Buyers and sellers hoping for a boost to aid their house-moving plans in the Autumn Budget were left disappointed. However, with the budget now done and dusted could there be hope ahead?

For the average first-time buyer, a stamp duty reprieve or reform had been hoped for ahead of the budget. This followed rumours that Chancellor Rachel Reeves could replace stamp duty with a property tax that would apply to the sale of homes worth more than £500,000 rather than a charge applicable to all.

What happened in the budget?

 But this didn’t happen and the stamp duty thresholds previously reduced in April, when temporary thresholds expired, remain in place. Instead, Reeves hit the very top end of the market by imposing a mansion tax. This high value council tax surcharge is an additional payment and will be due annually from 1 April 2028. It will cost £2,500 for properties of £2 million or above, increasing to £7,500 for properties of £5 million or more and be uprated in line with inflation.

Meanwhile, landlords were hit with the news of a separate property income tax charge, set at 22% for the basic rate, 42% for the higher rate and 47% for the additional rate. It will apply from 6 April 2027, while a 2 percentage points increase in dividend income rates will apply from 6 April 2026 on the ordinary and upper rates.

So, what does this mean for first-time buyers?

 Such changes will still impact buyers-to-be. The rise in property income tax, for example, will likely see landlords raise rents to cover their own increased costs. That could make it more challenging for them to save for a deposit if they are still renting.

Changes to cash ISA limits and a consultation into the future of the Lifetime ISA, which is commonly used by those saving for their first property or for retirement, could also impact deposit-building.

However, Reeves also announced an increase in the National Living Wage as part of her budget revelations. This will increase to £12.71 per hour for over 21-year-olds, a rise of 4.1%, from April 2026. Benefit changes, including the scrapping of the two-child cap on universal credit, will also potentially improve affordability for those on lower incomes, including those looking to get on the housing ladder.

The budget may have failed to bring any real first-time buyer boost but with certainty comes stability. In the run-up, nervousness about what might be in Reeves’ plan hit a peak, especially as the budget was so much later than last year’s.

Instead, eyes are now on whether another base rate cut will come in December. Experts are predicting a cut to 3.75% and it’s hoped that further base rate cuts will follow in 2026 as inflation stabilises. That is likely to be the real boost that first-time buyers need.