Speculation over the contents of the November 2026 Budget has moved from Westminster corridors into boardrooms and landlord forums across the country, and for good reason. With the Office for Budget Responsibility widely expected to confirm a fiscal shortfall in the region of £20-30 billion, housing — and specifically the wealth locked up in it — has become an obvious target for a Treasury short on painless options. The debate now circulating among policy analysts is not whether property will be touched, but which levers get pulled: capital gains tax on primary residences above a threshold, a reformed council tax banding system, restrictions on inheritance tax reliefs tied to property, or a fresh assault on landlord incentives that have already been eroded by the phased withdrawal of mortgage interest relief since 2017.