Spring Statement 2026: No Stamp Duty Reform as Pressure on Government Mounts
Reeves left stamp duty unchanged for the second major fiscal event running. With 800,000 shelved moves and industry calling for action, all eyes now turn to Autumn Budget 2026.
In this article
Key Takeaways
- Rachel Reeves left stamp duty completely untouched in the March 2026 Spring Statement
- This follows the Autumn Budget 2025, which also made no stamp duty changes
- Only 41% of homes nationally fall under the first-time buyer nil-rate threshold of £300,000
- In London, just 11% of homes are below the FTB threshold
- SDLT raised £11.6 billion in 2025, making the government reluctant to forgo the revenue
- 800,000 homeowners have shelved moving plans due to stamp duty costs (Homeowners Alliance)
- Property transaction fall-throughs cost an estimated £900 million per year
- The Autumn Budget 2026 is now the next realistic opportunity for any reform
What the Spring Statement Said (and Did Not Say)
Rachel Reeves delivered the Spring Statement in March 2026. Stamp duty rates, thresholds, and surcharges were all left entirely unchanged.
Spring Statements are typically fiscal updates rather than full Budget events, so headline tax changes are rare. But given sustained industry lobbying and the pressure from the Conservatives' abolition campaign, many had hoped for at least a consultation announcement.
Current Rates: Unchanged Since April 2025
- • Standard nil-rate band: £125,000
- • First-time buyer nil-rate band: £300,000
- • Additional dwelling surcharge: 5%
- • Corporate body rate: 17% on residential properties over £500,000
The Autumn Budget 2025, delivered in November 2025, also passed without any stamp duty changes, despite significant pre-Budget speculation that the Chancellor was considering a property tax overhaul.
The Market Pressure for Change
£11.6bn
SDLT raised in 2025 (record year)
800,000
homeowners who shelved moves (Homeowners Alliance)
£900m
annual cost of transaction fall-throughs
Transaction volumes have not fully recovered from the post-April 2025 slump. Rightmove data shows that demand and new listings were both down in the months following the threshold reversion, and fall-through rates remain elevated.
The Treasury is acutely aware that SDLT raises around £11.6 billion per year. Any reform that reduces receipts must either be offset by other revenue or justified by economic growth arguments. Neither case has been made publicly.
The First-Time Buyer Threshold Problem
One of the core criticisms of the current system is that the first-time buyer nil-rate threshold of £300,000 bears little relation to actual property prices in many parts of the country.
| Region | % of Homes Under £300k | FTB SDLT at Average Price |
|---|---|---|
| London | 11% | £7,500 (at avg £450k) |
| South East | 28% | £5,000 (at avg £400k) |
| East of England | 35% | £3,750 (at avg £375k) |
| Midlands | 55% | £550 (at avg £311k) |
| Yorkshire | 68% | £0 (at avg £265k) |
| North East | 76% | £0 (at avg £210k) |
Nationally, only 41% of homes listed for sale are priced below the £300,000 FTB nil-rate threshold (Rightmove data). That means the majority of first-time buyers in England will pay some stamp duty.
Industry Reaction
The response from the property industry was resigned frustration rather than surprise.
“Stamp duty remains one of the biggest barriers to homeownership. Every fiscal event that passes without reform is another missed opportunity.”
Mortgage Solutions, March 2026
“Focus now shifts to the Autumn Budget 2026 as the next realistic window for any meaningful stamp duty change.”
Estate Agent Today, March 2026
Rightmove, the UK's largest property portal, has been one of the most vocal advocates for reform. The portal has published multiple research pieces showing that SDLT is suppressing transaction volumes and that 41% of listed homes fall below the FTB threshold.
Propertymark, the estate agents' federation, has repeatedly called for the government to consider a broader review of property transaction taxes, including potential SDLT reform.
What to Watch: Autumn Budget 2026
The next major fiscal event where stamp duty reform is plausible is the Autumn Budget 2026, expected in October or November 2026.
Possible Changes
- • Raise FTB nil-rate threshold (£300k to £425k or higher)
- • Reduce standard nil-rate band penalty (back towards £250k)
- • Tiered reform to smooth the cliff at £500k
- • Consultation on replacing SDLT with an annual property tax
Why It May Not Happen
- • SDLT raised £11.6bn in 2025: a hard revenue to replace
- • Labour has shown no public appetite for major reform
- • Previous Budget passed without change despite strong lobbying
- • Any reform risks being seen as helping wealthier buyers
Calculate Your Stamp Duty Under Current Rates
Current SDLT rates and thresholds remain as set from April 2025. Use our calculator to see exactly what you will pay.
Go to CalculatorSources
- Rightmove property market data and SDLT analysis
- Mortgage Solutions: industry commentary, March 2026
- Estate Agent Today: stamp duty reform coverage
- Propertymark: industry body, property tax overhaul
Emma Richardson, MRICS
Chartered Surveyor & Property Tax Specialist
Emma Richardson is a RICS-qualified Chartered Surveyor with over 12 years of experience in UK property taxation. She founded Calculate My Stamp Duty UK to help buyers understand the complex world of property transaction taxes.