So, the LEAKED, most talked-about, kite-flown, heavily-delayed, u-turned, economy-stalling & long-awaited budget in recent memory is finally out. Phew!

And we are all now in possession of the Rachel Reeves/Labour Party vision for Great Britain – & the harsh reality of being the most heavily taxed generation for decades.

And along with all the other overt & covert hits in today’s “dirty dozen” budget (tax threshold freezes, two child benefit cap scrapped, fuel duty freeze, pension, property, savings & EV taxes), in the property sector, no change to stamp duty, no property tax, but landlords will payer higher rate income taxes & mansion tax is coming.

The leaked Office for Budget Responsibility (OBR) document mentions “a high value council tax surcharge on properties worth over £2 million, raising £0.4 billion” – aka the “mansion tax.”

From April 2028, owners of “high value properties” – c100,000 homes, specifically valued at over £2million by the Valuation Office (in 2026 prices) – will have to swallow a recurring annual charge, collected alongside & on top of any existing council tax liability. This will impact an estimated 0.5% of UK homes.

The Chancellor gleefully announced there will be four price bands – from £2,500 for £2-2.5 million banded properties, to £7,500 for a £5 million plus valued property. And all will be uprated by CPI inflation each year. This measure is estimated to raise £0.4 billion in 2029-30 (not much money in the grand scheme of things, whilst causing significant upset to the market): 85% from property in London & the South East, including Norfolk & Suffolk’s premier homes.

Rightmove data shows sales agreed on £2M+ property have already reduced 13% – no doubt this figure will rise in the coming months & years. And with the re-valuations – & subsequent challenges/mess introducing it – no doubt this sector of the market is due for a period of uncertainty & change, for some time.

Away from the mansion tax, how does this Labour budget affect the Norfolk property market? And what’s the situation for property buyers now?

Well, first things first – let’s take stock & a step back, away from all the headlines & the noise.

There can be no doubt the market has stalled of late – as we have seen a steady stream of property price reductions at all levels in the months running up to this budget.

But the budget is done now & activity will follow, albeit only for a short while before Christmas. But we expect January to be busy, buoyant & bright.

And the Norfolk & Suffolk property market is still offering some amazing deals – on & off market, and at all budget levels (& we suspect some even better ones now, around the £1.95m mark…!).

And for those who need a mortgage to buy, interest rates are pretty low (c4%-4.5%) & these are widely predicted to get lower still (the sugar to pop into the unpalatable budget tea pot?) – so there should be some good deals to be had for borrowing, at least rolling into 2026 & heading towards Mansion Tax introduction in 2028, with any luck.

And our wonderful local estate agents have a long list of “motivated sellers” who really need to shift their homes, waiting for serious offers to roll in, from proceed-able people, in the post-budget landscape.

Plus, local developers (many of whom have seen their properties launch pretty flat of late) are also keen to do deals & move on to new sites – offering up some cracking, quality new builds & renovation projects.

That’s seriously attractive conditions to buy in.

The wider & local property market is in a state of flux.

It has been a strong buyer’s market & it remains so… but for how long?

If prices continue to fall & post-budget activity levels pick up, as they are widely thought to, the needle might swing back toward sellers.

One thing is for sure….

Buying in this post-budget landscape now means it’s even more pertinent that ever to have someone relentlessly, ruthlessly working for you – the buyer – & representing your best interests:

• Through the search phase – getting early or exclusive access to off market gems & giving you a competitive advantage with estate agents.

• In negotiation – getting you the best possible price & deal on your chosen dream home.

• Through conveyance – steering the ship on a steady course, for your chosen final destination.

• Getting you moved in happily – introducing you to all the trusted trades you need.

Navigate your way through the new-look – post-Budgetmaggedon - property market & new Manison/other taxation systems with a fresh, fast & fearless buying agent who knows how to get you the best property, at the best price, with expert support & amazing local insight & knowledge throughout: Flint Homes.

The facts are laid bare. The gloves are off.

Now is the time to act with confidence in your finances & for your needs & lifestyle wishes – with Flint Homes there to show you the path to your dream home.

It all starts with a DM.

Or feel free to reach out to us for free, impartial, honest & straight forward advice.