After months of speculation, the Chancellor has delivered his first Budget. If you’ve been holding off on a decision about your home until the dust settled, the good news is that we now have facts rather than headlines.
Back in September, we said that Budget speculation alone shouldn’t put your property plans on hold. Now that John Healey has delivered it on 28 October 2026, we can look at what was actually announced and what it means if you’re thinking of selling in Southsea and Portsmouth.
The short version? For most homeowners, very little has changed. But there are a few details worth understanding, particularly if you’re selling a starter home or a buy-to-let, or if your likely buyer is a first-time buyer.
Stamp Duty: no change
As expected, the Budget made no changes to Stamp Duty rates, thresholds or surcharges for home buyers. That means the rates we set out in September still apply. Home movers pay no Stamp Duty on the first £125,000 of a purchase, and qualifying first-time buyers pay nothing on the first £300,000 of a home costing up to £500,000.
For sellers, this matters more than it might seem. Buyers who were waiting to see whether Stamp Duty would be cut now know exactly what they’ll pay. There’s no deadline to beat and no reason to wait for a change that isn’t coming. That kind of certainty tends to help people make decisions.
Your First Home: what the new scheme does and doesn’t cover
The main housing announcement was confirmation that the Your First Home scheme will launch in spring 2027. It’s designed to help first-time buyers purchase a new-build home with a 2.5% deposit, supported by a Government equity loan. Price caps will be set locally, based on median prices in each area.
Here’s the important detail for sellers: the scheme applies to new-build homes only. It won’t help a first-time buyer purchase an existing flat in Southsea or a terraced house in Fratton or Milton.
Could some first-time buyers pause until spring to see what becomes available? Possibly. But many buyers looking at property for sale in Southsea and Portsmouth are drawn to period homes, established streets and being close to the seafront, shops and transport. With local price caps still to be published, our advice to sellers is to keep an eye on the scheme rather than worry about it.
A smaller change for Lifetime ISA savers
There’s also a change for first-time buyers saving through a Lifetime ISA. From 29 October 2026, the withdrawal charge for buying a home above the £450,000 Lifetime ISA limit has been reduced to 20%, so savers no longer lose part of what they paid in.
Most first-time purchases in Portsmouth sit well below that limit, so the local impact is likely to be modest. But if you’re selling a larger family home, a property in Old Portsmouth or a seafront apartment, it could help the occasional buyer.
Thinking of selling a buy-to-let property in Southsea or Portsmouth?
The Budget confirmed a further two percentage point rise in the tax on rental income. From April 2027, landlords will pay 24%, 44% or 49%, depending on their tax band. If you own a rental property and these changes have you rethinking your plans, you’re not alone.
Selling an investment property comes with its own considerations, from timing to whether your most likely buyer is an investor or a homeowner. It’s worth getting an accurate valuation and talking through your options with us and your accountant before making a decision.
What does this mean for the local market?
For most homeowners, the Budget changes very little. What still matters most is what’s happening locally: the type of property, its condition, its asking price and how many similar homes are competing for buyers’ attention.
Interest rates are likely to shape buyer confidence more than anything announced on Budget day, and the Bank of England’s next decision is due on 5 November. Whatever happens, well-presented homes priced realistically for the current market continue to stand out.
That’s why we always encourage sellers to look past the national headlines. As estate agents in Southsea and Portsmouth, we see every day how much demand can vary between streets, property types and price ranges.
Chris Bull, Director at Lawson Rose, says: “For months, people have been asking us whether they should wait for the Budget. Now it’s here, and for most sellers in Southsea and Portsmouth very little has changed. Stamp Duty is the same, buyers know where they stand and the fundamentals haven’t moved. If you’re thinking of selling, the best thing you can do now is get an accurate valuation, understand your position and make your decision based on facts rather than headlines.”
Budget 2026 and selling your home: your questions answered
Did Stamp Duty change in the 2026 Budget?
Stamp Duty did not change in the 2026 Budget. The Budget on 28 October 2026 made no changes to Stamp Duty rates, thresholds or surcharges for home buyers in England and Northern Ireland, and first-time buyer relief remains in place.
Does the Your First Home scheme apply to existing homes?
The Your First Home scheme does not apply to existing homes; it is only for first-time buyers purchasing new-build homes. Buyers will need a 2.5% deposit, supported by a Government equity loan. The scheme is due to launch in spring 2027, and local price caps have not yet been confirmed.
Should I sell my buy-to-let property after the Budget?
Whether to sell a buy-to-let property after the 2026 Budget depends on the landlord’s own circumstances, including their tax position and plans for the property. Tax on rental income rises from April 2027, so some landlords are reviewing their options. Lawson Rose can provide a property valuation in Southsea or Portsmouth to help landlords weigh up selling, alongside advice from their accountant.
Is now a good time to sell my house in Southsea?
Now can be a good time to sell a house in Southsea, if the timing suits the homeowner’s own plans. With the Budget delivered and Stamp Duty unchanged, buyers have more certainty about their costs. Lawson Rose advises that a realistic asking price and strong presentation remain the biggest factors in a successful sale.
Facts, not headlines
The Budget is done, and for most people the reasons for moving haven’t changed. You might need more space, want to downsize, or have found the right home. Those decisions are still yours to make, and now you can make them with the full picture.
At Lawson Rose, we combine more than 90 years of property experience with genuine local knowledge of Southsea and Portsmouth. If you’re wondering whether to sell your house, speak to our friendly team for straightforward advice about the local market and what makes sense for you.
Thinking of selling? Book a property valuation with Lawson Rose.