Chancellor Rachel Reeves delivered the 2026 Spring Statement to the House of Commons on 26 March 2026. Unlike a full Budget, a Spring Statement is primarily a fiscal update accompanying the OBR's twice-yearly economic forecast. The political convention since 2017 has been that the headline tax changes are saved for the Autumn Budget, and the Spring Statement focuses on forecasts, spending tweaks, and occasional consultations. Reeves's 2026 outing largely followed that pattern.
For homebuyers, the most important point about Spring Statement 2026 is what was not in it.
What was announced
The headline measures concerned welfare spending, defence spending, and a modest set of public service efficiency targets. On housing, Reeves reaffirmed the government's commitment to its 1.5 million new homes target by 2029, announced a small increase in the Affordable Homes Programme, and confirmed continued funding for planning reform delivery. There was no announcement of any stamp duty change — neither a threshold tweak, nor a new relief, nor a change to the additional-dwelling surcharge.
The OBR's accompanying forecast included revised projections for SDLT receipts, which are now expected to bring in around £14.5bn in 2026-27 — broadly in line with previous forecasts. The forecast assumes the current rate structure remains unchanged through the forecast period.
What wasn't announced — and why it matters
Pre-Statement speculation had centred on a possible uplift to the first-time buyer threshold, which had fallen sharply on 1 April 2025 (from £425,000 to £300,000). Housing industry bodies had lobbied for a partial reversal — perhaps a £350,000 threshold — to soften the blow for younger buyers. None of that materialised. Reeves did not signal any softening of the April 2025 reversion.
Also conspicuously absent: any movement on the non-resident surcharge, any reform of the additional-dwelling surcharge for accidental landlords, and any consultation on replacing SDLT with a recurring property tax — an idea that had been floated by some commentators in early 2026.
Practical takeaway
If you are buying in 2026, plan on the SDLT bands that took effect on 1 April 2025. Nothing in the Spring Statement changes them. Use our SDLT calculator for a current estimate and budget accordingly.
What to watch for in the Autumn Budget 2026
If SDLT is going to change in 2026, it will be announced in the Autumn Budget — typically delivered in late October or early November. Three possibilities are worth watching:
A first-time buyer threshold uplift. Political pressure on this is real. A move to £325,000 or £350,000 would partially undo the April 2025 reversion without restoring the full Truss-era figure. The Treasury cost would be manageable; the political optics for Labour would be helpful in the run-up to the next general election.
A consultation on property tax reform. Various think tanks have been pushing for a more radical move — replacing SDLT and council tax with a single recurring property tax. A consultation, even one with no specific outcome, would mark a serious change of direction. We'd rate the probability as low but not zero.
Tweaks to the additional-dwelling surcharge. The October 2024 rise from 3% to 5% raised an estimated £400m a year. A further rise to 6% or 7% is plausible. So is a tightening of the "replacement of main residence" exemption that lets buyers reclaim the surcharge if they sell their previous home within three years.
Wider context
The Labour government's broader stamp duty position is summarised in our policy overview. The opposition's position is covered in our pieces on Conservative SDLT history and the Lib Dem and Reform proposals.
For most buyers, the practical message of the Spring Statement is: no relief is coming this year. Budget accordingly, and don't plan a purchase on the assumption that thresholds will rise.
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