Homebuyers are being warned costs are set to jump by thousands of pounds when the tax cut ends after the Labour Party Budget.

The stamp duty charged on these properties is rising from 3 percent to 5 percent with immediate effect, which would add £7,000 to the typical purchase cost

Capital gains tax and inheritance tax are among the taxes being changed by Chancellor Rachel Reeves, she has confirmed.

First-time buyers look set to pay thousands more on stamp duty costs after Rachel Reeves opted to steer clear of any tweaks in the budget.

Buy-to-let investors and second home owners to pay thousands more when they buy properties, as concerns raised that it could lead to higher rents for tenants.

Chancellor Rachel Reeves confirmed that stamp duty rates will rise for those buying a second home in England and Northern Ireland from tomorrow, October 31

The Chancellor announced, from as soon as tomorrow, those purchasing additional properties will have to pay a 5 per cent surcharge.

Analysts say this could affect landlords' willingness to buy more properties. If the supply of rental properties is squeezed, that could mean rents rise for tenants in the remaining homes.