What the Autumn Budget Means for Homeowners, Buyers, and Landlords in South West London

Published: 05/11/2024 By LONEY MILLER

What the Autumn Budget Means for Homeowners, Buyers, and Landlords in South West London

The Labour Government’s Autumn Budget, announced on Wednesday, 30th October, brings a range of updates affecting the property market. We’ve broken down the key changes and what they mean for sellers, buyers, and landlords across South West London.


Updates to Stamp Duty, Capital Gains Tax, and Inheritance Tax

Many anticipated a rise in Capital Gains Tax (CGT) for residential property, but good news — CGT rates for property remain unchanged following the announcement. For residential assets like second homes and rentals, CGT stays at 18% for basic-rate taxpayers and 24% for higher-rate taxpayers. Rates are only increasing for non-property assets, providing some stability for those investing in or selling homes.
Inheritance Tax (IHT) has also seen little change. IHT applies to estates valued over £325,000, with any amount above this threshold taxed at 40%. While early rumours suggested more significant adjustments, Chancellor Rachel Reeves opted to simply extend the current IHT freeze until 2030. This means estates under £325,000 remain tax-free, providing more certainty for homeowners and their families.
However, the Chancellor did announce an increase in Stamp Duty for buyers purchasing a second home or buy-to-let property. Effective from Thursday, 31st October, the additional Stamp Duty rate will rise from 3% to 5% on properties priced over £125,000. If this affects your plans, don’t worry — seeking professional advice tailored to your personal situation is the best way to navigate this change,  protect your investment and make decisions that work for you.


Impact on First-Time Buyers

Although the Government increased Stamp Duty for those purchasing a second home, they did not reduce the Stamp Duty threshold for first-time buyers.

This means those searching for their first home will only pay Stamp Duty on properties worth more than £425,000, which is positive for those looking to take their first steps on the property ladder.

If your property is less than £625,000 and is intended to be your main residence, you can claim Stamp Duty Land Tax relief, meaning you will pay nothing on the first £425,000 and five per cent on the remainder. However, if your first home is more than £625,000 you are not eligible to claim the relief and have to pay the standard rates on the total purchase price. There is nothing to pay on the first £250,000, but Stamp Duty will be charged at five per cent on the next £675,000 (the portion from £250,001 to £925,000).
Labour has also announced a significant increase in funding for affordable housing, signalling further opportunities for first-time buyers in South West London.


How Loney Miller Can Support You

We understand these changes may sound overwhelming, but it’s really important not to make any big decisions without seeking expert advice, so as not to harm your investment long-term.

Wherever you’re at in your property journey, the Loney Miller team is here to help. We have the local and industry knowledge to ensure you achieve your goals, whether buying, selling or renting, while keeping the Budget changes in mind.


To find out more about how we can help, call us on 0208 945 7555 or fill in our contact form to request a callback.