Nearly one in five (17%) movers have paused their plans due to uncertainty about changes to property taxes in the upcoming Budget on November 26, Rightmove research shows.
The majority (61%) are aware of rumoured property tax changes, and nearly three quarters (72%) of this group said they were concerned about them.
Those aged 55 and over were most likely to say they were concerned (81%), perhaps unsurprising given the majority of rumoured tax reforms have so far targeted homes at the upper end of the market.
Colleen Babcock, Rightmove’s property expert said, “Our latest House Price Index showed how market activity is being affected by the various property tax rumours being discussed ahead of the Budget.
“Now, we’ve heard directly from home-movers about how it’s denting their confidence, with some preferring to wait until after the Budget to see how any policy announcements affect their plans.
“While most movers are carrying on as normal, it demonstrates how unhelpful the uncertainty over potentially costly changes can be. I think most are now fed up with the rumours and would like to see the final contents of the Budget and assess how they’re impacted.”
Potential tax changes include an overhaul of the stamp duty system, council tax changes, and a mansion tax charge for homeowners of properties valued higher than £2 million pounds.