The Bank of England Reduces Interest Rates to 4.50%.
The Bank of England has announced that interest rates are to be reduced again, this time going down Interest Rates to 4.50%1.This is the second reduction in interest rates in recent times, following a long period of interest rate rises, where they peaked at a 16-year high of 5.25%.2What could the rate reduction announcement mean for my mortgage?If you have afixed-rate mortgage then there won’t be any immediate changes, however reductions in the Bank of England base rate may mean that lenders start to offer more attractive deals in the coming months ahead. If you have a fixed-rate mortgage period coming to an end soon, then it’s the ideal time to get in touch to discuss your options accordingly.If you have avariable-rate mortgage, have a Bank of England tracker mortgage, or are on the Standard Variable Rate (SVR), then you may start to see changes to your monthly mortgage repayments, depending upon your lender and the deal that you have.Let us see how we can helpWe are here to provide you with the advice and guidance you need, and help with any queries you may have. There’s an overwhelming amount of information online, and some of it can be conflicting or confusing, so this is where we are here to help you.We would recommend that you contact us to let us look at your individual circumstances and provide bespoke information to allow you to make educated decisions.Contact us for a ReviewIt’s the ideal time to talk about your mortgageThe mortgage market is constantly evolving, and it’s a great time to start looking at your mortgage, whether you’re looking at moving home or have a remortgage coming up and want to know how much it could cost you.Chances are, the rates may be considerably different to your last remortgage, however these recent changes may be starting to soften the blow and you may be pleasantly surprised by the options available.It’s our mission to provide tailored mortgage advice for your exact situation, and can look across a wide range of deals not found on the High Street, so please book an appointment to see how we can help you.Please note, your home may be repossessed if you do not keep up repayments on your mortgage. Sources:Bank of England (2025) Current Bank Rate. Available at: https://www.bankofengland.co.uk/ [Accessed 27th Jan 2025]Bank of England (2025) Official Bank Rate History. Available at: https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp [Accessed 27th Jan 2025]All the information in this article is correct as of the publish date 6th February 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Property Experts Forecast 2025 to be a Buyers Market
The UK housing market is showing signs of a strong start in 2025, so looking like a Buyers Market with significant increases in new property listings and a rise in average asking prices. Estate agents Rightmove report that the average price of properties coming to market has increased by 1.7% (£5,992) this month, reaching £366,189—the largest new year price jump since 20201. Despite this growth, average prices remain approximately £9,000 below the peak reached in May 2024, reflecting ongoing affordability considerations for buyers1.
Increased Property Listings
The number of new property listings has risen by 11% year-on-year since Boxing Day, providing buyers with a broader selection of homes1. This influx has led to the highest number of properties available per estate agency branch for this time of year in a decade1. The increased supply is intensifying competition among sellers, who are being advised to price properties realistically to attract potential buyers1.
Buyer Activity and Market Dynamics
Buyer interest has also surged, with a 9% increase in inquiries to estate agents and an 11% rise in agreed sales compared to the same period last year1. This suggests that buyers are responding positively to greater property availability and expectations of improving mortgage rates2. However, the market remains sensitive to external factors, such as interest rate fluctuations and impending stamp duty changes, which may influence buyer behaviour later in the year1.
Tim Bannister, Rightmove’s Director of Property Data, highlighted that while the market is experiencing a buoyant start, sellers must remain pragmatic with pricing strategies1. Overpricing could deter potential buyers, particularly in a market where affordability continues to be a critical concern. Bannister emphasised that realistic pricing is key to ensuring successful transactions in the current competitive landscape1.
Conclusion, is it a Buyers Market
Early indicators for 2025 suggest a vibrant housing market driven by increased supply and active buyer participation. While more property options benefit buyers, it’s wise for sellers to adopt realistic pricing to help aid changes of a sale in such a busy marketplace. With the market poised for growth, attention to economic factors like interest rates and policy changes will be crucial for both buyers and sellers as the year progresses.
