The Autumn Budget lands on Wednesday 28 October 2026, and the housing market is holding its breath. Rightmove reports that buyers are uncertain ahead of Chancellor John Healey’s Budget, sales agreed are 8% below a year ago, and homes for sale are at their highest level for this time of year since 2014. That combination — uncertainty plus choice — makes Budget week a bad week for rushed decisions and a good week for a budget 2026 home buyer checklist. Here it is.
1. Lock in: your mortgage rate decision
If you have a mortgage offer, check its expiry date now. The average five-year fixed rate hit 6% on 5 October 2026, and the Bank of England is widely expected to raise the base rate from 3.75% at its 5 November meeting. If your offer is close to expiring, talk to your broker before Budget week about whether it can be extended or replaced — do not let it lapse silently while you wait for Budget headlines. If your fixed deal ends soon, our Fix Now or Wait guide explains the rate decision, and a broker can walk through the timing.
2. Wait on: the First Home Scheme detail
First-time buyers are waiting for the full detail of the Your First Home Scheme — the 2.5% deposit route with a 20% government equity loan — and that detail is due at the Budget. If you are eligible in principle, there is no need to rush an offer this week to beat an announcement that may make buying easier. Use the wait to get your deposit, documents and mortgage agreement in principle ready, so you can move fast once the terms are confirmed. Read our Your First Home Scheme guide for what is known so far.
3. Do not rush for: a stamp duty change
One rumour you can ignore: abolishing stamp duty has been ruled out for this Budget. If anyone is urging you to exchange before 28 October to beat a stamp duty change, that urgency is not supported by what the government has said. Stamp duty thresholds and reliefs are a matter for the Budget statement itself — and for most buyers, the current rules are the rules until the Chancellor says otherwise.
4. Use the buyers’ market — carefully
With the most homes for sale at this time of year since 2014, and annual house price growth slowing to 0.8% in September (average price £274,251, according to Nationwide), buyers have more room to negotiate than they have had in years. That is a reason to view widely and offer firmly — not a reason to overpay for the first home you like. Get a survey, check the lease carefully if it is a flat — leasehold reform is moving fast, with a ground rent cap proposed — and keep your chain short if you can.
5. Landlords and second-home buyers: check the tax timetable
Two tax changes are already law and are not Budget-dependent: property income tax rises to 22%, 42% and 47% from 6 April 2027, and the high-value council tax surcharge (“mansion tax”) of £2,500–£7,500 a year on homes worth £2 million or more starts in April 2028. If either affects you, Budget week is a good time to review your position with an accountant — but do not make a disposal decision on a rumour. Our guides to both changes are linked at the end of this article.
6. Budget day itself: what to actually watch
On the day, ignore the headlines for an hour and look for four things: the confirmed First Home Scheme terms (income cap and price caps), the final design of the mansion tax (reliefs and deferral options are still pending), anything on stamp duty thresholds, and anything on housing supply or planning that affects new-build availability. We will update our Autumn Budget guide once the detail is published.
The one-line version
Lock in your mortgage position, get your documents ready, do not rush an exchange for a rumour, and let the Budget confirm the details before you commit to a scheme. In a market with this much choice, patience is a negotiating tool — use it.
Check what you can borrow before Budget week ends on our Affordability Calculator, and browse the full UK Home Buyer Toolkit. This guide is general information, not financial advice.
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