The housing market is braced for a prolonged period of uncertainty after Coventry Building Society warned that speculation over potential tax reforms could leave buyers and sellers in limbo until at least November.

The building society has urged the Chancellor to confirm the date of the Autumn Budget, after reports suggested sweeping changes are under consideration, including a shake-up of Stamp Duty, the possible removal of Capital Gains Tax exemptions for higher-value homes, and an extension of National Insurance contributions to rental income.

With the Office for Budget Responsibility requiring around 10 weeks’ notice to prepare for a Budget, a November announcement is now the earliest option, meaning at least two more months of speculation for the property sector.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The consequences of all this speculation are very real. Every time a new rumour surfaces it creates more uncertainty, and the housing market really doesn’t thrive on guesswork.

“Even the hint of tax changes is enough to make buyers and sellers worry about their next step. We could see people trying to hold off buying in case a tax break is around the corner, while others feel pressured to offload a property quickly before any rules change. That could mean chains collapse and families are left in limbo.

“The Chancellor shouldn’t leave people twisting in the wind. We need clarity – either quash the rumours or confirm the details.

“And, most importantly, set a date for the Budget so buyers, sellers and the market know how much more of this they have to endure.”