New Face in Gorleston Office!
Delighted to welcome Danny Wright to our team. Danny will be carrying out sales appraisals primarily in our Gorleston office!
Danny has previously worked for another local agent and has a vast experience of valuing and selling properties in the Greater Great Yarmouth area.
If you are thinking of selling in NR31 either now or in 2025 call us today! 01493 664600!
Renters Rights Bill – be prepared
As a key part of Labour’s manifesto, there is a clear political desire for this bill to progress to law without undue delay. We believe this will complete its journey through parliament and receive Royal Assent by summer 2025. Once the bill is law landlords will be unable to commence any legal action against tenants until they are at least 3 months in rent arrears. Then a Section 8 notice would be served and a potentially very long wait for the case to go through an overstretched court system. So, that is the bad news, what can landlords do to protect themselves? Firstly, it may seem draconian, but if tenants have a bad payment history or are already in arrears then action should be taken before the new act comes into force. Waiting and hoping things will improve is never the best course of action. Finally, we strongly recommend the protection a rent and legal policy provides if the worst happens. Please see our recommended insurance providers range of cover at https://www.aldreds.co.uk/landlord-tenant-insurance
Christmas, Boxing Day and The New Year!
It is inevitable that the housing market slows through November and into December. Some people’s minds move to the festive period, and they postpone their house hunting plans until the grim reality of January arrives!
However, house sales are agreed all year around! There will be sales done in December, houses will come for sale and viewers will be there. Ready to sell in December? Get the property listed!
There will also be a small amount of activity between Christmas and New Year although beware of any agent talking about Boxing Day being a great day to list your house! It isn’t. In the week after Boxing Day last year only four sales were agreed in the NR31 postcode as an example. In a usual week this will be around 20-30!
Even if you aren’t looking to launch your property for sale till the new year, it is still a very good idea to get valuations done and marketing prepared now to hit the ground running early January to capitalise on the New Year bounce. We would be delighted to come to see you to advise on this.
Thinking of selling – Call us today to discuss!
Stamp duty changes 1st April 2025!
It was announced in the Chancellors recent budget that stamp duty will return to the rates before Liz Truss mini budget of September 2022.
This will add £2500 tax to purchases for none first time buyers buying over £250,000. First time buyers will be exempt up to £300,000. The rates from 1st April 2025 are below
0% up to £125,000
2% above £125,000 and up to £250,000
5% above £250,000 and up to £925,000
10% above £925,000 and up to £1,500,000
12% above £1,500,000
The good news is there is still time to beat this rise! If you are thinking of selling now or in the new year call us today to discuss your options.
Gorleston High Street Christmas Lights!
Our Gorleston Office is supporting the High Street lights switch on by displaying one of Jackson Harmer's fantastic skateboards for the kid’s 'Elf Trail'. Should be a great event on the 17th November and we look forward to seeing you all there!
Bank of England Rate Decision!
Good news for home buyers and the housing market as the Bank of England cuts the base rate of interest to 4.75%. The cut was expected, however it isn’t the 0.5% cut that was muted pre budget
Performer of the Month
Congratulations to Louis in our Gorleston who is our Performer of the Month for October!
Nominated by Melissa, office manager in Gorleston office. In her words ‘Louis excelled at social media posts in October often in his own time. He also got some really challenging sales across the line whilst still booking a high number of viewings and valuations’
Well done Louis!!
More Budget News!
Stamp duty……two big announcements today.
Firstly, stamp duty will return to pre 2022 mini budget levels from 1st April 2025. First time buyers will be exempt to £300,000 with other people buying their primary residence being exempt up to £125,000. A rate of 2% stamp duty will apply from £125,001 to £250,000, 5% from £250,001 to £925,000, 10% £925,001 to £1,500,000 and 12% over that. Currently there is no 2% rate with the first bracket kicking in as above at £250,000. First time buyers currently exempt to £425,000
Second home buyers will be hit with 5% stamp duty levy STARTING TOMORROW!
Capital Gains Tax rates for residential property remains unchanged in the UK Budget
The Chancellor has announced that capital gains tax (CGT) on the sale of residential properties will not rise.
The move is designed to stimulate the sale of properties and the transfer from landlords and second homeowners to owner occupiers.
At Aldreds we experienced the muted rise in CGT on residential property was causing a degree of panic as sellers pushed completions through pre budget.
If you are thinking of disposing of your buy to let property or holiday home on the back of this positive news call Aldreds today. We would be delighted to help!
Looking forward (if that is the right expression) to the budget!
In just over a week Rachel Reeves will deliver the new governments first budget.
There has been a lot of speculation over the past weeks and months about what may happen. Rumours of rises in inheritance tax, capital gains tax and employer national insurance are rife.
There is also the small matter (for the housing market) of stamp duty changes in the spring!
One thing that is clear….the government needs more money. We will find out where it is coming from next week!
