Another Interest Rate Cut!
The Bank of England has just announced a 0.25% cut in the rate of interest meaning the base rate now sits at 4%.
In a move which is good news for borrowers and house buyers, the bank hopes to further stimulate the economy and grow.
Many lenders will have already built this expected cut in to their lending rates, however, a trend of falling interest rates can only be a good thing for the housing market and the economy in general
50% of properties that go to market never complete!
It is a surprising fact to most house sellers that around 50% of properties listed to the market never complete a sale. Around 70% go sold (stc) but some 20% of these will fall through and be withdrawn for various reasons. 30% never find a buyer at all.
These statistics reflect the importance of two things.
Firstly, it is important that properties are priced well when they hit the market. Urgency and the most interest happens when a property is first listed and this can often be the best time to secure a sale at the best price. Although reductions and fresh marketing can help get eyes back on your property it will never have as much activity as it does in the first few days of marketing. Also choose your agent carefully and consider if they have the local knowledge and experience to guide you through the transaction.
Secondly, once a sale is agreed be sure to appoint a solicitor who is knowledgeable and preferably local to you or the property as this may help the transaction go smoothly. It is also likely they will have a working relationship with the agent selling and by working together they can help progress your property transaction.
Milestone in Aldreds Lettings
Big congratulations to Aldreds Lettings and Property Management team who passed another milestone for properties under management on their continued growth. They were too busy to pose for a photo so I got an action shot of Susie, Michelle and Finley! Also a big well done to Sue who is smashing the accounts from home, Vicky who was scandalously day off and David who was flying around as usual!!
Rightmove Charity Golf Day
We were delighted to support the Rightmove charity golf day yesterday held at Woburn Golf Club. It was a magnificent day and credit to all involved in the raising of £25,000 for good causes!
New Starters in Great Yarmouth office
A big Aldreds welcome to our two new trainees!!!
Ria Bramhall joins Great Yarmouth sales as a trainee negotiator/administrator!
Finley Herd has joined our lettings team as a trainee in lettings and property management.
Two great additions who both have fantastic futures with Aldreds!!
Haven Rotary Club Annual Charity Duck Race!
Is taking place on 7th September at Great Yarmouth Waterways! Always great fun and keep an eye out for the eye catching Aldreds duck Aldreberry!
Interest rates held by The Bank of England
The monetary policy committee have announced that the base rate of interest will be held at 4.25%, however, even though inflation is a concern they have hinted towards a downward trend in future months.
Many commentators were hinting towards and even expecting the base rate to fall to or below 3.5% by the end of the year. Time will tell
British Property Award Winners!
Did you hear? We Won!!
Absolutely delighted to announce that our Great Yarmouth and Gorleston offices have won the acclaimed Gold Award in The British Property Awards.
Announced and presented after a thorough assessment and mystery shopping process!
Director Dan Crawley said 'We are delighted to win such a prestigious award which recognises the fantastic and hard work of all our team in NR29, NR30 and NR31. It is great to be recognised for the diligent and hard work we do on behalf of customers and clients'
Selective Licencing is coming back
Great Yarmouth Borough Council have decided that selective licencing should be reinstated and expanded over a wider area.
The proposed area would cover the majority of Great Yarmouth and will bring additional costs for Landlords (licence fee to be in excess of £700) and additional responsibilities with no tangible benefit.
Many landlords would certainly look at the last incarnation of licencing scheme and question the success of the outcomes it set out to achieve.
Within the industry many are looking at this and wondering how many more straws can local and national government add to landlords backs. This, if actioned, would come into force shortly after the Renters Rights Act becomes law. Landlords will then start to prepare for tax changes in 2028 and EPC changes in 2030. Only time will tell how many landlords decide to sell up and invest elsewhere.
The council are going through a consultation process, therefore any landlord has the right to their say on this matter, please see https://have-your-say.great-yarmouth.gov.uk/selective-licensing-consultation .
High loan-to-value lending hits highest level since 2008
Statistics from the Bank of England indicate that high loan to value lending is at highest levels since early 2008 just before the banking crisis and credit crunch.
With gently falling interest rates, this is another indicator that the housing market is going to be moving forward through 2025 into 2026 as buyer confidence and ability to buy improves.
This coupled with the positive news from the property websites reporting increased activity and sales numbers, points towards increasing activity and sales in the second half of this year.
Reasons to be very optimistic!
Thinking of moving in 2025 – call your local Aldreds branch today
