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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

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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!!

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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!

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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!

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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!
  1. Proud to be supporting Circus Starr – again!!
  2. East Norfolk 6th Form Celebration Evening.
  3. Duke Race!
  4. Performer of the Month for August!