As 2025 draws to a close, attention across the property market is firmly on the Autumn Budget and the possibility of long-awaited Stamp Duty Land Tax (SDLT) reform. After several years of incremental adjustments, there is growing expectation that the Chancellor may look to simplify or recalibrate the regime to stimulate activity, although none of the proposals floated so far have been met with enthusiasm by those we speak to in the property industry.
The Government’s recently announced proposals to reform the home buying process - including mandatory upfront information and early binding contracts - have sparked renewed debate. While the aim of speeding up transactions and reducing fall-throughs is welcome, many in the profession see echoes of the failed Home Information Packs (HIPs) scheme, and believe that the real challenge lies in tackling the true causes of delay: inconsistent local authority search times, slow production of management packs for leasehold sales, and capacity pressures within the wider conveyancing sector.
In the meantime, prime London property is presenting real opportunity. We continue to see a steady flow of discretionary international buyers from the Middle East, Asia, and the US, many of whom are taking advantage of a softer market and currency conditions to secure high-quality assets at below-peak prices. For these buyers, London remains a world-class destination for lifestyle, education and wealth preservation - and the current climate offers a rare chance to acquire trophy properties with value potential.
This issue also explores how property intersects with other key assets. Lavinia du Cauze de Nazelle of our Art Law team examines what happens when collectors decide to part with a work or collection, considering the legal and strategic aspects of selling, gifting, and creating a lasting legacy. As with property, success depends on careful planning and robust contractual protection.
Jon Legg in our Real Estate Tax team highlights the continuing complexity of SDLT, from determining whether a property should be treated as residential or mixed-use, to analysing when the higher rate on additional dwellings (HRAD) applies. With the additional 2% surcharge for non-resident buyers also in play, careful structuring and early tax input remain essential to avoid costly errors - particularly in cross-border or multi-property transactions.
Meanwhile, Andrew Williamson from our Farms and Estates team reviews the Law Commission’s consultation on Chancel Repair Liability, which could finally bring much-needed clarity to an outdated but still-relevant area of law that continues to affect transactions across England and Wales.