In a move aimed at bolstering the UK’s economic outlook, the Bank of England has reduced its base interest rate by 0.25 percentage points, bringing it down to 4.5%—the lowest level since June 2023. This decision marks the third rate cut since August 2024. For prospective homebuyers, the rate cut could translate into more affordable mortgage options. While mortgage lenders have yet to announce changes to their products, the decrease in the base rate may lead to lower interest rates on mortgages, reducing monthly payment obligations for borrowers.
The rates reduction is particularly timely given the impending changes to Stamp Duty scheduled for April 1, 2025. Currently, the stamp duty threshold stands at £250,000, meaning no tax is paid on the first £250,000 of a property’s purchase price. However, from April 1, this threshold will revert to £125,000, increasing the tax burden on property purchases above this amount. First-time buyers will also see their relief reduced, with the nil-rate threshold decreasing from £425,000 to £300,000. By acting before April 1, buyers can take advantage of the current stamp duty rates and potentially benefit from more favorable mortgage terms resulting from the recent interest rate cut.
Upcoming Open Weekend Event
With interest rates dropping and stamp duty changes on the horizon, there’s never been a better time to find your dream home. To help you make the most of this opportunity, we’re hosting an exclusive Open Weekend on February 15th and 16th across all of our developments!
This is your chance to explore our beautifully designed homes in person, take in the high-quality finishes, and experience the luxury specification that sets us apart. Step inside our stunning show homes, picture yourself in spacious, light-filled interiors, and get a feel for the lifestyle on offer.
Our friendly sales team will be on hand to offer expert advice, answer any questions, and guide you through the buying process—whether you’re just starting your search or ready to secure your new home. With limited availability and homes selling fast, this is the perfect time to take the next step.
Don’t miss out—come along, take a look around, and fall in love with your new home!
