With the Budget date now announced for 26 November and hints of property tax changes in the offing, it looks set to be a frustrating time for those want to move home.

Widespread media reports recently suggest the Chancellor is considering at least three reforms.

Scrapping Stamp Duty for buyers and replacing it with a new property tax on sellers of homes worth more than £500,000

Ending the Capital Gains Tax (CGT) exemption on main residences above certain thresholds –meaning owners of higher-value homes would face large new bills when they sell.

And possibly extending National Insurance to include rental income.

What have been seen as pre-meditated leaks to the press on potential tax plans, have been broadly criticised for bringing uncertainty to the market.

Coventry Building Society head of mortgage relations Jonathan Stinton wonders as  we get closer to 26 November, how many buyers will be tempted to drag their feet a little, just in case Stamp Duty is abolished and they save thousands of pounds overnight?

“Ultimately, if you’re in the middle of buying or selling a property now, this speculation could add weeks onto the process and put some sales and some chains at risk.

He adds: “Sellers – particularly those with more expensive homes to sell – may start to feel the urgency to complete the transaction before they find themselves on the sharp end of a rumoured new property tax. When you add in the potential of Capital Gains Tax coming into play as well, you’ve got another strong incentive for some sellers to beat this hypothetical deadline.”

Stinton argues that until these rumours are either quashed or implemented, it’s going to be a frustrating time for people who just want to move home.

“Ten weeks is a long time to wait to find out if these changes are real. When tax reforms of this scale come in, there are always winners and losers – the Treasury can’t expect anyone to carry on as usual when thousands of pounds could be at stake.”

Martyn Gerrard Estate Agents  chairman agrees that the speculation has been spectacularly unhelpful with the impact already being felt.  “The panic, confusion and uncertainty sparked by these potential new taxes have caused almost 20% of our agreed sales in August to see the buyers withdraw only a week or two later. The shadow of the Budget now looms and this constant chatter will put a hold on the property market during September and October, detrimentally affecting the overall economy whilst we are in this limbo.”

It is this ‘limbo’ rather than unreserved opposition to all proposed changes that has infuriated.

Stinton added: “We’ve been calling for reform of property tax for a long time, and any significant change will need time to settle in. But drip feeding policy ideas months ahead of time is unhelpful for everyone.