All the information in this article is correct as of the publish date 30th January 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
January often feels like one of the longest months of the year. With extended gaps until payday and the financial strain left by the festive season, many find their budgets stretched to the limit. If you’re feeling the squeeze right now, take it as an opportunity to Plan your Mortgage Now.
Post-Christmas Financial Vulnerability
The period after Christmas can leave many of us in a precarious financial position. According to the Legal & General Deadline to Breadline report, the average UK household is just 19 days from the breadline if their income were to stop suddenly1. This reality highlights the importance of careful financial planning and having plans in place should the worst happen. If you find yourself dipping into savings or relying on credit to cover essential expenses, now is the perfect time to take action to protect what matters most to you and your family.
Planning Ahead for the New Financial Year
The start of a new year is the perfect time to Plan your Mortgage Now & protection arrangements. We’re here to support you with mortgage and protection reviews to ensure your finances are set up to match your current needs and future goals.
By reviewing your mortgage, we can help you:
Ensure you’re on the most suitable rate for your situation.
Avoid slipping onto expensive Standard Variable Rates (SVRs)2.
Plan for any upcoming changes, such as job transitions or family growth.
We also recommend taking the time to review your protection arrangements. This will help ensure your income, health, and lifestyle are adequately safeguarded. Regular reviews of life cover, critical illness cover, and income protection ensure you and your loved ones remain protected in the face of life’s uncertainties.
Why Plan your Mortgage Now plus Protection Review
Life evolves, and so do your financial needs. That’s why it’s essential to regularly review your mortgage and protection arrangements. Changes in income, marital status, or family size can mean your current setup no longer aligns with your requirements, potentially leaving you overpaying or under-protected.
From a mortgage perspective, regular reviews can help you identify opportunities to save money by accessing better rates or switching to products that better support your financial goals. If your circumstances are changing, or you’re approaching the end of a fixed-term period, we can assess your current situation and advise on tailored mortgage options that may suit your needs better than your existing deal.
We have access to a wide range of remortgage and product transfer options, including many exclusive deals not available on the High Street. While your existing lender may contact you with their latest offers, we recommend booking an appointment with us. We’ll help ensure you’re not just choosing the most convenient option, but the one that truly aligns with your goals and where you want to be in the future.
Protection Review: How Long Could You Last Without an Income?
We’re dedicated to keeping you protected, because life has a way of presenting unexpected challenges when you least expect them.
The Legal & General Deadline to Breadline Report 2022 found that 37% of UK households have less than £1,000 in savings, and 16% have no savings at all1. This underscores the importance of having a financial safety net. If you’re one of the 42% of employed adults who believe they could only survive a month or less on savings1, it’s time to think about income protection.
Income protection policies provide a safety net by replacing a portion of your income if you’re unable to work due to illness or injury3. Critical illness cover and life insurance also ensure your loved ones are cared for in the event of the unexpected4. By reviewing your protection arrangements, we can help you close any gaps in your financial safety net and reduce the risk of financial hardship.
Book Your Mortgage & Protection Appointment Now
The start of the year is the perfect time to take charge of your mortgage and protection arrangements. Reach out to us for tailored advice, designed to address any gaps in your protection and ensure you’re on a mortgage deal that fits your unique circumstances. Together, we can help you build a secure and stable future for you and your family. Plan your Mortgage Now
All the information in this article is correct as of the publish date 30th January 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Buying a Home in a Flood Risk Area: What You Need to Know
Purchasing a home is one of the most significant decisions you’ll ever make, so it’s crucial to consider all potential risks before committing. This winter, flooding has once again made the headlines, affecting many homes across the UK, and highlighting the importance of factoring in Flood Risk Area when searching for your next property.
For some UK buyers, this means carefully evaluating the possibility of purchasing a home in a flood-prone area. With extreme weather events becoming increasingly common, understanding and assessing flood risks is vital to safeguarding your investment—and your peace of mind.
What is a Flood Risk Area?
