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The Bank of England has reduced the base rate by 0.25% to 4.75%.

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What is stamp duty and who needs to pay it?

You pay tax when you:

buy a freehold property

buy a new or existing leasehold

buy a property through a shared ownership scheme

take on a mortgage or buy a share in a house

The amount of stamp duty you owe depends on the cost of the property, whether it will be used for residential purposes and whether you own any other property.

How much is stamp duty?

At the moment, buyers of homes worth less than £250,000 don't pay stamp duty. This was doubled from £125,000 under Liz Truss's mini-Budget in September.

The threshold is £424,000 for those buying their first property. This was raised from £300,000 as part of the mini-Budget.

These higher thresholds will end in March 2025 when they are expected to revert to previous levels.

£0-£250,000 (425,000 for first-time buyers) = 0%

£250,001 - £925,000 =5%

£925,001 - £1.5m+ = 12%

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Mortgage rates have dropped to their lowest levels since Liz Truss's disastrous mini-budget. 

Buyers are now able to have a 3.83% five-year fixed rate - the lowest mortgage terms since the end of September 2022, according to the broker of L&C. Seven out of Britain's 10 largest lenders are now offering fixed-rate deals below 4% after the Bank of England cut the base rate from 5.25% to 5%.

Barclays, Halifax, HSBC and Nationwide have all reduced their rates.

Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'With the house rate now cut and fixed rates falling, there is a greater desire to move.'

Daily Mail

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A mortgage rate war is hotting up, with Nationwide Building Society and Halifax the latest major lenders to cut rates.

Nationwide has slashed by up to 0.2percentage points rates for its two, three and five year deals. Its five year fix is now 3.83 pc for those with a 60 pc loan-to-value and comes with a £1,499 fee.

The average five-year fixed-rate was 5.31 pc yesterday. Stephen Perkins of broker Yellow Brick Mortgages, says: 'These cuts send a clear and strong message - lenders are hungry for business.'

Halifax will reduce rates by up to 0.37 pc for its three year mortgages. Leeds Building Society lowered rates yesterday by up to 0.3 percent.

The Bank of England cut the base rate to 5 pc in July, sparking this latest round of cuts from lenders.

Daily Mail

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The Bank of England has cut the interest rate to 5%. 

  1. INTEREST RATE
  2. General Election
  3. BANK REVEALS LATEST INTEREST RATE DECISION
  4. INTEREST RATES HELD AT 5.25%

Why Sell Your Home With Fox Estate Agents?

  • Fox Estate Agents have won multiple awards based on extremely high standards of Customer Service.
  • Chris Fox FNAEA has over forty years experience and is backed by a highly experienced, dedicated team.
  • You will have a personal Sales Progressor overseeing your transaction.
  • Fox Estate Agents is an NAEA Propertymark member firm and are also members of The Property Ombudsman Scheme.
  • Our Terms of Business are, No Sale, No Fee and we are here to assist you seven days a week.

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  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

  • Chris is very efficient and professional at all times. He made the sale of our property effortless and acted beyond the call of duty on our behalf.

  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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