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Mortgage rates below 4% are back - is it time to buy?

#Mortgage rates below 4% are back - is it time to buy?

 By Sophia Wood-Burgess

<h2 class='intro_basic'>Great news if you've been waiting to start your property search in London - mortgage rates have dropped below 4%. Lenders are feeling confident, which means there are some excellent mortgage deals available right now. Here's what you need to know...</h2>


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<div class="toc-container">
    <div class="toc-title">Jump to:</div>
    <ul class="toc-list">
        <li class="toc-item">
            <a href="#whats-changed" class="toc-link">What's changed?</a>
        </li>
        <li class="toc-item">
            <a href="#whats-available" class="toc-link">How do I get a 4% or less rate?</a>
        </li>
        <li class="toc-item">
            <a href="#monthly-payments" class="toc-link">What does a rate drop mean for monthly payments?</a>
        </li>
        <li class="toc-item">
            <a href="#fixed-variable" class="toc-link">Should I get a fixed or variable rate?</a>
        </li>
        <li class="toc-item">
            <a href="#consider" class="toc-link">What to consider</a>
        </li>
        <li class="toc-item">
            <a href="#explore" class="toc-link">Explore my options</a>
        </li>
    </ul>
</div> 

<a id="whats-changed"></a><figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2025/02/bank-of-england-building/720.jpg' alt='Bank of England'></a>
<figcaption>The Bank of England has cut the base rate| Photo: <a href='https://unsplash.com/photos/woman-walking-in-front-of-white-building-with-ionic-pillars-jeF-vyxytb4' target='_blank'>Bank of England</a> by <a href='https://unsplash.com/@robertbye' target='_blank'>Robert Bye</a> - <a href='https://unsplash.com/license' target='_blank'>Unsplash</a></figcaption>
</figure>



<h3>What's changed?</h3>
<p>The Bank of England recently lowered the Base Rate, which is usually good news.  However, this time around, the excitement was muted because they also pulled back on their predictions for economic growth in 2025. <p> Despite this cautious outlook from the Bank of England, we're happy to report that the property market remains positive. In fact, some mortgage lenders are offering some of their best rates in months, and even <i>years</i>.  This positive shift in lender confidence is a welcome development. </p>


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   <p>
"Rates below 4% are a hugely positive step for consumers and the market. When mortgage rates start with a 3 it helps to break a psychological barrier and we have seen this positive sentiment from our clients." 

<p>"With the outlook of further base rate cuts this may lead to lenders offering lower affordability stress rates, which could give a bit more flexibility with affordability for those looking at their buying or remortgage options. Naturally anyone reviewing their mortgage options will need to speak to a good broker to access the most appropriate option."
<p style="text-align: right">Stephanie Daley<br><small><b>Director of Partnerships - Alexander Hall</small></b></p>

</div> 


<a id="whats-available"></a><h3>Can I get a mortgage rate under 4% now?</h3>
<p>Our partner broker, <a href='https://www.alexanderhall.co.uk/' target='_blank'>Alexander Hall</a>, tells us that there are both 5-year and 2-year fixed rate products below 4% once again. While we saw some 5-year fixed deals <a href='https://www.foxtons.co.uk/discover/2024/01/rates-fall-doors-open-more-good-news-for-buyers-and-landlords' target='_blank'>below 4% last year</a>, this is the first time since March 2023 that 2-year fixed rates have been this low.
<p>This means you could get a mortgage with lower monthly payments than you might have expected. Alexander Hall works with both high street banks and specialist lenders to find the right mortgage for you.


