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Will I be affected by the Autumn Budget?

View profile for Emily Jones
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What is the Autumn Budget?

The Autumn Budget is an update from the UK Government about the state of the economy. It was launched on 1st November 2024. According to the UK Government, the aim of the budget is to fix the foundations of the economy and deliver change by protecting working people, fixing the NHS and rebuilding Britain. This impacts spending, tax and other costs.

How does the Autumn Budget affect the property market?

The Autumn Budget does impact some aspects of the property market:

  • There will be a reduction on discounts under the housing Right To Buy Schemes and councils will be able to keep all receipts generated by sales under this scheme. Johnson Astills can assist with purchases under the Right To Buy Scheme.
  • The stamp-duty threshold for first-time buyers will be lowered from £425,000.00 to £300,000.00. This means that first-time buyers purchasing a property for £300,000 or over will have to pay Stamp Duty charges from April 2025.
  • It is predicted that inflation could rise to 2.5%, which could cause mortgage rates to fall slower than currently anticipated, or even rise slightly in the short-term.
  • The Government intends to increase the supply of affordable housing through a £5 billion investment plan.
  • There are no plans to change the current contribution rules around ISA accounts, helping first-time buyers to save their-money tax-free. Johnson Astills can assist if you wish to purchase with an ISA; please see below Johnson Astills previous article for further information about ISA accounts: https://www.johnsonastills.com/site/blog/conveyancing-blog/getting-the-most-from-your-help-to-buy-isa-account 
  • Stamp Duty has increased to 5% on second homes; this is a 2% increase.

Johnson Astills continue to work on a fixed-fee basis, ensuring that the invoice provided at the end of your transaction will not exceed your original itemised quote. There are no hidden costs resulting in you paying more than you had been expecting. Should any additional work be required which may attract further legal fees these are discussed and agreed with clients prior to the work being carried out.

For further information as to what is included and excluded in the fixed fee, please refer to the pricing section on our website home page: Johnson Astills Pricing

How can we help?

Johnson Astills can assist with the sale and purchase of residential properties. Transfer of equity or re-mortgaging of properties.

Please get in touch with Johnson Astills today and we would be more than happy to discuss your requirements further. Please call us at our office in Leicester on 0116 255 4855 or our office in Loughborough on 01509 610 312 and ask to speak to a member of the Property Team. Alternatively, you may prefer to email us at legal@johnsonastills.com or fill in our enquiry form.