One in five UK homeowners say the upcoming November Budget is putting their plans to sell on ice - amid fears of rising mortgage rates, stamp duty and potential tax changes.
The uncertainty comes as Chancellor Rachel Reeves prepares to deliver Labour’s first full Budget on Wednesday 26th November, with expected announcements around housing, tax, and the wider economy. Buyers and sellers alike are holding back in anticipation of reforms that could directly affect affordability, moving costs, and market stability.
What could change in the Budget?
As Labour prepares its first full economic statement, housing experts are speculating about several possible reforms:
• Stamp duty reform - including new bands or temporary holidays for first-time buyers.
• Capital gains tax thresholds could be tightened for second homes and investment properties.
• Mortgage relief or homebuyer support - aimed at stimulating market confidence.
• Property taxation on second homes and landlords - part of a potential push to rebalance the housing market.
New research from We Buy Any Home reveals that among homeowners concerned about affording a new property, 46% said Budget uncertainty is causing them to delay selling.
This group represents 21% of all UK homeowners surveyed. Meanwhile, 38% said they’re specifically worried about being able to afford stamp duty on a new home.
The survey of 1,004 homeowners also found that 57% fear hidden moving costs like solicitors, surveys and removal vans. 53% say interest rates and mortgage affordability are holding them back and 26% are nervous about job security in the current economy.
While homeowners in London, the East of England, and Wales showed the most anxiety about tax changes, younger homeowners were more concerned about mortgage rates and job stability - with 68% of 45 to 54-year-olds saying they feared not being able to afford their mortgage if they moved.
And it’s not just financial concerns. The uncertainty itself - about what might or might not change - is driving a "wait and see" approach across the board.
Elliot Castle, CEO of We Buy Any Home, said: “We’re seeing a perfect storm. People want to move - but they’re frozen by what the November Budget might bring. Will stamp duty go up? Will tax thresholds change? Will interest rates drop, or stay stuck? The lack of clarity is stalling the market.
“It’s like waiting for a traffic light that never turns green. People feel they can’t plan properly until they know what Rachel Reeves will announce. It’s understandable - no one wants to make the biggest financial decision of their lives in the dark.
“Even small tweaks to stamp duty or capital gains can have a huge ripple effect. Buyers get cold feet, sellers delay decisions - and the whole chain stalls.
“The Budget needs to bring clarity and confidence. Otherwise, we risk deepening the gridlock we’re already seeing in the property market.”