A flood risk area refers to a location that is more susceptible to flooding, whether from rivers, the sea, or surface water. According to the Environment Agency, over 5.2 million properties in England are at risk of flooding1. In Scotland, Wales, and Northern Ireland, similar assessments are made by SEPA, NRW, and DfI Rivers, respectively. Flood risk isn’t confined to areas near rivers or coastlines; heavy rainfall and inadequate drainage systems can also pose a threat in urban areas.
Should You Buy a Property in a Flood Zone?
Buying a home in a flood zone isn’t necessarily a dealbreaker, but it does require very careful consideration. Properties in these areas can sometimes be more affordable, but there are potential downsides. You may face challenges securing insurance, higher premiums, or even difficulty selling the property in the future. That said, properties with robust flood defences or lower-risk classifications may offer greater peace of mind here.
Assessing the Flood Risk
Before you fall in love with a property, take the time to investigate its flood risk. The Environment Agency provides a free online flood risk assessment tool for properties in England, while devolved governments offer similar services in other parts of the UK.
These tools allow you to check the likelihood of flooding from various sources and provide detailed maps of flood zones. Additionally, it’s important to ask the seller for any information about the property’s flood history or damage caused by previous flooding.
The Environment Agency has created a series of Flood Zone Tiers to help assess the risk2:
High: These are the areas with the most severe chance of flooding, and have over a 3.3% chance of it flooding each year. This also takes flood defences into account.
Medium: These areas have a 1-3.3% chance of flooding each year, again taking into account the effects of defences.
Low: Low risk are areas of the UK which have a 0.1% to 1% chance of yearly flooding.
Very Low: This risk level is given to those UK areas with less than a 0.1% chance of flooding each year.
Additionally, it is always worth noting the type of flooding, whether it be coastal, rivers, surface water, sewers etc.
Flood Insurance Considerations
Insuring a property in a flood zone can be more expensive and challenging. The good news is that the Flood Re3 scheme, introduced by the government and insurance industry, makes it easier and more affordable to insure properties built before 2009 against flood damage. However, homes constructed after 2009 are not eligible for the scheme, so it’s vital to explore your options and get quotes from multiple insurers.
Protecting Your Home
If you decide to buy a property in a flood-prone area, it’s essential to take proactive steps to mitigate risk. Installing flood defences such as barriers, airbrick covers, and non-return valves on drains can significantly reduce the impact of flooding. Raising electrical sockets and keeping valuable items on higher floors are also practical measures. Some homeowners may even qualify for grants or local authority assistance to install flood prevention measures.
Seeking Expert Advice
When purchasing a property in a flood zone, enlisting the help of experts can make a big difference. A qualified surveyor can assess the risk and provide recommendations for flood protection. Solicitors experienced in property transactions should also be consulted to review flood-related issues during the conveyancing process. They can confirm whether the property is located in a flood risk area and outline your responsibilities as a homeowner.
Weighing the Pros and Cons
Buying a home in a flood risk area doesn’t have to be a source of constant worry. Many UK homes in flood zones remain safe and dry thanks to effective flood management strategies. However, it’s crucial to weigh the potential risks against the benefits and ensure you’re prepared for any eventuality. By doing your research, taking precautions, and consulting professionals, you can make an informed decision and enjoy your new home with confidence.
Property Rescue (2025) Selling A House In A Flood Zone. Available at: https://propertyrescue.co.uk/useful-guides-articles/selling-a-house-in-a-flood-zone/ [Accessed 15th January 2025]
All the information in this article is correct as of the publish date 30th January 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Budget-Friendly Christmas: Money-Saving Tips for a Special Season
Christmas is a time for celebration, family, and creating special memories, but it doesn’t have to come with a hefty price tag so go for a Budget-Friendly Christmas. For many, budgeting is top of mind, and there are countless ways to make the season festive without overspending. Here’s how to enjoy a wonderful Christmas while keeping your finances in check.
