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Published: 19 January 2025

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You don’t need a higher-paying job or a windfall from a relative to improve your personal finances. For many people, better money management is all it takes to reduce their spending, improve their ability to invest and save, and achieve financial goals that once seemed impossible. Even if you feel like your finances are stuck in a bad place with no way out, there are several things you can do to create a better situation for yourself. Here are seven to get you started.

1. Track your spending to improve your finances.

If you don’t know what and where you’re spending each month, there’s a good chance your personal spending habits have room for improvement. Better money management starts with spending awareness. Use a money management app to track spending across categories and see for yourself how much you’re spending on non-essentials such as dining, entertainment, and even that daily coffee. Once you’ve educated yourself on these habits, you can make a plan to improve.

2. Create a realistic monthly budget.

Use your monthly spending habits, as well as your monthly take-home pay, to set a budget you know you can keep.There’s no use setting a strict budget based on drastic changes, such as never eating out when you’re currently ordering takeout four times a week. Create a budget that works with your lifestyle and spending habits. You should see a budget as a way to encourage better habits, such as cooking at home more often, but give yourself a realistic shot at meeting this budget. That’s the only way this money management method will work.

3. Build up your savings—even if it takes time.

Create an emergency fund that you can dip into when unforeseen circumstances strike. Even if your contributions are small, this fund can save you from risky situations in which you’re forced to borrow money at high-interest rates or possibly find yourself unable to pay your bills on time.

4. Pay your bills on time every month.

Paying bills on time is an easy way to manage your money wisely, and it comes with excellent benefits: It helps you avoid late fees and prioritises essential spending. A strong on-time payment history can also lift your credit score and improve your interest rates.

5. Cut back on recurring charges.

Do you subscribe to services you never use? It’s easy to forget about monthly subscriptions to streaming services and mobile apps that charge your bank account even when you don’t regularly use these services. Review your spending for charges like these, and consider cancelling unnecessary subscriptions to hold onto more money each month.

6. Save up cash to afford big purchases.

Certain kinds of loans and debt can be helpful when making major purchases, such as a house or even a car that you need right now. But for other big purchases, cash offers the safest and cheapest buying option. When you buy in cash, you avoid generating interest and creating a debt that requires months—or, often, years—to pay back. In the meantime, that saved money can sit in a bank account and accumulate interest that can be put toward your purchase.

7. Start an investment strategy.

Even if your ability to invest is limited, small contributions to investment accounts can help you use your earned money to generate more income. The path to better finances starts with changing your own habits. Some of these changes will be easier than others, but if you stay committed to this transformation, you’ll end up with great money management skills that will serve you throughout your life—and in the meantime, you’ll have more money in your pocket. The foundation of good money management is a rock-solid budget. Create your own by downloading one of the many available on line.

Information provided by   https://www.fscb.com/blog/7-money-management-tips-to-improve-your-finances

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Published: 31 December 2024

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Is 2025 the year to buy or sell ? Personal circumstances of course are a key aspect, but so is the market itself, and predictions for the coming year can be an integral part of when to make your move.  So, perhaps you’re wondering what the next 12 months could hold for the housing market. Take a look at our predictions to make sure you start your journey as prepared as possible.

2025 will still be a buyers’ market

Rightmove previously talked about 2024 being a buyers’ market, and 2025 may be set to be no different. Things like an improved choice of property for sale, higher prices, and of course currently higher interest rates may mean buyers will continue to have a slightly upper hand. However, as always if a property is priced sensible it will generate interest, and a sale.

Latest house price news: What’s happening now?

House prices hit a peak of £298,083 in November 2024 in the UK, according to Halifax. This surpassed the previous peak of £293,507 set in June 2022.

However, changes announced in the Autumn budget and changes to stamp duty rules coming into effect in April 2025 could impact UK housing market confidence.

Mortgage rates have been on a rollercoaster ride in recent years, from historic lows to the higher rates we saw following Liz Truss’s disastrous mini-budget in 2022. While there have been ups and downs since, mortgage rates are now down significantly compared to those highs which means buying a house is more affordable.

