Looking back over 2024, we’d like to say a huge thank you to all our clients and colleagues. We wish you all a fabulous festive period and happiness, good health, and prosperity in 2025.
🎄WANT TO WIN £100?
Our Christmas competition this year is a trip down memory lane! As a child, what was on your letter to Santa? Did you circle your favourites in the Argos catalogue? What makes you feel nostalgic about your childhood Christmas?
To enter, simply go to our Facebook and Instagram pages and pick your two favourite toys and we’ll enter you into our free prize draw to win a £100 supermarket voucher. Entry closes Sunday 15th December 2024.
Team News
📣 We have some big news for 2025 as we plan to grow our team. Keep following for updates!
MORTGAGE NEWS
OUtlook for 2025
Rightmove forecasts that average new seller asking prices will rise by 4% next year, the property portal’s highest prediction since 2021, with lower mortgage rates releasing some of the pent-up housing demand and putting modest upwards pressure on prices.
Bank interest rate cuts are now forecast to be slower paced, so affordability may take longer to improve than previously expected. The impact of the stamp duty changes to take effect from 1 April, when thresholds will revert to their pre-2022 levels – which means higher bills for some buyers – is likely to drive up sales in Q1.
In its latest House Price Index release, Nationwide suggested the changes would lead to a jump in transactions in the first three months of 2025 – especially March – and a corresponding period of weakness in the following 3-6 months, as occurred in the wake of previous stamp duty changes.
Tim Bannister, Rightmove’s director of property science, said: “There’s been a lot of news to digest for homemovers over the last few weeks and it appears that the market may still be chewing it over. “We had been seeing a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to stamp duty charges for most homemovers and second homebuyers, and some first-time buyers. “However, a second bank rate cut and a boost of optimism regarding 2025 appear to have reversed this trend, at least temporarily.”
Earlier this month, the Bank of England cut the base rate from 5% to 4.75%. Further cuts are expected, but not as quickly as previously thought.
SOURCE: MORTGAGE SOLUTIONS
🚨 Important Stamp Duty changes from 1st April 2025
Currently, first-time buyers pay nothing for properties under £425k. From 1st April 2025, the 0% threshold will drop to £300k, and you will pay 5% on properties £300,001-500k.
Homemovers (Main Residence) The 0% threshold for main residences is dropping to £125k from £250k
£125,001 to £250k - 2%
£250,001 to £925k - 5%
£925,001 to £1.5 million - 10%
To take advantage of the current rates and potentially save on paying extra stamp duty, especially for first-time buyers, you must complete your property purchase by 31st March 2025. Don’t delay. Speak to our mortgage advisers as soon as possible.
Whatever your plans for 2025, we’re here to help. We search from a comprehensive range of lenders and protection providers and put YOU at the heart of everything we do.
Find out more below…
And don’t forget, if you’re already a Stratton Thorpe client and share our details with your friends, family, and colleagues, you could receive a £50 Amazon voucher as a thank you. Go to our Referrals page to learn more. Click the link below for T&Cs.
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