1. Set a Realistic Budget for Gifts and Stick to It
Establishing a gift budget can save a lot of stress down the line for a Budget-Friendly Christmas. Think about who you really want to buy for and set an amount for each person. You don’t need to go big—some of the most cherished gifts are those with thought behind them rather than a high price tag. Also, consider “Secret Santa” with family or friends, where everyone buys for one person instead of all, keeping gift-giving affordable and fun.
Tip: Use budgeting apps or even simple lists on your phone to keep track of spending on gifts to stay on target.
2. Get Crafty with Homemade Gifts
Handmade gifts can be more meaningful than anything bought, and they’re often easier on your wallet. Ideas include homemade jams, cookies, bath salts, candles, or personalised Christmas ornaments. You can even make DIY gift baskets with small, thoughtful items, like hot chocolate sachets, marshmallows, and a cozy pair of socks, for a heartfelt gift that doesn’t cost the earth.
Tip: Check out online tutorials and print customised labels for an extra touch of charm.
3. Get the Guests Involved with Christmas Lunch
Hosting the entire Christmas meal for the extended family can be costly, so consider making it a “potluck” event where each guest brings a dish. Not only will this reduce your expenses, but it also allows everyone to contribute to the day. If you’re hosting, you might take care of the main dish, while family members bring starters, side dishes, and desserts.
Tip: Coordinate dishes ahead of time so you don’t end up with duplicates and can ensure a balanced, varied menu.
4. Decorate with Nature
Christmas decorations can be pricey, but nature offers many beautiful (and free!) alternatives. Gather pinecones, fallen or broken holly branches and other greenery from local parks or your garden. Arrange these items in vases, hang them as garlands, or use them as rustic place settings. If you already have decorations, consider reusing and mixing up the placement for a fresh look.
Tip: A little DIY goes a long way—try making dried orange slices or cinnamon stick bundles to add a festive scent and look to your decor.
5. Plan Affordable Family Activities
Spending time together doesn’t have to involve expensive outings. Some free or low-cost Christmas activities include:
Christmas movie marathon: Pull out old favourites or explore new ones at home.
Neighbourhood Christmas light walk: Take a stroll around your area to enjoy festive lights and decorations.
Christmas baking: Gather the family to bake gingerbread men, mince pies, or other seasonal treats.
DIY Christmas cards or decorations: Especially fun for families with young children, making cards or ornaments is a creative and inexpensive way to get into the holiday spirit.
6. Embrace Thrift and Second-Hand Shopping
If you’re looking for unique decorations or gifts, consider second-hand stores. You can often find Christmas decorations or gifts at a fraction of the cost in charity shops or online marketplaces like eBay, Facebook Marketplace, or local swap groups. This can also be a sustainable way to celebrate, reusing items that would otherwise go to waste.
Tip: Look for items you can upcycle, such as adding a fresh coat of paint to a frame or using fabric from old linens to make festive table runners.
7. Look for Free Festive Events
Throughout the UK, there are numerous free events during the Christmas season, from Christmas markets to light displays, concerts, and carol singing. Many of these events are perfect for families and can help build lasting holiday memories without any expense.
Tip: Check local community boards, libraries, or council websites to find free events in your area.
8. Consider a Christmas Savings Jar
To spread out the cost of Christmas, some families start saving in a Christmas jar or account. Set aside a small amount each week starting early in the year to relieve the financial pressure when December arrives. It’s a simple yet effective way to ensure that you’ll have a little extra set aside for next Christmas.
Tip: Many UK banks and building societies offer Christmas savings accounts to help keep these funds separate from regular savings.
9. Shop Smart and Early for Deals and a Budget-Friendly Christmas
Buying early often gives you access to better deals and can help spread out the cost of Christmas. Many shops have sales in the autumn, and major events like Black Friday in November offer opportunities to buy gifts or decorations at reduced prices. Planning ahead also gives you more time to compare prices and make smarter purchases.
Tip: Sign up for retailer newsletters and watch for sales at your favourite shops to stay on top of the best deals.
