But three things did happen: a new scheme for first-time buyers, a second tax rise for landlords in 12 months, and a confirmed mansion tax on homes worth £2 million or more from April 2028. Here's what each means for you.

Mortgage rates: calm markets, but no cheaper deals

For most homeowners, the market reaction matters more than anything the Chancellor said, because that's where your next mortgage rate gets decided. This time the markets stayed calm. The Budget added £19 billion to government borrowing, well below the £50 billion-plus that was feared, and the 10-year gilt yield dipped slightly to around 5.32%. That's what stops fixed rates jumping, which is what happened after the 2022 mini-budget.

Calm doesn't mean cheaper though. The base rate is 3.75% and the Bank of England decides again on 5th November. With inflation rising, the markets expect it to go up, possibly straight away. The government's forecaster, the OBR, expects the base rate to reach just over 4.25% by the middle of 2027. At the start of October, the average 2-year fix was 5.98% and the average 5-year fix was 6%, both the highest in 3 years. A first-time buyer borrowing £250,000 over 25 years on a 2-year fix is now paying £147 a month more than last November.

What I'd do:

• Don't wait for a big drop. Neither the markets nor the OBR expect one. If you're ready to move, the price of the right home matters more than timing the mortgage market.
• If your fixed deal ends in the next 6 months, look now. Many lenders let you lock in a new rate up to 6 months early. If rates fall before you switch, a good broker can often move you onto the cheaper deal.
• Be careful with trackers. They follow the base rate, and the base rate is more likely to go up than down over the next year.
• Speak to a broker before you start viewing, not after.

If you're buying

For most buyers nothing has changed. Stamp duty is exactly what it was before the Budget, so you can work out your bill to the pound today and there's no deadline to beat. First-time buyers in England still pay nothing on the first £300,000, and home movers pay nothing up to £125,000.

The big news for first-time buyers is Your First Home, and it's worth understanding before you get excited:

• You put down 2.5% and the government lends you 20% as an equity loan, interest-free for the first 5 years.
• It's for new builds only, in England, from developers signed up to the scheme.
• Household income has to be under £110,000, or £140,000 in London.
• Price caps are set locally, up to £500,000 in outer London and £650,000 in inner London.
• Pre-registration opens by the end of December and the first loans are paid from April 2027.

On a £300,000 new build, that's £7,500 from you, £60,000 from the government and a mortgage of £232,500. Because the mortgage is only 77.5% of the price, you can get better rates than on a 95% mortgage. I think it'll help people who can afford the monthly payments but haven't got family to help with a deposit. But go in with your eyes open:

• It's a loan, not a gift. From year 6 you pay 1.5% interest on it, and from year 7 it's 3%. On £60,000 that's an extra £150 a month on top of your mortgage.
• There's very little cushion. With only 2.5% of your own money in, a small dip in prices could wipe out your share.
• There may not be many homes under the cap. Rightmove found only 18% of new builds in Middlesbrough and 20% in Reading come in under the local cap, against 60% in Manchester. First-time buyers mostly want 3-bed houses, which are the ones most likely to sit above it. Check the cap for your area before you set your heart on a development.
• Developers pay a fee on every sale, and they're unlikely to swallow it. Compare what similar second-hand homes nearby sell for and get an independent survey before you reserve.

If you're looking at a second-hand home, the scheme won't help you, so don't put your plans on hold waiting for it. One good bit of news for savers: from 29th October, the Lifetime ISA penalty for buying a first home above the £450,000 cap drops from 25% to 20%, so you only lose the government bonus, not your own money.

If you're selling

The best thing about this Budget for sellers is that it's over. For weeks, buyers have been sitting on their hands waiting to see what came out of it. Now they know, and very little has changed. You can see the wait-and-see mood in the numbers. Rightmove's October figures showed new buyers contacting agents down 9% on a year ago and sales agreed down 8%, while homes coming to market were up 3%. So you're selling into a market with more choice for buyers and fewer of them. You can still sell, but you've got to get the price right from day one. The homes that are selling are priced for today's market, not last year's and not where the seller hopes it might get to. Overpricing and then reducing is the most expensive mistake you can make right now.

