If you’re a landlord, the Budget predictions make for particularly uncertain reading.
One of the most significant rumours is that the Treasury is considering charging National Insurance on rental income, which could raise an extra £2 billion to £3 billion annually. Landlords earning between £50,000 and £70,000 in rental income could face an extra £1,000 or more in tax.
This would add to the financial pressures already facing buy-to-let investors, who have seen tax relief on mortgage interest reduced in recent years. As with previous tax increases, higher costs for landlords often result in higher rents for tenants.
Our lettings team is here to help landlords navigate whatever changes may come and ensure your investment remains viable.
The Current Property Market Picture
Before we dive into predictions, it’s worth understanding where we stand right now.
House prices across the UK have remained broadly stable in recent months, with the average property now valued at £371,422 according to October data. However, there’s a clear divide between regions, with London and southern areas experiencing annual price falls while northern regions like the North West and Scotland are seeing growth.
Here in our local markets of Bletchley, Hemel Hempstead, Milton Keynes, and Tring, we’re seeing similar patterns. Buyers have more choice than they’ve had in years, which means sellers who price their properties realistically from the start are the ones securing offers.
The Bank of England has reduced the base rate to 4%, the lowest since March 2023, with further cuts predicted by the end of 2025. This has helped mortgage rates become more competitive, giving some buyers improved affordability compared to a year ago.
But with the Budget approaching, many people are asking: should I wait, or should I move now?
What Could the Budget Bring?
The government faces a significant challenge. According to the National Institute of Economic and Social Research, there’s a spending gap of approximately £40 billion that needs to be closed. The Labour Party has pledged not to raise income tax, VAT, or National Insurance for working people, which means other areas of taxation are under the spotlight.
Property is firmly in focus.
Stamp Duty Changes: The Big Question
One of the most discussed predictions centres on stamp duty reform.
Reports suggest the Treasury is considering proposals to replace stamp duty with a new national property tax on sellers, with rates of 0.54% for properties over £500,000 and 0.81% for properties over £100,000. If this happens, it would fundamentally change how property transactions are taxed in England.
Currently, buyers pay stamp duty when purchasing a property. The proposed change would shift this burden to sellers instead. This could make it easier for buyers to move, but sellers would need to factor in this new cost when planning their sale.
Some experts have called the current stamp duty system “economic nonsense” as it discourages people from moving. Reform has been discussed for years, but whether the Chancellor will take such a bold step in November remains uncertain.
It’s also worth remembering that stamp duty thresholds already changed in April 2025, when the temporary higher limits ended. Many buyers rushed to complete before that deadline, which created a surge in activity earlier this year.
If you’re considering selling your property, understanding potential tax changes is crucial to your planning.
Capital Gains Tax on Property Sales
Another area of speculation concerns capital gains tax (CGT).
CGT rates were already increased in the 2024 Autumn Budget, rising from 10% and 20% to 18% and 24% respectively. Could they go up again?
Property CGT rates were left unchanged in last year’s Budget, which means they could be a target this time around. This would particularly affect landlords and second-home owners who sell properties.
Even more significantly, there’s speculation about introducing CGT on primary residences above a certain threshold, often referred to as a ‘mansion tax’, with figures between £500,000 and £1.5 million being discussed. Currently, your main home is fully exempt from CGT, so any change here would be a major policy shift.
For homeowners in areas like Tring and parts of Hemel Hempstead, where property values can easily exceed £500,000, this is something to watch closely.
Changes for Landlords
If you’re a landlord, the Budget predictions make for particularly uncertain reading.
One of the most significant rumours is that the Treasury is considering charging National Insurance on rental income, which could raise an extra £2 billion to £3 billion annually. Landlords earning between £50,000 and £70,000 in rental income could face an extra £1,000 or more in tax.
This would add to the financial pressures already facing buy-to-let investors, who have seen tax relief on mortgage interest reduced in recent years. As with previous tax increases, higher costs for landlords often result in higher rents for tenants.
Our lettings team is here to help landlords navigate whatever changes may come and ensure your investment remains viable.
Inheritance Tax Reforms
Inheritance tax thresholds have been frozen since 2009 and 2021 respectively, with the nil-rate band at £325,000 for individuals and the residence nil-rate band providing an additional £175,000 for estates leaving a home to direct descendants.
With IHT receipts already at record levels of £8.2 billion in the last tax year, and more families affected due to rising property prices, further changes could be announced.
Possible reforms being discussed include:
- Changes to the seven-year gifting rule
- A lifetime cap on tax-free gifts
- Adjustments to taper relief
From April 2027, pensions will also be included in estates for IHT purposes, which will bring even more people into scope.
For many families in our area, the family home represents the largest asset in their estate. Understanding how inheritance tax might change is important for long-term planning.
Council Tax and Property Tax Reform
There’s also speculation about council tax reform, with suggestions of new higher bands at the top end or even a complete overhaul of the system. The current system is based on property valuations from 1991, which many argue is outdated and unfair.
Any major reform would likely take years to implement, but the Chancellor might signal future changes in this Budget.
What This Means for You
If You're Buying
The good news is that mortgage rates remain more competitive than they were a year ago, and lenders have relaxed some affordability criteria. Buyers currently have more property choice than they’ve had in a decade, giving you better negotiating power.
However, uncertainty around the Budget means some sellers are being cautious about listing their properties until they know what changes might be coming. If you’re serious about buying, now could be a good time to act while you have strong choice and before any potential tax changes take effect.
Getting a free property valuation on your current home is a sensible first step if you’re looking to move up the ladder.
