Details: Published: 12 November 2024; Hits: 1037

Chancellor Rachel Reeves has delivered her Autumn Budget: the first Labour Budget in 14 years.

Ongoing cost of living pressures are likely to have contributed to the large amount of coverage and speculation the Budget has received in recent weeks. Mortgage rates remain higher than in recent years, with household energy bills down from their 2022 peak.

Rightmove recently surveyed over 34,000 people to find out what they wanted to see from the new government. An overwhelming majority of renters (60%) said they wanted to see more support for first-time buyers, while simplifying the home-buying process was the most important thing for existing home-owners.

What changes were announced for housing in the Autumn Budget?

Housing announcements included £5 billion government investment to deliver Labour’s housing plan, with a £500 million boost to the Affordable Homes Programme. Investment is planned for sites across the country, such as Liverpool Central Docks, with 2,000 new homes and a transformation of the waterfront.

There will also be £25 million put towards the delivery of 3,000 energy-efficient new homes across the country, with a target of 100% of these being affordable.

Capital Gains Tax on residential property will remain unchanged.

The government has also pledged to engage with industry on plans to make the Mortgage Guarantee Scheme permanently available to support lending at 95% loan-to-value.

What’s happening with stamp duty?

There was no mention in today’s Budget of the extension to the current stamp duty relief for first-time buyers, which is due to end in March 2025.

Stamp duty is a form of tax paid to the government when buying property or land. And the amount buyers pay varies based on the cost of the property, and whether you’re buying a home to live in, or an additional home.

The stamp duty surcharge for those buying second homes, such as landlords buying properties to rent out, is set to rise by 2% from 31 October 2024, increasing from 3%, to 5%.

Our property expert, Tim Bannister, says: “Increasing stamp duty on additional home purchases means that, based on the average asking price for a home, a landlord could face an additional charge of more than £7,000 from tomorrow. In the short-term, some landlords may need to pause for thought, but in the longer-term we expect it becomes another charge that landlords become accustomed to considering.”

The previous Conservative government adjusted stamp duty thresholds until March 2025, which meant that home-movers would pay lower stamp duty fees, and in many cases (mostly for first-time buyers), meant no stamp duty to pay at all. There were no announcements around an extension to the current elevated thresholds, meaning these are set to drop back at the end of March 2025. Tim says: “With the rate at which no stamp duty is charged for home-movers due to fall from £250,000 to £125,000, anyone purchasing a property over this amount could face paying up to £2,500 more in stamp duty land tax. Meanwhile, the threshold rate at which first-time buyers do not pay stamp duty is likely to fall from £425,000 to £300,000. If a first-time buyer buys a property at the average UK price of £370,759 they will pay £3,538 in stamp duty from March 2025, compared with nothing now.”

“We may now see a rush of buyers, particularly those purchasing for the first time, either bringing their plans forward or trying to get their deal done before charges go up. It currently takes a lengthy 152 days on average to complete a property transaction once a sale is agreed, which would mean agreeing a deal tomorrow to complete on time. While this is an average and many will be hoping to complete more quickly, it highlights that those who are hoping to avoid higher charges will need to act quickly”, Tim adds.

The number of properties affected by the change in stamp duty thresholds varies by region. You can take a look at the percentage of homes currently free from stamp duty for people buying their first home, and how that will change after March 2025.

Capital Gains Tax remains unchanged

We saw some trends emerge in the housing market in the run up to the Budget, off the back of several anticipated changes. One of these talked-about changes was an increase to Capital Gains Tax, which could have seen landlords pay increased tax on any income made from rental properties.

Earlier this year we saw a record number of former rental homes for sale as some landlords made the decision to sell their properties as a result of the rumoured tax change, along with other additional costs for landlords that have grown over the years. However, today’s budget has confirmed that the current rates of Capital Gains Tax on residential property will remain unchanged.

What’s happening in the housing market right now?

We’ve seen strong levels of activity in the typically busy autumn season, and lots more people looking to get on with home moves than we saw in the more muted market of 2023. The number of sales agreed is up 29% compared to the same time last year, while the number of people sending enquiries to estate agents about homes for sale is up 17%. On top of that, buyers will also find more choice of homes, with the number of homes for sale up 12%.

