced agent, things seemed less stressful for us. Thank you so much for helping and guiding us through our first purchase; you have been amazing throughout the whole process. Leigh 01/09/2026

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