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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A SPACIOUS three double bedroom end terrace over three floors with two reception rooms, EXTENDED kitchen, cellar rooms and rear parking. VIRTUAL TOUR AVAILABLE. EPC rating D56.

I had a fantastic experience with Richard Kendall Estate Agent. Their team was professional, knowledgeable, and incredibly helpful throughout the entire process. They made everything clear and straightforward, which really helped reduce any stress. Communication was excellent from start to finish always prompt, friendly, and transparent. They kept me updated every step of the way and were always happy to answer any questions. Abujor 10/04/2026

We used Richard Kendall to find and purchase our first property. The company, including our assigned estate agent Karen Marijewko, have been fantastic and provided service well beyond what we expected. Karen took excellent care of us, kept us updated at every stage, and pushed the sale forward, making the whole process less stressful and much more efficient for us as first-time buyers. Karen scheduled weekly updates with us and always kept to them, ensuring that information was followed up even when solicitors did not. She truly went above and beyond, and many of our family members commented that their estate agents did not come close to the level of service we received. We were extremely happy with the support provided and would be more than happy to use their services again in the future. Jakub 10/04/2026

Professional, reliable, and excellent customer service. Highly recommend Richard Kendall's. Thank you for going above and beyond! Your patience and support made a huge difference in the process. Communication was outstanding from start to finish. Every question was answered and I always felt well informed. Karen was brilliant! Always there to help and advise, she is a great asset to the team! Thank you to Sarah and Miranda too who were very helpful and friendly. Kim 10/04/2026

Donna and Joanne have been a pleasure to have as my estate agents. They have been on it none stop to ensure the sale of my property and get me and my family moved into our new home. Really can’t thank them enough for all the work they have done, they really went above and beyond. Milly 10/04/2026

Big thanks to Emily Dunbar at Richard Kendall’s Wakefield. They were handling my purchase and Emily was always proactive, timely and efficient. I always felt I knew where I was in the process. Karen 10/04/2026

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