Overview
- The increase raises property tax rates to 22%, 42% and 47% in England, Wales and Northern Ireland, with changes scheduled by April 2027.
- Budget estimates indicate the measure will raise about £500 million a year on average from 2028–29.
- Letting agents and landlords say tenants will face higher rents, and some smaller owners are likely to sell properties.
- Industry commentators predict more homes could shift to large corporate landlords as the Renters’ Rights Bill ends Section 21 no-fault evictions in May.
- Financial services groups welcomed the Budget’s decision not to add new levies or regulatory burdens on banks.