10. Create Your Own Christmas Traditions
Some of the best holiday memories come from traditions that don’t involve spending much money. Starting a Christmas Eve tradition, such as reading a story by the fire, having a family game night, or making hot chocolate together, can be just as special as more costly festivities. Little rituals add to the magic of Christmas and bring everyone together.
Tip: Think about what matters most to your family and create traditions that reflect those values and interests and a Budget-Friendly Christmas.
In Summary
Celebrating Budget-Friendly Christmas without overspending doesn’t mean cutting back on joy or fun. By focusing on thoughtful gifts, home-crafted decorations, and meaningful activities, you can create a memorable and magical holiday season. With these tips, you’ll not only keep costs down but may also discover new traditions and ways to celebrate that become lasting parts of your Christmas experience.
All the information in this article is correct as of the publish date 28th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Top Tips to Keep Your Car Safe from Clever Thieves
In an age where our cars are more advanced than ever, so too are the methods used by car thieves so you need to Keep Your Car Safe. Today’s criminals are tech-savvy, using everything from signal jammers to relay attacks to outsmart security systems and steal vehicles in a flash.
But don’t worry – there are clever, practical steps you can take to stay one step ahead. From choosing the right parking spot to adding some good old-fashioned visual deterrents, these tips will help keep your car safe and secure, no matter how smart the criminals get. Read on to discover how to Keep Your Car Safe from modern-day thieves and drive with peace of mind:
1. Don’t Rely on Just Your Key Fob Locking up is a given, but double-check every time. Thieves can use signal jammers to keep cars unlocked, leaving your vehicle vulnerable. If you’re parking in a high-risk area, it’s worth checking each door – it might seem like a hassle, but it’s worth the peace of mind.
2. Protect Against ‘Relay Attacks’ Relay attacks are on the rise, with thieves amplifying your key’s signal from inside your home. Block them out by storing your keys in a metal box or signal-blocking pouch.
3. Pick the Right Parking Spot Opt for well-lit, CCTV-monitored spots or Park Mark-approved car parks. Thieves are more likely to avoid vehicles in open, visible spaces.
4. Leave No Temptation Behind Clear out belongings – even a coat or loose change on display can tempt a thief. If you have a parcel shelf, leave it open to show there’s nothing to steal.
5. Detach and Conceal Electronics Take your sat-nav and detachable stereo front with you, and wipe away suction marks that could hint at valuables.
6. Equip Your Car with Extra Security Consider adding a car alarm, immobiliser, or GPS tracker. Not only can these reduce insurance premiums, but they also make your car less attractive to thieves.
7. Old-School Deterrents Still Work Wheel locks, pedal locks, and etched windows are making a comeback. These visible deterrents often convince thieves to move on to an easier target.
8. Keep Keys Out of Sight Never leave your keys by the door – some thieves use wire hooks to fish them out through letterboxes! Store them out of sight, but avoid hiding them in bedrooms where a determined intruder could put your safety at risk.
9. Keep Documents at Home Don’t leave logbooks or personal documents in the car. These could make it easier for thieves to sell your car and increase your risk of identity fraud.
10. Wheel Locks for Your Alloys Locking wheel nuts are a low-cost way to protect your alloys from being snatched by opportunistic thieves.
11. Stay Secure in Traffic In traffic jams, keep windows up, doors locked, and valuables out of sight to deter anyone who might take advantage of a slow-moving car.
12. Never Leave Your Engine Running Avoid the temptation to leave your car running while it warms up – it’s an open invitation for a quick getaway theft.
13. Join a Neighbourhood Watch Joining a Neighbourhood Watch scheme adds a layer of community protection. Together, residents can keep an eye out for suspicious activity, keeping the area safer for everyone.
By staying one step ahead and following these tips, you’ll help to make your car a less appealing target for thieves looking for an easy win. For information go to Brighton Mortgage Broker – The Finance House For info on the FCA go to Register Home Page
All the information in this article is correct as of the publish date 28th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Are you on the mortgage deal that fits your current circumstances? In today’s ever-changing financial landscape, it’s easy for mortgage deals to become outdated before you know it, and increasingly important to be aware of what’s out there that could be of interest to you.