And the mortgage rate predictions are that rates will fall further in 2025, due to the expectation that the Bank of England will continue to cut interest rates.

What’s happening with sold prices?

Sold prices are the most accurate indication of what’s happening in the property market. However, sales that feature in this data may have been agreed months ago. So, they don’t necessarily reflect what’s happening now. However, they are still very useful:

• Nationwide: While Nationwide’s House Price Index reported an average house price of £268,144 in November. This was an increase of 1.2% on October 2024, and an annual increase of 3.7%.

Did property prices rise in 2024 ?

• Land Registry: The Land Registry’s House Price Index, reported an average house price of £292,000 in October with house prices up 0.2% versus September and up 3.4% compared to October 2023.

What’s happening with asking prices?

Looking at what’s happening with asking prices can give us a useful overview of what’s currently happening in the UK property market. However, the downside is that these figures are about the price asked for by sellers, not the sold prices agreed.

House price predictions for the next 5 years

Savills‘ house price prediction for the next 5 years is that the average UK house price will rise by a total of 23.4% by 2029 taking the average house price to £442,000.

Prices forecast for 2025

Experts predict that average asking prices will increase by 4% by the end of next year, which, is the largest growth since 2021, but is in-line with the long-term average. For context, the pandemic years of 2020 to 2022 saw extraordinary price growth, driven by lots more people looking to move than there were homes for sale.  

Mortgage rates look set to fall, but not to historic lows

Five-year and two-year fixed rates could drop to around perhaps 4.0% in 2025, down from the current averages. 

This reduction in average mortgage rates is tied to predictions of Bank of England Base Rate cuts in 2025. But as always, external factors like geopolitical events and inflation could change this.  

For those deciding between fixed-rate options, two-year deals may become increasingly attractive as their costs align more closely with five-year rates. This trend reflects shifting preferences, with shorter terms potentially offering better flexibility. 

Lower rates are likely to boost buyer confidence and affordability, however it is probable we won’t see a return to ultra-low mortgage rates.

 Stamp duty changes impacting buyer activity

From April 1, stamp duty rates are set to rise, which could mean increased buying costs. Data has shown a rush among some buyers aiming to complete their purchases before the deadline.

Partner of Acres Nigel Deekes commented : “ The imminent date of the 1^st April will see Stamp duty rise meaning we are likely to see a continuation of a busier market for the first three months of the year as buyers try to complete on purchases and avoid the increases. Following the changes we may see some negotiation tactics by buyers, “

Remortgaging will also be a big focus

If you’re nearing the end of a fixed-rate mortgage deal, remortgaging will probably be on your mind. Homeowners that taking five-year fixed rates during the pandemic, or two-year fixes after Liz Truss’ mini budget will face decisions about their mortgages as their deals come to an end. 

Here’s what this could mean if your mortgage ends soon: 

• If you locked in a five-year fixed rate during 2020, when fixed rates were much lower on average, you may see higher costs when you remortgage 

• If you secured a two-year fixed deal at higher rates in 2022 or 2023, you could benefit from lower monthly repayments as rates decline 

To help homeowners keep track of what’s happening with rates, Rightmove have launched a remortgage rate tracker. This can help you monitor trends, and explore your options when the time comes to lock in a new mortgage deal. 

Our 2025 house price forecast

Since the Base Rate cut, we’ve seen an increase in buyer demand. The number of people contacting Acres about property was up 33% on the quieter 2023 housing market, and the number of sales agreed is up by over 57% to November 2024. 

Despite a seasonal house price fall in November, the strong home-moving activity we have seem in December points to a possible increase in house prices in of 2025. Rightmove says : “The signs are that the market momentum that we’ve been seeing this year will continue, especially if mortgage rates drop to a level that gives greater affordability to some movers who have been waiting in the wings. However, we still expect some twists and turns next year. ” 

While the Bank of England’s Base Rate, and mortgage rates, are predicted to edge down more slowly than previously thought, they’re still predicted to fall over the course of 2025.   