While there’s lots of activity in the housing market, we did see lower-than-average growth in house prices this month (+0.3%), compared to the seasonal average of 1.3%. This shows that the market is still price sensitive, and sellers coming to market need to set a realistic asking price to find a buyer.

Want to check how much your home is worth? You can get an Instant Valuation here.

If you would like to discuss selling your home, please get in touch with us This email address is being protected from spambots. You need JavaScript enabled to view it. or call any of our busy, helpful teams/offices:

Four Oaks 0121 323 3088

Sutton Coldfield 0121 321 2101

Walmley 0121 313 2888

Great Barr 0121 358 6222

Lettings 0121 312 4997

Thank you for reading and your interest in Acres and our property for sale.

Nigel & Jayne Deekes – Acres Partners

Article curtesy of Rightmove : 30.10.24

Details: Published: 11 October 2024; Hits: 1042

Moving can be spooky, but with the choice of property available, and the back up of our first rate team Acres will remove the scary part of selling, or buying.

Four Oaks 0121 323 3088

Sutton Coldfield 0121 321 2101

Walmley 0121 313 2888

Great Barr 0121 358 6222

Thank you for reading and your interest in Acres and our property for sale.

Nigel & Jayne Deekes – Acres Partners

Details: Published: 21 September 2024; Hits: 1584

We are delighted to announce that following Chris’s exceptional work at our Great Barr office, greatly assisted of course by his superb team, that the partnership now welcomes Chris in as an Associate partner of Acres.

Chris commented " As a family business I have from my childhood aspired to join the team and continue the outstanding service and success Acres have enjoyed over the past 32 years. I very much look forward to the continuing success and growth of Acres, to working with the Partners, my parents, Nigel & Jayne, and to the future decades to come with my fiance Natalie, whom I met at Acres, and with my sister Katie who is based at our Walmley office, as well as of course the excellent, dedicated team / managers we have "

Chris's interest in agency was there since childhood, always saying he wanted to be part of the family business. Initially joining a corporate agency, rather than taking the “easy” route by joining the family business Chris trained initially for two years in lettings as he felt to have a full knowledge of all aspects of agency was paramount. Joining Acres seven years ago as a negotiator his flair, and proactiveness soon shone through. Progression was earnt; accordingly, Chris became manager of our Great Barr office taking it from its already strong position to market leader.

If you are considering a move and live within the Great Barr area please give Chris, or his outstanding team a call on 0121 358 6222 or email Chris This email address is being protected from spambots. You need JavaScript enabled to view it.

Details: Published: 16 September 2024; Hits: 1957

Taking out a mortgage is likely to be the biggest financial commitment you’ll ever make, and so you'll want to find the best deal you can. The good news is there’s plenty you can do to improve your chances of getting your mortgage application accepted – follow our top 10 tips to help you get the mortgage you want

If you’re thinking about how to get a mortgage, you should be aware of the factors that affect your eligibility. These include: your credit score, length of time in current job, current debts, whether you’re self-employed and of course the size of your deposit.

Follow our top 10 tips below to find out how to get the mortgage you want.

1. Your credit score matters

Before applying for a mortgage, get a copy of your credit reportwhich is held by credit reference agencies such as Experian or Equifax. This will allow you to see what lenders see when they review your application.

If your credit rating isn’t looking that great, there are lots of simple things you can do which can give your score a boost. For example, check you are on the electoral roll and close down credit card accounts which you no longer use.

2. The starting point is your own sums

Sit down and work out your budget before applying for a mortgage. You will need to be sure you can borrow enough to cover the purchase of the property and that you’ll have enough spare to cover all the associated costs and fees.

Monthly mortgage repayments will depend on how much you want to borrow (and over how long) and the interest rate charged.

3. You’ll be better off in the same job

Lisa Brown of Acres Financial Services said; “ Most lenders will want to see that you’ve been with your employer for some time before they’ll give you a mortgage, so if you’re thinking of switching jobs, it’s a good idea to hang on until you’ve got your mortgage in place. Many lenders like to see you have been in your existing job for at least three to six months.”

4. Debts don’t help

If you’re submitting a mortgage application, the last thing any prospective lender is going to want to see is that you owe a load of cash on credit cards or you’ve got outstanding loans.

