The council tax surcharge on homes over £2 million and the increase in property income tax will affect only a narrow slice of the market, and will certainly not affect the Wigan property market.
For the majority of us, the Budget avoided disruption and delivered stability rather than shock, with no radical stamp duty overhaul and no new property tax regime.
The Value of Clarity
The removal of uncertainty is perhaps the most valuable outcome. The 17% of potential movers who paused their plans can now proceed with confidence, and the 210,000 properties above £500,000 currently on the market in the UK, including those in the Wigan area, should see renewed interest.
With implementation of the new measures not due until 2027 and 2028, affected buyers and landlords have ample time to plan.
What Didn’t Happen
For most of the market, this Budget was about what didn’t happen rather than what did.
No new taxes on the typical home. No stamp duty increases. No council tax revaluation.
The feared changes that drove anxiety through the late summer and into the autumn simply never materialised.
The Market Outlook
The OBR’s forecasts point to steady, sustainable growth: house prices rising broadly in line with earnings, transaction volumes gradually recovering, and a market that continues to function.
With mortgage rates showing early signs of stabilising and the Budget now behind us, the focus can shift back to fundamentals: employment, wages, and affordability.
Good News for the Wigan Market
After months of speculation and uncertainty, the property market has the clarity it needed. For the overwhelming majority of buyers, sellers and homeowners, nothing has fundamentally changed, and that, in the current climate, is good news.
The Budget is done, the uncertainty has lifted, and for 99% of the market, it’s business as usual. That’s a platform for renewed confidence heading into 2025.
Now that clarity has arrived, normal service can hopefully resume.