“ More people choosing to make their move in 2025, teamed with lower mortgage rates, could push house prices up by 4% over the course of 2025. “  

Prices end the year 1.4% above December 2023.

• Despite the festive lull, activity remains substantially stronger than the same period a year ago.
• Some movers are now waiting for the traditional New Year bounce:
• Rightmove’s real-time data also captures the impact of the looming stamp-duty deadline on March 31st 2025:
• Sellers of smaller properties in higher-priced areas are trying to beat the deadline to avoid higher tax
• Prices are holding up best in the first-time buyer sector, especially homes priced below the £300,000 threshold
• Despite the signs of a stronger 2025, headwinds remain, with the impact of Budget measures being a challenge

Lisa Brown of Acres Financial Services comments “ Home buyers will  need to remain on their toes, as mortgage deals are still in something of a state of flux and lenders are repricing regularly.  There certainly isn’t the luxury of being able to hold off from committing to a deal and expecting it to still be there in a week or so, as rates continue to come and go quickly.’

Contact Lisa / Acres financial service here for expert mortgage advice

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

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Published: 26 December 2024

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Why January great time to market

As this is our first post of the year, may we start off by wishing you all the very best for 2025. Following a much better year than expected, the general election, a reduction in interest rates, and better optimism things are geared up to be interesting, to say the least, but one thing is  certain throughout 2025, Acres are here for you.

We all spend a lot of time at home over Christmas, often your home can seem perhaps a little small with many visitors, or indeed too large now the family have their own homes perhaps ? So, for many of us it’s only natural to start thinking about the future. Some take the opportunity in the January “ sales “ to embark upon that long-awaited new kitchen, or bathroom, while lots decide it’s time to look for a new home. In fact, many of families locally will place their home on  the market in January, with many many more buyers also joining them.

If you’re looking to make a move, it’s a great opportunity to achieve a timely sale with such an influx of newly energised buyers. 

The early bird catches the worm

Perhaps unsurprisingly, the Christmas – New Year holidays are busiest days for people looking at homes on portals like Rightmove and OnTheMarket. Fed up with a dear family member  banging on about the election result or perhaps that new year diet, people start dreaming of what the new year could bring, and buying a new home is high up on the agenda.

This trend continues throughout January, with buyer enquiries and sales normally more than doubling. For those looking to sell, getting on the market as early as possible in January is vital to capture this spike in interest. Remember most sellers don’t know this and so look to market in February or even March, basic supply and demand, lots of buyers not as many sellers, a quicker sale generally, and perhaps even a better price….. Also, of course if you’re looking to buy on, once sold in a few weeks, your perfectly placed for the aforementioned influx of sellers.

Earlier on we touched on the idea that buyers are eager to get out and about, touring and looking at different properties as the weather warms and summer knocks. But how sure can you be that all of those viewers are serious buyers? The simple fact is that house hunting and touring different neighbourhoods is a lot more fun in the warmer spring and summer months, and so the chances of getting time wasters in your home is much higher. 

Marketing your property in January is a sure fire way of ensuring that those who do book viewings are serious – after all, with the sofa calling and the weather outside often cold and fairly miserable, why would someone book to view a property if they weren’t serious? 

While not all of these buyers will be interested in your home specifically, you can rest assured that those who do book a viewing are at least serious buyers who are looking to move in the near future. 

If you’re ready to sell, choose your estate agent wisely and make sure they understand the market, as clearly Acres do, and are fired up to get you on sale,  and sold as soon as possible. click here to book your free valuation.  

Tips to get a quick sale

 Now that you’ve got an idea of the benefits of selling your property or home in January, how can you place yourself in the best possible position to gain a quick sale?

• Make your home welcoming for potential buyers, by lighting the fire (if you have one), turning up the heating, and presenting a cosy and homely environment.
• Take down your Christmas decorations (after all, it is January) to give potential buyers a sense of everyday life in the property.
• Don’t let your garden let you down. Cut the grass and make sure it is as aesthetically pleasing as possible – even without flower beds and lots of greenery.
• Open blinds and curtains to show off how much natural light the property gets.
• Conduct tours and viewings in the daytime as much as possible. While this can be difficult in January with daylight hours so limited, you will find that potential buyers want to see the exterior of your home and its surrounding area in daylight and will be more likely to show interest if they can book a daytime viewing. 
• Consider the journey of potential buyers from car to front door. Will they have to walk through any mud or puddles? What can you do to make that journey the best it can be and enhance your property’s kerb appeal?

