Fox Estates wish to convey our deep sadness at the passing of our wonderful Queen.

We will not see the like of Queen Elizabeth again. She was a magnificent lady who put her duty to her people before everything else. She served her country selflessly and was a figurehead of national unity through good times and bad.

Everyone at Fox Estates offer our deepest condolences to the Royal Family who like any other family, are grieving the loss of a much loved Mother.

The bank of England have raised the interest rate to 1.75%, the biggest hike in 27 years.

The housing market has retained a surprising degree of of momentum," said Robert Gardner, Nationwide's chief economist.

However he did say there were tentative "tentative signs of slowdown in activity".

The Bank of England is expected to increase rates by as much as 0.5% on Thursday and that could "exert a cooling impact on the market" he said.

"We continue to expect the market to slow as pressure on household budgets intensifies in the coming quarters, with inflation set to reach double digits towards the end of the year."

BBC News

The average homeowner moves once every 20 years. It's a big decision and is likely to be linked to what's happening in your life, whether it's finding a partner, starting a family or retiring. 

Lots of people worry about timing their move with market trends but this is rarely successful. It's more about whether the time is right for you and your family. Beyond that, it's about getting the best advice to make your move successful. 

The most valuable thing you can do is speak to us long before you want to make your move. We are always willing to give advice on the market and give you ideas on how to make your home as attractive as possible to prospective buyers so don't wait until the very last minute before seeking the best advice to make your move as smooth as possible.


The Bank of England has announced plans to relax mortgage lending rules from August 1st. This should make it easier for first-time buyers as currently, borrowers have to show they can afford repayments on their lender's higher variable rate if the interest rates rise by 3%. After consulting lenders and other members of the industry, the Bank's Financial Policy Committee (FPC) has said it will scrap the rule this summer. This comes at a time when rising interest rates and high house prices are already making it challenging for people to get on the property ladder.

The rule was first introduced in 2014 to protect the banking system from high levels of debt following the financial crisis in 2008. The FPC called on lenders to make sure borrowers could still afford their mortgage repayments when their fixed rate deal ended and if interest rates rose.

As a result, lenders had to make sure monthly repayments were still affordable if borrowers were moved on to their standard variable rate and interest rose by 3%.

The FPC also asked lenders to limit the number of mortgages they offered to people borrowing 4.5 times their income to 15% of their total lending.

When the rule was introduced, interest rates were expected to rise to 2.25% in the coming five years. When the FCA first launched its consultation around lifting the rule, it seemed highly unlikely that interest rates would hit this level in the years ahead. As a result, the FCA thought the tet was no longer needed. But since then inflation has soared to a 40 year high of 9%, causing the Bank of England to raise interest rates five consecutive times to 1.25%.

While that is still well down on the 2.25% anticipated when the test was introduced, interest rates are now expected to rise to 3%, or possibly higher, next year.

The average standard variable rate is already just under 5%. If interest rates rise by a further 1.5%, borrowers would have to show they could afford a mortgage rate of 9.5%.

For example, if someone was borrowing £180,000 on a two year fixed rate mortgage with an interest rate of 2.5%, their monthly mortgage repayments would be £815.

But if they would have to prove that they could still afford their mortgage if the interest rate was 9.5% and their repayments were £1,590 a month - almost double the amount they would actually pay.

Such a tough test would exclude many people from taking out a home loan.

While the FCA has not commented on this issue directly, it is thought to be one of the reasons it is withdrawing the rule so quickly after the consultation concluded.

The decision to withdraw the rule is good news for homeowners who have borrowed a relatively high proportion of their salary and would need to remortgage in the next few years.

It is particularly good news for first-time buyers, who typically have lower salaries and smaller deposits, making them more likely to struggle with the test.

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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.


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