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The Government yesterday confirmed plans to cap ground rents at £250 per year but homeowners will need to wait until late 2028.

The draft Commonhold and Leasehold Reform Bill was published in Parliament yesterday, stating that ground rents will be capped at £250 per year before being reduced to a peppercorn after 40 years.

The draft Bill will now move into pre-legislative scrutiny. Subject to parliamentary timings, the ground rent cap could come into force in late 2028

New leasehold flats will also be banned and replaced with a new commonhold system that is being consulted on.

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The Bank of England has cut the base rate from 4.75% to 4.5%.

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Fox Estates would like to wish you all a happy, healthy and prosperous New Year.

Let's hope 2025 is kind to us all.

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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%

  1. MORTGAGE RATES DROP BELOW 4%
  2. MORTGAGE WARS HOT UP
  3. INTEREST RATE CUT
  4. INTEREST RATE

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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Customer Reviews

  • 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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