Autumn Budget 2026: What London Property Owners and Landlords Need to Know

Chancellor John Healey will deliver the Autumn Budget on Wednesday 28 October 2026, his first since his appointment and the first of Andy Burnham’s government. For London, where property values are the highest in the country, the property tax measures are among the most closely watched.

What has been ruled out

The Prime Minister has ruled out scrapping or changing stamp duty in this Budget, and rejected reports that stamp duty and council tax would be replaced with a single annual property tax at this stage. More incremental reform, such as changes to council tax bands, has not been ruled out.

What is already law

Several changes announced in the November 2025 Budget take effect regardless of what is said on 28 October:

High Value Council Tax Surcharge — the so-called mansion tax on properties in England worth over £2 million, due from 2028. HMRC has been recruiting valuation staff to implement it. Pre-Budget reports have raised the possibility of a lower threshold, which would bring many more London homes into scope.
Property income tax — higher tax rates on rental income for landlords from April 2027.
Inheritance tax — tighter agricultural and business property reliefs, and pensions brought into scope from April 2027.

What else is being watched

Capital gains tax, where reports suggest the Treasury has modelled increases. Residential gains are currently taxed at 18% and 24%.
Council tax, where bands in England are still based on 1991 values.
Business rates and investment incentives, relevant to London’s commercial property owners.

What it means in practice

For London buyers and sellers, the main effect so far has been uncertainty. Knight Frank identifies the Budget as one of two dates that will decide whether the prime market’s recovery holds — see our report on prime London prices. Owners planning sales, gifts or restructuring should take professional advice once the details are published, rather than acting on speculation.

Frequently asked questions

When is the Autumn Budget 2026?

The Autumn Budget will be delivered by Chancellor John Healey on Wednesday 28 October 2026.

Will stamp duty change in the 2026 Budget?

The Prime Minister has ruled out scrapping or changing stamp duty in this Budget.

When does the mansion tax start?

The High Value Council Tax Surcharge on English properties worth over £2 million is due to apply from 2028.

Sources

This article is general information, not financial, tax or investment advice. Figures are taken from the sources listed and were correct at the time of publication.