 Are you considering moving home?    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 for reading and your interest in Acres and our property for sale.  Nigel & Jayne  Deekes – Acres Partners

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Published: 10 December 2024

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Upcoming Changes to Stamp Duty ( effective 31 March 2025)

In this article we will explain the Stamp Duty Land Tax changes  ( SDLT, or as it is better known Stamp duty ) and  compare costs for different buyer types to help you understand how the changes might affect you.

There are significant Stamp Duty changes in 2025, that those making any property-related plans in the coming months should be aware of.

Stamp Duty Land Tax is the tax payable to HM Revenue and Customs when buying a property. The amount of Stamp duty will depend on several factors, including :

• Is the buyers a UK resident
• Are they purchasing a property as an individual or company
• Aa first-time buyer
• Replacing a their main home
• Buying for an additional property

In September 2022, the Government announced a temporary increase to the thresholds for stamp duty. These increases are due to end on 31 March 2025, meaning that any transaction which completes after will be subject to the increased rates.  

The current Stamp Duty rates on a standard residential purchase of a freehold property for an individual that is UK resident and replacing a main residence are as follows:

0% up to £250,000

5% above £250,000 and up to £925,000

10% above £925,000 and up to £1,500,000

12% above £1,500,000
 

On 31 March 2025, there are several changes coming into effect.

• The nil rate threshold currently £250,000 will return to the previous level of £125,000.
• The nil rate threshold for first time buyers, currently £425,000 will return to £300,000.
• The maximum price for which First-Time Buyers Relief can be claimed is currently £625,000 and will return to £500,000.

So, from 31 March 2025 the rates on a standard residential purchase of a freehold property  replacing a main residence will be as follows:

0% up to £125,000

2% above £125,000 and up to £250,000

5% above £250,000 and up to £925,000

10% above £925,000 and up to £1,500,000

12% above £1,500,000

Want to check how much stamp duty is payable on your purchase use our stamp duty calculator here

By completing before the Stamp Duty changes come into effect, a buyer can save upto a significant £2,500.

The rules are different for second homeowners (investors) and companies.

Second homes and investment properties

Immediately after the Autumn Budget, as of 31 October 2024, the UK government increased the Stamp Duty Land Tax (SDLT) surcharge for additional residential properties from 3% to 5% above the standard rates.

This change affects purchases of second homes, buy-to-let investments, and holiday properties.

From April 2025 there will be an additional charge of 2% for the portion between £125,000 and £250,000 which will further add cost to these types of purchases.

SDLT Rates for Additional Properties: Before and After April 2025

Property Value (£)           Rate Before April 2025                 Rate After April 2025

Up to £125,000                               5%                                                          5%

£125,001 to £250,000                  5%                                                          7%

£250,001 to £925,000                  10%                                                       10%

£925,001 to £1.5 million               15%                                                       15%

Above £1.5 million                          17%                                                       17%

The Stamp Duty changes are likely to have the most significant impact on first time buyers. By reducing the nil rate threshold by £125,000 and reducing the maximum purchase price for which first-time buyers’ relief can be claimed by the same amount may mean that first time buyers have no other choice but to wait even longer to get on the property ladder. 

For first-time buyers the rate will be as follows:

How much will first-time buyers pay?

Currently, in England first-time buyers are exempt from paying stamp duty on homes priced up to £425,000. However, starting April 1, 2025, a 5% stamp duty rate will apply to properties priced between £300,001 and £500,000.

For the latest information about Stamp Duty Land Tax rates, including a Stamp Duty calculator, please click here to access the UK Government website

For expert guidance tailored to your circumstances, contact us. Our experienced team is here to help you navigate these changes and make informed decisions.

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