Chancellor John Healey will deliver the Government’s first Budget under Prime Minister Andy Burnham on Wednesday 28 October.
For estate and letting agents, the announcement provides a firm deadline after weeks of speculation about housing taxation and the new administration’s economic priorities.
Healey has promised to abide by the existing fiscal rules and maintain a financial buffer against uncertainty, including the economic impact of conflict in the Middle East.
Limited fiscal headroom and the Government’s spending ambitions mean taxation will remain under scrutiny but few specific measures have yet been confirmed. HM Treasury says the Budget will move “money and power out of Westminster” while providing stability for businesses and families.
INSTAGRAM REVEAL
In a video message posted Friday afternoon, the Chancellor of the Exchequer, John Healey MP (main picture, inset) said: “This government is working fast to restore hope and back Britain’s communities.
“In the past two weeks, we have begun to kickstart growth in every postcode.
“We have backed British jobs, British skills and British businesses.
“And we have provided just a bit of breathing-space for those families and businesses that feel so squeezed, that feel without hope.
“Today, I’m confirming the date of my first Budget as Chancellor will be Wednesday 28th October.
“This will be a Budget that moves money and power out of Westminster, and into every postcode around Britain.
“It will be built on fiscal discipline.
“It will meet our fiscal rules. It’ll give businesses and families some of the stability they need to plan for the future.
“Now, let’s get on with the job.”
STAMP DUTY CHANGE RULED OUT
Burnham has explicitly ruled out changing or abolishing stamp duty at the October Budget, despite earlier reports that it could be replaced by an annual land value tax.
The Prime Minister says reforms on that scale are not currently being prepared, removing the immediate risk of buyers delaying transactions in anticipation of Stamp Duty abolition. The tax generated £16.6 billion during the last financial year.
However, estate agents may still face a cautious market during the run-up to 28 October if speculation develops around other property or wealth taxes.
LANDLORDS WATCH FOR FURTHER COSTS
Letting agents and landlords will be alert to any changes affecting rental income, Capital Gains Tax, inheritance tax or investment incentives.
Property income tax rates are already due to increase by two percentage points from April 2027 under measures announced in the 2025 Budget. An annual surcharge on English homes valued above £2 million is also scheduled to begin in April 2028.
Neither measure depends on the October Budget, but further taxation could influence landlord investment and disposal decisions at a sensitive point for rental supply.
DEVOLUTION COULD SHAPE DEVELOPMENT
The Chancellor’s emphasis on moving funding and authority into local communities could prove significant for planning, regeneration and housebuilding.
Greater financial powers for mayors and local authorities may influence where housing and infrastructure investment is directed, creating opportunities for agents operating in regional growth markets.
For now, the main certainty is the timetable. Agents have almost three months in which to prepare clients for possible policy announcements while avoiding presenting unconfirmed tax speculation as settled policy.