If You're Selling
Pricing realistically has never been more important. Rightmove data shows that properties receiving an enquiry on their first day of marketing are 22% more likely to secure a buyer than those taking over two weeks to get their first enquiry.
With speculation about potential changes to how property sales are taxed, some sellers are choosing to press ahead now rather than wait. Others are taking a “wait and see” approach.
The key is to make informed decisions based on your personal circumstances, not just speculation. Our experienced team can help you understand your local market and create a strategy that works for you.
If You're a Landlord
The potential for additional taxes on rental income means it’s crucial to review your portfolio and understand your numbers. Some landlords may decide to sell properties before any changes take effect, while others will adapt their strategies to remain profitable.
Whatever you decide, professional advice tailored to your situation is essential. Our lettings specialists have helped landlords navigate numerous tax changes over the years.
Should You Wait or Move Now?
This is the question everyone’s asking, and unfortunately, there’s no one-size-fits-all answer.
Here’s what we know for certain:
- The Budget will be delivered on 26 November 2025
- Nothing is confirmed until that day
- Making decisions based purely on rumours carries risk
- Your personal circumstances should drive your choices, not speculation
According to Rightmove’s data, overall market activity remains steady, with buyers who need to move pressing ahead while those who simply want to move are more likely to wait for Budget clarity.
If you have a genuine reason to move, whether that’s a growing family, a job relocation, or downsizing, letting speculation hold you back indefinitely may not serve you well. Property decisions should be based on your life needs first, with tax considerations as a secondary factor.
Our Advice: Focus on What You Can Control
After more than 30 years serving the local property market, we’ve seen numerous Budgets, tax changes, and economic shifts. Here’s what consistently matters most:
Price your property correctly from day one.
With property choice at decade-high levels, competitive pricing is essential. Overpricing and then reducing rarely works as well as starting at the right price.
Be realistic about timescales.
Property transactions typically take 12 to 16 weeks from offer acceptance to completion. Factor this into your planning, especially if you’re trying to move before or after potential changes.
Get professional guidance.
The property market is complex enough without adding Budget speculation into the mix. Working with experienced local agents who understand your specific area makes a real difference.
Stay informed but don't obsess.
Yes, keep an eye on Budget announcements, but don’t let speculation paralyse your decision-making.
What Happens Next?
The Budget will be delivered on 26 November 2025. Whatever the Chancellor announces, we’ll be here to help you understand how it affects your property plans.
In the meantime, the fundamentals of a successful move remain the same: realistic pricing, quality marketing, and expert local knowledge. These matter far more than any temporary market uncertainty.
If you’re thinking about buying or selling in Bletchley, Hemel Hempstead, Milton Keynes, or Tring, get in touch with our team. We’ll give you honest advice based on your local market and your personal situation, not speculation.
We’ve been helping families move through challenging markets for over three decades. Whatever the Budget brings, we’ll navigate it together.
Frequently Asked Questions
Will stamp duty change in the November 2025 Budget?
It’s possible, but not confirmed. Reports suggest the government is considering replacing stamp duty with a new property tax on sellers, but this remains speculation until Budget Day on 26 November. The Chancellor may announce reforms, keep the current system, or propose something entirely different. If you’re planning to move, it’s worth having a conversation with your estate agent about the potential implications, but avoid making rushed decisions based purely on rumours.
Should I wait until after the Budget to sell my house?
That depends on your personal circumstances. If you have a genuine reason to move, such as relocating for work, needing more space, or downsizing, waiting indefinitely for Budget clarity may not be in your best interest. Property transactions typically take 12 to 16 weeks, so even if you list now, completion would likely be in early 2026 anyway. The key is to price realistically and work with an experienced local agent who can guide you through whatever changes may come.
How might capital gains tax changes affect my property sale?
Currently, your main home is exempt from capital gains tax (CGT), and this exemption is not expected to change for most properties. However, there’s speculation about introducing CGT on primary residences valued above £500,000 or £1.5 million. If you’re selling a second home or buy-to-let property, CGT already applies at 18% for basic-rate taxpayers and 24% for higher-rate taxpayers. Any increases would affect these sales. Landlords considering selling should review their position with a tax adviser before any Budget changes take effect.
Will landlords have to pay National Insurance on rental income?
This is one of the key rumours circulating ahead of the Budget. The Treasury is reportedly considering extending National Insurance to rental income, which could mean landlords earning between £50,000 and £70,000 annually would pay around £1,000 more in tax. However, this is speculation, not confirmed policy. If you’re a landlord, it’s worth reviewing your portfolio finances now and speaking with a lettings specialist about how potential changes might affect your investment strategy.
Are house prices going to fall after the Budget?
House price movements depend on many factors beyond Budget announcements, including mortgage rates, employment levels, housing supply, and local market conditions. Currently, the market is relatively stable, with prices in southern regions like London seeing slight falls while northern areas experience growth. Budget uncertainty may cause some buyers and sellers to pause temporarily, but this doesn’t necessarily mean prices will fall. Local markets like Milton Keynes, Bletchley, Hemel Hempstead, and Tring each have their own dynamics that matter more than national trends.
Is now a good time to get a property valuation?
Yes, absolutely. Whether you’re thinking of selling now or in the future, understanding your property’s current market value helps you make informed decisions. Property valuations are free and come with no obligation. With Budget speculation creating uncertainty, having a clear picture of where you stand financially is valuable. A professional valuation takes into account recent sales in your area, current market conditions, and your property’s specific features to give you an accurate figure you can rely on for planning purposes.