Whether you want to move into rented accommodation or a newly purchased home, there is a chance that the Autumn Budget issued by Chancellor Rachel Reeves has impacted your plans
The budget includes a 2% increase in property income tax, effective from April 2027. In addition to the rise in maintenance costs, stamp duty, and land tax surcharge over the last decade, this may prompt some landlords to sell their properties. This could reduce the availability of rented properties and increase rents.
There has been no increase in stamp duty, but the High Value Council Tax Surcharge adds between £2,500 and £7,500 a year to properties worth £2 million or more.
The budget also effects people who are saving up for a deposit for a home purchase. The annual cash ISA limit is being cut from £20,000 to £12,000, with the Treasury encouraging a shift from cash savings to stock investments. There is a freeze on income tax thresholds, which means that some people will pay a higher proportion of their income as tax as their pay rises.
None of the budget changes is expected to deter the majority of those who want to move home. It may take longer to save for a deposit, and suitable rented property could be more difficult to find, but this should not prevent people from moving.
Fuel duty is to increase after September 2026, which could increase the cost of removal services by a little.
If you want to move soon, talk to Merseyside Movers & Storers, the leading Merseyside removal company.
