The Chancellor’s Budget on 28 October 2026 has introduced a number of measures that could affect property owners, landlords, investors and businesses. While some changes will not take effect for several years, others will require property owners to review their financial planning sooner.

From my perspective as a RICS Chartered Surveyor, the important question is not simply what has been announced, but how these measures may affect the cost of owning, maintaining, investing in and managing property.

At Conway Chartered Surveyors, we work with residential and commercial property clients across London and the Home Counties. Here are the key areas I believe property owners should understand.

1. Residential landlords: changes to property income tax

From 6 April 2027, income tax rates applied to property income will increase by two percentage points across all bands in England, Wales and Northern Ireland. The new rates will be 24% at the basic rate, 44% at the higher rate and 49% at the additional rate.

For landlords, this is an important consideration when reviewing the financial performance of a rental property.

Tax is only one part of the overall cost of ownership. Maintenance, repairs, insurance, financing and future refurbishment can all affect the return generated by a property.

I would encourage landlords to understand the condition of their buildings and anticipate significant expenditure rather than relying solely on short-term rental income when assessing an investment.

A property condition assessment or building survey can help identify defects and potential maintenance liabilities. Tax and ownership decisions should also be discussed with a suitably qualified accountant or tax adviser.

2. Commercial property: business rates and occupancy costs

The Budget includes targeted business rates support for eligible retail, hospitality and leisure properties in England.

For commercial property owners, it is important to understand the distinction between the costs faced by a tenant occupying a property and the costs borne by the owner.

Business rates relief may benefit qualifying businesses, but it does not automatically reduce a landlord’s repair obligations, insurance costs or capital expenditure.

Owners and occupiers should establish whether their premises qualify for the relevant measures and consider these alongside lease terms, service charges, maintenance liabilities and the wider cost of occupation.

From a surveying perspective, understanding a building’s condition and likely future expenditure remains an important part of managing a commercial property asset.

3. High Value Council Tax Surcharge: what owners should know

The Budget has confirmed further details of the proposed High Value Council Tax Surcharge in England, which is planned to take effect from April 2028.

The surcharge is intended to apply to qualifying residential properties valued at £2 million or more, with annual charges determined by the relevant property value band.

This could be particularly relevant to owners of high-value homes, landlords and investors holding qualifying residential property.

The forthcoming valuation arrangements will be important, as a property’s value and characteristics will determine whether it falls within scope and which band applies.

Owners should keep track of the official guidance and ensure that the property information used in any valuation process is accurate.

A surveyor can provide relevant evidence about a property’s physical characteristics and condition. Where a formal market valuation is required, owners should appoint an appropriately qualified valuation professional. The official surcharge assessment and any resulting tax liability remain matters for the relevant authorities and applicable legislation.

4. Housing and energy costs

The Budget also includes measures intended to support household energy costs, help first-time buyers and increase investment in social and affordable housing.

For existing homeowners, the wider lesson is that energy efficiency and building maintenance remain important considerations when managing a property over the long term.

For developers and housing providers, additional affordable housing funding may create opportunities, although the delivery of individual schemes will depend on planning, viability, construction costs and the availability of funding.

For buyers, landlords and commercial investors, understanding the physical condition of a building remains central to making informed decisions about refurbishment and future expenditure.

5. What should property owners do now?

Although several measures will not take effect until 2027 or 2028, property owners can start preparing by reviewing their position.

I recommend considering the following:

• Review anticipated costs: Understand likely repair, maintenance and refurbishment expenditure.
• Assess property condition: Identify defects and prioritise necessary works before they become more costly.
• Review investment assumptions: Landlords should consider future tax changes alongside rental income and maintenance costs.
• Check eligibility: Commercial owners and occupiers should establish whether they qualify for business rates support.
• Seek appropriate professional advice: Surveyors can help with building condition and valuation matters, while accountants and solicitors can advise on tax and legal obligations.

A considered approach to property decisions

The Budget will affect different property owners in different ways. There is no single response that will suit every homeowner, landlord or commercial investor.

My advice is to understand both the financial implications and the physical condition of your property before making significant decisions.

At Conway Chartered Surveyors, we advise residential and commercial clients across London and the Home Counties. Whether you are purchasing a property, managing an investment, planning refurbishment or reviewing an existing asset, professional surveying advice can help you understand the risks and make informed decisions.

If you have questions about how the Budget may affect your property plans, contact Conway Chartered Surveyors to discuss your requirements.

This article provides general information and is not individual tax, legal or financial advice.