Two more things:

• Get your paperwork together before you go on the market. Landmark Information Group found 67% of people moving home hit delays or uncertainty after an offer is accepted. ID, title, guarantees and certificates for any work done, and leasehold information if it applies. The less there is to chase later, the less chance your sale has to fall through.
• Expect more competition for starter homes. Once Your First Home opens, some buyers will be tempted by the new-build site down the road.

There was no help for downsizers, so if you've been waiting for stamp duty relief, there's no reason to keep waiting.

If you're a landlord

Landlords took the hit again. Last year's Budget had already put tax on rental income up by 2% from April 2027. This time the Chancellor added another 2% on top, from the same date. That's 4% in total, all in one go, in just over 5 months. If you own in your own name, from 6th April 2027 you'll pay:

On £10,000 of taxable profit, that's £400 more tax. It bites harder than the headline rate suggests, because owning personally means you only get a basic-rate tax credit on your mortgage interest. Savills worked out that for the average higher-rate landlord, the effective tax on their profit goes from 50.6% to 54.6%. More than half of what's left after the bills goes in tax. This applies in England, Wales and Northern Ireland. Scotland sets its own income tax and will announce its position on 3rd December.

If you own through a limited company, this rise doesn't apply to your rental profits. The OBR warned these changes risk a steady rise in rents. Add the Renters' Rights Act, with no more Section 21 and rent rises only once a year, and it's no surprise some landlords are asking whether it's still worth it. My advice is not to rush into anything:

1. Sit down with an accountant and work out what April 2027 means for your own numbers, including your mortgage costs.
2. Don't move your properties into a company on a whim. It can trigger stamp duty and capital gains tax straight away, and for many landlords it costs more than it saves.
3. Look at each property on its own merits. A tired flat with a low yield might be worth selling. A good house with a long-term tenant may well be worth keeping.
4. If you do sell, think about whether it's better to sell with your tenant in place to another investor or with vacant possession to a home buyer. It can make a real difference to the price.

There's enough time to make a good decision, but not if you leave it until the new year to start thinking about it.

If you're renting

There was nothing aimed directly at tenants, but what happens to landlords lands on your doorstep eventually. Average UK rent is already £1,406 a month, up 3.8% in a year, and Zoopla expects rent growth to pick up to 4% to 5% by the end of this year. When landlords pay more tax, some sell and the ones who stay try to pass on some of the cost. I'd expect that to show up gradually over the next couple of years, and it'll vary a lot from area to area. You've got more protection than you used to, though. Since 1st May your landlord can only raise the rent once a year, you can challenge an above-market increase at a tribunal, and Section 21 no-fault evictions have gone. If you're renting and want to buy, have a proper look at Your First Home. Plenty of renters can afford a mortgage payment lower than their rent but have never been able to save the deposit. A 2.5% deposit on a new build could change that, as long as you're happy buying new.

The short version

• Waiting for the Budget before moving? You've got your answer. Nothing in it should stop an ordinary move.
• First-time buyer? Look into Your First Home and get your name down when pre-registration opens in December, but only if a new build is right for you.
• Remortgaging in the next 6 months? Start looking now and consider locking in a rate.
• Selling? The buyers who paused are likely to come back in the new year. Get your home ready and priced properly now and you're in front of them first.
• Landlord? You've got until April 2027. Get proper advice and make a calm decision.
• Renting? Know your rights and expect rents to keep creeping up.

Talk to us

If you're planning a move, or you just want to know where your home sits after all this, give us a ring. We'll tell you what you need to hear, not what you want to hear, and we'll back it with real numbers. No pitch, no pressure, no obligation.