The Budget on 28 October: what buyers and sellers know so far

What happened

The Chancellor has confirmed the Budget will be on Wednesday 28 October 2026, with the Office for Budget Responsibility’s forecast published alongside it. Three things matter most if you are buying or selling a home:

• Stamp duty is not expected to change. The Prime Minister has said publicly that changing or scrapping stamp duty at this Budget “won’t be happening”, as reported by Propertymark and others. Today’s rates still apply, and our stamp duty calculator shows what you would pay.
• The Your First Home scheme gets its details. The 2.5% deposit, 20% equity loan scheme for first-time buyers of new-build homes is due to have its income caps, local price caps, interest-free period and launch date confirmed at the Budget. We covered what is known in our note on the scheme.
• Wider tax changes have not been ruled out. The Chancellor has not ruled out tax rises more generally, so other taxes that touch property could still feature.

What it means if you are buying

• There is no stamp duty reason to wait. If you are ready to buy, holding off in the hope of a stamp duty cut is not supported by what the government has said.
• First-time buyers looking at new builds may want the detail first. If the Your First Home scheme could change what you can afford, the price caps and terms on 28 October will tell you whether it applies to the home you have in mind.
• Mortgage rates move with the markets, not the Budget speech. Budgets can shift what markets expect, and fixed rates follow those expectations. A mortgage offer already in hand holds its rate for a set period, so its expiry date matters more than the Budget date.

What it means if you are selling

• Some buyers will pause until it is over. Uncertainty before a Budget often slows decisions for a few weeks, especially among first-time buyers waiting for scheme details.
• A buyer who is ready now is valuable. With stamp duty unchanged, a proceedable buyer has no tax reason to delay, which makes them worth looking after.

Jon’s view

Budgets generate a lot of noise and, usually, very little that should change a sound decision about a home. Make the decision on your own circumstances and the evidence in front of you, and treat anything announced on 28 October as a detail to check, not a reason to stall.