The Budget on 28 October left stamp duty, capital gains tax and inheritance tax unchanged, ending weeks of speculation that had kept some London sellers waiting. The market it leaves behind is steady but subdued: Nationwide's index for October, published on 30 October, showed prices flat on the month and annual growth slowing to 0.5%, the weakest since January 2024.
For an owner deciding whether to sell this winter or in the spring, the useful questions are what buyers are doing now, and how long a sale realistically takes.
What the Budget did and did not change
The measures that affect sellers directly were already known. The High Value Council Tax Surcharge on homes worth £2 million or more goes ahead from April 2028, based on April 2026 values, at between £2,500 and £7,500 a year. Income tax on rental profits rises to 24%, 44% and 49% from April 2027, which may lead some landlords to sell; we cover the rules on selling a tenanted home in a separate article today. Reports that the surcharge might be extended to homes worth £1.5 million did not come to pass.
What the first figures show
Nationwide put the average UK price at £273,566 in October. Its chief economist, Robert Gardner, said that "market activity and house price growth have slowed in recent months, in part reflecting the uncertain economic backdrop", and that surveyors report new buyer enquiries remain weak. Nationwide's monthly release does not give London figures, and none of the October data yet reflects behaviour after the Budget.
In prime central London, Knight Frank recorded a 0.3% rise in prices in the third quarter, the first quarterly increase in four years, although prices were still 2% lower than a year earlier. LonRes data, reported on 14 October, put agreed sales across London between January and September 22% below the five-year average.
The first comment since the Budget is cautiously positive. Liza-Jane Kelly, head of London residential sales at Knight Frank, reported an "activity lift in our prime and super-prime markets with more enquiries coming in", while stressing that "what happens in Mayfair or Belgravia is very different to what happens in Wandsworth or Islington", and that sellers need to be realistic on price.
How long a sale takes
Timing is where many sellers are caught out. Rightmove's analysis, published in July, found that homes took an average of 62 days to find a buyer, and that the time from sale agreed to completion averaged 154 days across Great Britain and 174 days in London, the slowest of any region.
On those averages, a London home launched in January would complete in late summer, not in the spring. A faster sale is possible, but it usually depends on a well-priced launch, a buyer who is ready to proceed and a short chain.
Preparing a launch for the new year
- Prepare the paperwork now. Title documents, the energy certificate and, for a leasehold flat, the management pack can take weeks to assemble; having them ready shortens the time after an offer.
- Price on achieved evidence. With buyers still cautious, the asking price should be set against recent achieved prices for comparable homes, not against the market of 2022.
- Know your chain. If you are buying as well as selling, plan both timetables together.
- Watch the next data. Halifax publishes its October index this week and LonRes its October figures later this month; both will give the first view of the market after the Budget.
Dolce Vita handles sales and lettings across the UK from Mayfair, and helps clients buy abroad through partner agencies. If you are thinking of selling in the new year, Request a valuation; we acknowledge the same working day and return a written valuation within 24 to 48 hours.
Hanane Dawson, Founder
Sources: Nationwide House Price Index, October 2026, published 30 October 2026 (with LBC, 30 October 2026). Knight Frank, "The Autumn Budget 2026: what it means for the property market", 29 October 2026, including comment by Liza-Jane Kelly. Knight Frank, "No news has been good news for the prime London market", 2 October 2026. LonRes data via PrimeResi, 14 October 2026. Rightmove, sale completion times, press release 31 July 2026. Propertymark, Budget 2026 summary, 28 October 2026. City AM, 11 October 2026. HM Treasury, Budget 2026: overview of tax legislation and rates, 28 October 2026.