Autumn budget and what it means for homeowners and the property sector

At the moment, home buyers pay no stamp duty on properties up to £250,000, while first-time buyers pay no stamp duty on the first £400,000.

Buy-to-let investors will see capital gains tax rise from April 2024. The tax threshold will be cut from £12,000 to £6,000 from April 2023. This will be cut again to £3,000 from 2024.

For those who live in social housing, social rents that were scheduled to rise by 11.1 per cent will be capped at seven per cent in 2023 and 2024.

A glaring omission from the budget was the lack of grants for homeowners who want to invest in renewable energy and insulation. While Jeremy Hunt proudly announced that the government would be committing to generating more nuclear energy via Sizewell C, solar panels, heat pumps and insulation that could cut household energy bills while saving the planet remain financially out of reach for most homeowners.

For those who rely on oil and LPG, the government’s £100 payment will rise to £200 this winter.

Help with energy costs has been extended for all households, but at a less generous level, meaning millions will still face higher bills. The energy price guarantee will remain until March 31, 2024, but the average household bill is set to increase from £2,500 to £3,000.

In other news this week, North Yorkshire has become the first area in England to double the council tax on second homes.

The earliest this will take effect is April 2024 if the government’s levelling up bill is passed into law. North Yorkshire has the highest number of second homes in the region as it includes a large number of holiday hotspots, including Whitby and the Yorkshire Dales.