Overview

• Reports say ministers are exploring replacing stamp duty for owner-occupiers with a levy paid by sellers on homes above roughly £500,000, with current stamp duty rules retained for second homes.
• Rightmove estimates about 30% of homes for sale in England would fall within the £500,000-plus threshold, with exposure concentrated in London and the South East.
• A separate option under consideration would limit the main-residence capital gains tax exemption for very high-value homes, with reports pointing to a threshold near £1.5 million affecting roughly 4% of listings in England.
• Industry figures and economists warn the mooted changes could depress transactions, potentially reduce tax receipts, and place pressure on older homeowners who are asset-rich but cash-poor.
• The Treasury has emphasized a growth-first approach and has not made decisions, while officials are also exploring longer-term local reforms that could eventually replace council tax.