Andy Burnham is now the UK's new Prime Minister... so what could this mean for homeowners and landlords?

If you're buying, selling or investing in property, here's what you need to know.

Firstly, nothing changes overnight. Any major tax reforms would still need to go through Parliament before becoming law.

However, there are some proposals that property owners should keep an eye on.

🏡 Stamp Duty: Burnham has previously backed replacing Stamp Duty with an annual property tax. That could make moving home cheaper upfront, but homeowners may pay an annual charge instead. No changes have been confirmed yet.

💷 Council Tax: He's also spoken about reforming Council Tax because it's still based on 1991 property values. Higher-value homes could end up paying more, while many lower and mid-value homes could pay less under a reformed system.

🏰 High-value properties: A consultation is already underway on a High Value Council Tax Surcharge for homes worth £2 million or more in England, although this is separate from any wider property tax reforms.

🏘️ Landlords: There is speculation around further rental reforms and a significant increase in housebuilding, but there are currently no confirmed announcements on new taxes specifically targeting landlords under Burnham's government.

The bottom line? If you're buying, investing or refinancing property over the next 12 months, it could be one of the most important periods for property tax reform in decades.

Follow CYS Financial for straightforward mortgage and property finance updates as the changes unfold.

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