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!
Proud to be supporting Circus Starr – again!!
Aldreds are proud to announce that we are supporting Circus Starr!
The community interest company are dedicated to making a difference to the lives of vulnerable and disadvantaged children in YOUR TOWN through the magical art of circus. We love supporting our community, and this accessible and inclusive event is such a worthy cause.
East Norfolk 6th Form Celebration Evening.
We had a great evening last night at the East Norfolk 6th Form College Class of 24 Celebration Evening. We were delighted to sponsor an award and look forward to attending again in 2025!
Duck Race!
On Sunday 22nd September Great Yarmouth Rotary Club will be holding their annual charity duck race at the Venetian Waterways in Great Yarmouth. Main event starts 2pm! All great fun and the 'Aldreds Duck' is entered!
Performer of the Month for August!
Congratulations to Sienna Vincent in our Great Yarmouth office who is our Performer of the Month for August.
Sienna only joined us as a trainee five weeks ago at a very busy time and how well she has done. Taking car of the administration in our Great Yarmouth office and helping us through a very very busy holiday period.
Congratulations Sienna
Shock fall in Landlord income according to HMRC
According to HMRC, landlords’ income has dropped by 4% for traditional private sector landlords but numbers of those renting via Airbnb has increased.
While 4% may not seem like a significant figure on the surface, for many landlords that is the difference between making a profit or having to subsidise their investment every month.
Despite rising rents an HMRC report on lettings activity shows that income from private landlords fell by 4% between 2021 to 2023.
This goes some way to explaining the steep increase in landlords selling their rental homes. According to Rightmove 1/5 of current London homes for sale on the portal were previously rented.
Higher interest rates, increased costs, removal of mortgage interest relief coupled with forthcoming tax increases in the next budget and looming legislation are all individual factors. However, add them all together and the mystery of why landlords are leaving the Private Rented Sector at the current rate is clearly solved.
Unfortunately, as always there are ‘knock on’ effects of well intentioned Government tinkering with the Private Rented Sector which ultimately impact on tenants. Increased rent and a sharp fall in available stock means it is ever more difficult for tenants to secure and afford their rental homes.