Mortgage advice at your fingertips
We’re here to support you for every step of the way, not only from getting your first mortgage, through to supporting you when it comes to remortgaging, and keeping you and your family protected.
Whether interest rates are climbing or falling, or new mortgage products are becoming available, the mortgage market is constantly shifting. For many homeowners, this means the deal you originally signed up for may not always be the most suitable one for your circumstances at this moment in time.
It’s therefore always worth getting in touch with us should your situation change and we can take a look at the options available to you.
Why It’s Important to Review Your Mortgage Deal Regularly
Unlike some other financial products, mortgage deals have a set period that they run for – whether it’s a variable rate or tracker mortgage that is renewed every few years, or a fixed rate mortgage that runs for two, five or ten years, for example.
After these fixed periods expire, lenders may automatically move you onto your lender’s standard variable rate (SVR). The SVR is usually higher than the rates on fixed, tracker, or discount mortgage products, potentially leading to higher monthly repayments. Regularly reviewing your mortgage allows you to avoid being caught on the SVR and instead, ensures you’re always on a competitive deal.
Moreover, many mortgage products offer introductory rates that can seem attractive but might not remain so over time. By regularly comparing what’s on the market, you can catch these shifts early and lock in a better deal if one becomes available.
Check out the Latest Mortgage Deals We’ve made it easier than ever to see what’s available with our easy-to-use mortgage comparison tool. Simply input your information, and you’ll be able to compare a range of competitive mortgage deals from leading providers. But remember, a tool can only provide the numbers—it’s the conversation with an adviser that can make those numbers work for you.
Don’t Wait Until Your Current Deal Ends
If you’re already on a mortgage, checking your options isn’t just for those whose deals are about to end. Sometimes, the benefits of switching can outweigh the costs of any early repayment charges. It’s a chance to take control of your finances, potentially lower your monthly payments, or even reduce the overall term of your mortgage.
So, it doesn’t hurt to see what deals are out there, and take a look at the tool here to explore the current mortgage offers. If you see something of interest, please don’t hesitate to get in touch and let us help you to make informed choices that reflect your own financial goals and align with your current circumstances – after all, we’re in a fast-moving marketplace and life changes quickly.
We’ll be able to talk you through your existing deal and examine if there’s anything out there that can provide a greater fit with your current circumstances, and provide mortgage guidance for the future, matched to your needs.
All the information in this article is correct as of the publish date 28th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Rising Demand for Chain-Free Homes as Stamp Duty Deadline Approaches
With a significant surge in demand for homes that are chain-free, the UK property market is buzzing as buyers seek a speedy move to beat the looming stamp duty hike due to the Stamp Duty Deadline. A recent report by Zoopla highlights that 32% of homes currently on the market are listed as chain-free, a significant draw for those keen to finalise their purchase before the April deadline.1
Changes are Coming in April 2025
The reason for this urgency? From 1 April, the threshold at which first-time buyers start paying stamp duty will drop back to £300,000 from its current level of £425,000.2 This change means that a first-time buyer purchasing a property valued at £425,000 would face a stamp duty bill of £6,205, whereas previously they paid none.3 The costs climb even higher for properties priced between £425,000 and £625,000, with buyers facing an additional £11,250.3
Not only first-time buyers but also home movers are affected by the changes. From April, the stamp duty threshold for these buyers will be reduced from £250,000 to £125,000, potentially adding up to £2,500 in extra costs. This has led to a heightened interest in chain-free homes, with Zoopla reporting a 9% spike in views and a 33% increase in buyer enquiries.3
The benefits of a chain-free property
Why chain-free? For many, it’s the promise of a smoother, quicker purchase. In a chain-free sale, there’s no need to wait for the seller to find their next home, significantly reducing the chances of delays or the sale falling through. “Now is a great time to look for properties, with more chain-free homes available than in previous months,” said Izabella Lubowiecka, senior property researcher at Zoopla. She adds that many chain-free homes result from circumstances such as inherited properties, investors offloading assets, or households merging from two homes into one.3
