After Keir Starmer had spoken of a potentially “painful” budget, the statement was anticipated with baited breath by many.

Among the government’s new financial plans are increasing stamp duty on second homes from 3% to 5%, a move aimed at supporting 130,000 additional transactions from first-time buyers, said Reeves.

Also included was the raising of capital gains tax at the higher rate from 20% to 24% and 10% to 18% at the lower rate.

Meanwhile, Labour pledged a further £500m to the affordable homes programme, while also announcing an additional £3bn in support for SMEs and the BTR sector through housing guarantee schemes, with over £5n additionally confirmed for housing investment.

Industry professionals had their say on the Autumn Budget 2024.

Paresh Raja, CEO at Market Financial Solutions:

“The government had warned of tax rises to fill the black hole in public finances, so there was apprehension across the property and finance sectors heading into today’s Budget.

“Unlike previous budgets — think Kwarteng’s mini-budget — Reeves opted for a more measured approach, refraining from pulling any proverbial rabbits out of the hat – although the increase to Stamp Duty surcharge on second homes was unexpected.

“This approach should calm the lending and property markets, easing some of the uncertainty that has lingered in the lead-up to this announcement.

“In general, the clarity offered today is certainly welcome, though we’ll need to see how these policies translate practically. While certain regulatory and tax reforms may require careful consideration from investors and brokers alike, I anticipate the market will soon shift back to ‘business as usual’ – particularly as some of the tax increases were less substantial than many were expecting. This is promising, as the property sector has shown great resilience in recent months amid an improving economic outlook.

“Today’s steady fiscal approach should help maintain that positive momentum, provided that investors are able to navigate the more unexpected changes that have been made with confidence.”

Nick Sanderson, CEO at Audley Group: 

“The new government’s Budget crept by with only one mention of stamp duty - an increase for those buying second homes. No mention of stamp duty reform for downsizers which could do so much to get the market moving.

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“A disappointing blow but it’s the silence on wider housing reform that is more haunting. Housebuilding targets and overhauls to the planning system are empty promises without the devil that is in the detail.

“Progressive and decisive action is needed if Labour are to get a handle on the issues that plague the housing system, and implement real change.”

Mark Harris, CEO at SPF Private Clients:

“Raising the stamp duty surcharge for landlords from tomorrow results in an additional entry cost that investors will have to absorb into their business models.

“These days we don’t see so many investors looking to make a quick profit by buying a property for say £250,000, spending £50,000 doing it up and selling it on at £400,000.

“Most people are in it for the long term and continue to want to hold property for the long term – an additional entry cost is irritating and might put off new entrants to the market. 

“But those already in it with established models will continue to invest as it is a market they understand and know. The decision to keep CGT at the same levels for property sales is welcome and will hopefully stave off any panic selling.

“We were not expecting to see help to buy make a comeback but would have thought the Government might have come up with something to stimulate the housing market and assist first-time buyers but perhaps they are more focused on the social sector.

“Hopefully, so much of this Budget was leaked in advance that there is nothing to spook the markets."

Ryan Etchells, CCO at Together, said:

“The Chancellor’s reduction in the discount allowing tenants to buy their council homes under the right-to-buy scheme will mean they will have to pay, in most cases, tens of thousands of pounds more to be able to get on the housing ladder.

“The Government says this will make the RTB scheme ‘fairer and more sustainable’ but the move seems incredibly unfair, when some people who may have lived in their council homes for years and had planned to make it their own will now be simply locked out of home-ownership for good.

"Together’s own research shows nearly a third want to see housing and planning reforms addressed in the first 12 months of Labour's government, with 12% wanting more help for first-time buyers and 7% keen to see the creation of new property schemes to help assist people’s property ambitions by January 2025.

"Disappointingly, the ruling on RTB works directly against the public's wishes."