Although there are some signs of the housing market cooling off, prices continue to rise and the market is still much busier than it was before the pandemic. The October 2021 Budget and March 2022 Spring Statement have come and gone without any adverse property tax changes; in particular, property income has avoided the 1.25 percentage point tax rate increase applicable to most other types of income, including dividends. However, four Bank of England base rate increases since December 2021 have pushed up borrowing costs. This, together with the current high rate of inflation, looks like it will lead to more modest price increases going forward.