GetAgent
Back
Close
  • Compare agents
  • Online valuation
  • Explore my area
  • Home toolkit
  • News & guides
  • Estate agents by area
  • Sold house prices by area
Estate agents by area
Search by Location or Name
  • Selling guides
  • Estate agent guides
  • Mortgage advice
  • Conveyancing guides
  • Property news
  • See All News & Guides
Sign in
Agent shortlist
HouseWorth
© GetAgent Limited 2024
  1. Blog
  2. October 2024 Budget: A critical window for high-value property owners
Advice about properties
23 October 2024

October 2024 Budget: A critical window for high-value property owners

Sam Edwards
Senior Writer & Researcher
Row of properties

As October approaches, Chancellor Rachel Reeves is set to unveil Labour's first budget - and the implications for owners of high-value properties and second homes could be substantial. With £40bn of public finances to address (up from an initial £22bn), significant changes to property-related taxation appear inevitable.

Why timing matters for high-end property sales

The current economic landscape presents a unique situation:

  • Inflation has dropped to 1.7%
  • Interest rates are projected to fall below 5% in November
  • GDP shows resilience with 0.2% growth
  • The property market is maintaining momentum

However, several proposed budget measures could significantly impact the profitability of future property sales.

Critical changes on the horizon

1. Capital Gains Tax Reforms

  • Potential rate increase to align with income tax (up to 45%)
  • Possible caps on private residence relief at £2 million
  • New rates likely to take effect from April 2025

Update: In the last few days, the Guardian has reported that Rachel Reeves will not change the rate of CGT on second homes. Instead, she will focus on other forms of taxation, such as Inheritance Tax and Pension Tax relief.

2. Property Tax Adjustments

  • New SDLT thresholds potentially affecting properties above £800,000
  • Council tax revaluation likely to increase costs for higher-value homes
  • Additional measures for international property investors

3. Inheritance Tax Changes

  • Possible increase above the current 40% rate
  • Potential reduction of the Residence Nil-Rate Band
  • Changes to Business and Agricultural reliefs

Your window of opportunity

With these changes looming, the period between now and April 2025 presents a crucial window for high-end property owners to:

  • Maximise current tax efficiencies
  • Take advantage of existing CGT rates
  • Complete sales before new measures take effect

Expert guidance is critical

In this complex landscape, working with experienced estate agents who understand the nuances of high-value properties has never been more important. The right agent will:

  • Position your property effectively in the current market
  • Target qualified buyers who can complete before new regulations take effect
  • Navigate the complexities of high-value property transactions
  • Provide strategic advice on timing and pricing

Take action now!

Don't wait until after the budget announcement. Start your sales preparation now to maximise your position before these changes take effect.

Compare estate agents

It takes 2 minutes.

Don’t Forget: We’ll provide a detailed analysis of the announced measures immediately after the budget. Subscribe to our updates to receive expert insights tailored to high-value property owners.

Thinking about
selling your home?

Picking the right estate agent is vital for a successful sale. GetAgent makes choosing simple. Discover the best performing agents in your area.

  • Free
  • Data-driven
  • No obligation

Thinking about
selling your home?

Picking the right estate agent is vital for a successful sale. GetAgent makes choosing simple. Discover the best performing agents in your area.

  • Free
  • Data-driven
  • No obligation

Compare estate agents

It takes 2 minutes.

Related posts
View of the City of London with the London Eye on the left.
View of the City of London with the London Eye on the left.
Research & Insights
Stamp Duty Changes: What they mean for your home sale
According to reports last week, Chancellor Rachel Reeves is set to make significant changes to Stamp Duty thresholds for first-time buyers in her upcoming October 30th Budget.
Read more
GetAgent
The Estate Agent comparison site
GetAgent LinkedIn iconGetAgent Facebook iconGetAgent X icon

For partners

  • Agent login
  • GetAgent Exchange
  • How to join

Get in touch

020 3608 6556

Our lines are closed

We are a company registered in England & Wales, company number 09428979.

Privacy policyTerms of use

Copyright © 2024 GetAgent Limited