Location of Property England Northern Ireland Scotland Wales
Do you currently own a property? No, I’m a first-time buyer Yes, I currently own a property No, but I have owned a property in the past
How will you use the property? Live in property Buy-to-let Holiday home
Property Value (£) Calculate
Additionally, looming council tax hikes for second homes, set to take effect in April 2025, are prompting some investors to sell sooner rather than later.3 These properties, often marketed as chain-free, may offer an attractive option for those eager to beat the upcoming financial changes. “More investors and second homeowners are choosing to sell due to these policy shifts, adding to the supply of chain-free homes on the market,” notes property expert Matt Thompson of Chestertons.3
While a chain-free purchase may expedite the buying process, it often comes with a premium. Sellers, recognising the high demand for chain-free properties as the Stamp Duty Deadline gets nearer, are charging between 3% to 7% more, depending on the property’s location and condition. Based on Halifax’s average property price of £294,000, this could translate to an additional cost of between £8,820 and £20,580.3
For those eager to move quickly and avoid potential stamp duty hikes on the Stamp Duty Deadline, paying a little extra for a chain-free home could be worth the investment. However, with demand still outstripping supply, competition remains fierce. As April 2025 approaches, the rush for chain-free properties is only expected to intensify, making this a dynamic and competitive time in the UK property market.
All the information in this article is correct as of the publish date 28th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information. For more mortgage advice go to Brighton Mortgage Broker – The Finance House
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
Comments Off on The Bank of England Reduces Interest Rates to 4.75%
The Bank of England Reduces Interest Rates to 4.75% The Bank of England has announced that interest rates are to be reduced again, this time going down to 4.75%1. This is the second reduction in interest rates in recent times, following a long period of interest rate rises, where they peaked at a 16-year high of 5.25%.2What could the Interest rates reduction announcement mean for my mortgage?If you have afixed-rate mortgage then there won’t be any immediate changes, however reductions in the Bank of England base rate may mean that lenders start to offer more attractive deals in the coming months ahead. If you have a fixed-rate mortgage period coming to an end soon, then it’s the ideal time to get in touch to discuss your options accordingly. If you have avariable-rate mortgage, have a Bank of England tracker mortgage, or are on the Standard Variable Rate (SVR), then you may start to see changes to your monthly mortgage repayments, depending upon your lender and the deal that you have. Let us see how we can help We are here to provide you with the advice and guidance you need, and help with any queries you may have. There’s an overwhelming amount of information online, and some of it can be conflicting or confusing, so this is where we are here to help you. We would recommend that you contact us to let us look at your individual circumstances and provide bespoke information to allow you to make educated decisions. It’s the ideal time to talk about your mortgage The mortgage market is constantly evolving, and it’s a great time to start looking at your mortgage, whether you’re looking at moving home or have a remortgage coming up and want to know how much it could cost you. Chances are, the rates may be considerably different to your last remortgage, however these recent changes may be starting to soften the blow and you may be pleasantly surprised by the options available. It’s our mission to provide tailored mortgage advice for your exact situation, and can look across a wide range of deals not found on the High Street, so please book an appointment to see how we can help you. Please note, your home may be repossessed if you do not keep up repayments on your mortgage. Sources: Bank of England (2024) Current Bank Rate. Available at: https://www.bankofengland.co.uk/ [Accessed 5th November 2024] Bank of England (2024) Official Bank Rate History. Available at: https://www.bankofengland.co.uk/boeapps/database/Bank-Rate.asp [Accessed 5th November 2024] All the information in this article is correct as of the publish date 7th November 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Colin Warburton trading as The Finance House is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority. Terms and conditions apply. A fee may be charged. Full details will be provided before you proceed, if you wish to use our services.
All the information in this article om the Budget Announcement is correct as of the publish date 31st October 2024. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.
Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.