Claire Allen of Acres Financial Services said " Before you apply for a mortgage, try to reduce any debts you have – this will help demonstrate that you manage your money responsibly. It will also mean you will potentially be able to borrow more when it comes to a lender’s affordability calculations. "

5. You’ll need proof of income

Mortgage lenders will want to see proof of how much you earn, so you’ll probably need a P60 form which you get every year from your employer and shows a summary of your pay and how much tax has been deducted.

You’re also likely to be asked for three months’ worth of bank statements and payslips so the lender can look at both how much you have coming in as well as your outgoings.

6… or accounts if you’re self-employed

Getting a mortgage when you’re self-employed can be more tricky, especially if you’ve only recently decided to go it alone. Lenders want proof of income and so they’ll usually ask to see SA302 forms relating to the current / recent years from HMRC, or your full trading accounts.

7. The bigger the deposit the better

The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you. Lenders reserve their best rates for those with hefty deposits, so you’ll also benefit from lower monthly payments because you’ll have qualified for a better deal.

8. Buying with someone else can be easier

If you are struggling to building up a decent deposit on your own, you might want to think about buying with someone else. This could boost your chances of securing a decent mortgage, particularly if they’ve got an excellent credit history and a higher income than you. But remember that this is a big commitment, so you’ll need to sit down and work out with the other person what would happen if one of you wanted to move in future.

9. You shouldn’t chop and change your application

Once you’ve started your mortgage application, don’t mess around with it and start changing figures as it could hold up your property purchase.

10. It can pay to get help

If you’re struggling to find the right mortgage deal, or you don’t know what you’d be eligible for or how much you can borrow, it is always a good move to have the help of a mortgage broker. They can research the market for you and help you through the application process so you don’t have to go it alone.

Here at Acres we offer a comprehensive mortgage service giving independent financial advice, with access to the whole of market / high street lenders, often with exclusive deals. For further help please call any of our offices detailed below, or click to the link above.

Your home may be repossessed if you do not keep up repayments on your mortgage

Information provided by

https://www.moneysupermarket.com/mortgages/first-time-buyers/top-ten-tips/

Details: Published: 17 July 2024; Hits: 1364

Housing changes the UK hopes to see

Before the election, property experts Rightmove carried out a survey to ascertain what this new government’s priorities should be when it comes to housing. Here is a roundup of what the nation is hoping for.

Speed up housebuilding

One of the top recommendations was making improvements to the housebuilding process¹. Buyer demand has increased by 15% since 2019, but the number of available homes has not increased at the same rate. In fact, supply is 6% lower than before the pandemic. The rental market has experienced a similar challenge – tenant demand is 32% higher than 2019 but supply of rented homes is down 38%. As a result, asking prices and rents have increased. To solve this, Rightmove’s property expert Tim Bannister suggests “smoother planning processes to transform the delivery of new homes and produce more affordable housing”.

Help for first-time buyers

Another top priority was providing better support for first-time buyers (FTBs). It is perhaps unsurprising that this was the most popular request from renters, as now is a particularly challenging time to get a foot on the property ladder and the average age of FTBs is increasing². Rightmove’s mortgage expert, Matt Smith commented,“it’s critical that the government works with regulators and lenders from day one on any mortgage solutions, to ensure buy in and take up, which will in turn create more options for first-time buyers.”

Reform Stamp Duty

Many have called for changes to Stamp Duty¹. FTBs in England and Northern Ireland have been exempt from Stamp Duty on homes up to £425,000 since 2022. But this exemption (due to end in April 2025) is not beneficial for most FTBs in the capital, where house prices are higher than the rest of the UK. With this in mind, Tim Bannister reflects, “With such regional differences in property prices, increasing Stamp Duty thresholds in line with these regional differences would seem a logical first step for Stamp Duty reform.”

Make homes greener

Homeowners and renters would like to see the government put some incentives in place to encourage people to make their properties greener. Following Rishi Sunak’s announcement that private rented properties will no longer have to meet the minimum EPC rating of C, many landlords have put their plans to improve energy efficiency on the back burner. Rightmove commented, ‘Homeowners also need better and easier access to schemes that enable them to make green improvements, with the recognition that each home requires different improvements and that currently the upfront costs are a big barrier to change.’

We’re here for you

As the UK settles into the new government, we are here to help you through any changes.

Your home may be repossessed if you do not keep up repayments on your mortgage

¹Rightmove, ²BSA