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.
Key Takeaways
- Rachel Reeves left stamp duty completely untouched in the March 2026 Spring Statement
- This follows the Autumn Budget 2025, which made no change to stamp duty rates or thresholds
- Only 41% of homes nationally fall under the first-time buyer nil-rate threshold of £300,000
- In London the average price, £550,037 in July 2026, is above the £500,000 cap, so a first-time buyer at that price gets no relief at all
- SDLT raised £13.9 billion in 2024-25, and £15,159 million in 2025-26, making the government reluctant to forgo the revenue
- 800,000 homeowners have shelved moving plans due to stamp duty costs (Homeowners Alliance)
- The Autumn Budget 2026 is confirmed for Wednesday 28 October 2026, but on 27 July 2026 the Prime Minister ruled out changing or scrapping stamp duty at it. That rules it out for this Budget rather than permanently
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 change to stamp duty rates or thresholds, despite significant pre-Budget speculation that the Chancellor was considering a property tax overhaul.
The Market Pressure for Change
£13.9bn
SDLT raised in 2024-25. Not a record: 2022-23 raised £15,359m, the record, and 2025-26 raised £15,159m
800,000
homeowners who shelved moves (Homeowners Alliance)
41%
of homes for sale at or below the £300,000 first-time buyer threshold (Rightmove, April 2026)
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 £13.9 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 | FTB SDLT at an Indicative Price |
|---|---|
| London | £17,500 at £550,000, the July 2026 average (above the £500,000 cap, so no relief) |
| South East | £5,000 (at £400k) |
| East of England | £3,750 (at £375k) |
| Midlands | £550 (at £311k) |
| Yorkshire | £0 (at £265k) |
| North East | £0 (at £210k) |
Apart from London, the prices are indicative regional price levels used to illustrate the mismatch between the £300,000 threshold and regional markets, not published averages. For dated figures, the UK House Price Index put the average English house price at £293,479 and the average London price at £550,037 in July 2026.
Nationally, only 41% of homes listed for sale are priced at or below the £300,000 FTB nil-rate threshold, down from 62% under the £425,000 threshold before April 2025 (Rightmove analysis, reported 13 April 2026). That means the majority of first-time buyers in England will pay some stamp duty.
Industry Reaction
Industry groups have continued to call for reform, and attention has moved to the Autumn Budget on 28 October 2026 as the next fiscal event, although the Prime Minister ruled out a stamp duty change at that Budget on 27 July 2026.
Rightmove, the UK's largest property portal, has been one of the most vocal advocates for reform. In April 2026 it estimated that first-time buyers paid £307 million more in stamp duty after the April 2025 threshold change, and that only 41% of homes for sale were at or below the £300,000 first-time buyer 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. On 31 July 2026 the Chancellor, John Healey, confirmed it will be held on Wednesday 28 October 2026, and commissioned an OBR forecast to be published the same day. No official statement has said stamp duty is on the agenda.
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 £13.9bn in 2024-25: 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
Reviewed by
Julie White
ACAStamp duty specialist since 1999Stamp Duty Land Tax Specialist
ACA and Tax Adviser with a career spanning nearly four decades, specialising in stamp duty planning and advisory work since 1999.