<a id="monthly-payments"></a><h3>What does this mean for my monthly payments?</h3>
<p>All this fuss over less than a 1% decrease? You'd be surprised; a small change in your mortgage rate can actually make a huge difference to your monthly payments. Even a quarter of a percent (0.25%) drop could save you hundreds of pounds each year:


<div style="max-width: 350px; margin: 0 auto; font-family: Arial, sans-serif; background: linear-gradient(135deg, #e6f1ef 0%, #ffff 100%); border-radius: 16px; padding: 32px; box-shadow: 0 4px 6px rgba(0,0,0,0.1);">
    <div style="text-align: center; margin-bottom: 32px; position: relative;">
   
        <h2 style="color: #017163; font-size: 25px; margin: 0 0 8px 0;">The Impact of a <b>0.25%</b> Rate Drop</h2>
        <p style="color: dark-grey; font-size: 16px; margin: 0;">See How Much You Could Save Monthly</p>
    </div>
    
    <div style="display: flex; flex-direction: column; gap: 24px;">
        <div style="background: white; padding: 24px; border-radius: 12px; box-shadow: 0 4px 12px rgba(0,0,0,0.1); position: relative; border-left: 6px solid #fff000;">

            <div style="display: flex; justify-content: space-between; align-items: center;">
                <div>
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Loan Amount</div>
                    <div style="color: #67aaa1; font-size: 20px; font-weight: bold;">£300,000</div>
                </div>
                <div style="text-align: right;">
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Monthly Savings</div>
                    <div style="color: #017163; font-size: 25px; font-weight: bold;">£43.90</div>
                </div>
            </div>
        </div>
        
        <div style="background: white; padding: 24px; border-radius: 12px; box-shadow: 0 4px 12px rgba(0,0,0,0.1); position: relative; border-left: 6px solid #fff000;">
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                <div>
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Loan Amount</div>
                    <div style="color: #67aaa1; font-size: 20px; font-weight: bold;">£500,000</div>
                </div>
                <div style="text-align: right;">
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Monthly Savings</div>
                    <div style="color: #017163; font-size: 25px; font-weight: bold;">£73.17</div>
                </div>
            </div>
        </div>
        
        <div style="background: white; padding: 24px; border-radius: 12px; box-shadow: 0 4px 12px rgba(0,0,0,0.1); position: relative; border-left: 6px solid #fff000;">
            <div style="display: flex; justify-content: space-between; align-items: center;">
                <div>
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Loan Amount</div>
                    <div style="color: #67aaa1; font-size: 20px; font-weight: bold;">£700,000</div>
                </div>
                <div style="text-align: right;">
                    <div style="color: #4b5563; font-size: 16px; margin-bottom: 8px;">Monthly Savings</div>
                    <div style="color: #017163; font-size: 25px; font-weight: bold;">£102.43</div>
                </div>
            </div>
        </div>
    </div>
    
    <p style="color: #6b7280; font-size: 14px; text-align: center; margin-top: 24px;">Based on a 30-year repayment mortgage term</p>
</div>


<h3>Should I go for it?</h3>
<a id="fixed-variable"></a><p><big><b>Fixed or variable rate?</b></big>
<p>Many people who bought through us when rates dipped this time last year are now happily settled in their new homes with 2-year or 5-year fixed rates. However, no one can perfectly time the market to get the lowest possible rate. 
<p>As we said last year: "Rates might come down a bit more, or they might not. Is waiting for a possible better deal worth missing out on what's available now? Only you, your adviser and time will tell."

<a id="consider"></a><p><big><b>What to consider</b></big>
<p>If you're thinking of getting a fixed-rate mortgage, here are a few things to consider:
<p style="margin-left: 25px">• If you’re moving from a variable rate, first check if there's an exit fee
<p style="margin-left: 25px">• First-time buyer? Look carefully at any product or arrangement fees
<p style="margin-left: 25px">• A 5-year fixed rate will give you peace of mind on your monthly payments, however we may see rates fall further over the coming years. In which case, a shorter-term deal could give you the flexibility to switch in 2-3 years.


<figure>
<a href='https://www.foxtons.co.uk/properties-for-sale/south-east-england' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/02/mortgage-rate-decrease/720.jpg' alt='Browse London homes for sale'></a>
<figcaption>Find your home in London | Photo by Foxtons Specialist Video & Photography team</figcaption>
</figure>




<a id="explore"></a><h3>Ready to Explore Your Options?</h3>
<p>Whether you want to move forward now or just see what's possible, start by talking to a mortgage adviser. They'll keep track of the market for you, explain your options clearly, and help you make the right choice for you. <a href='https://www.alexanderhall.co.uk/contact' target='_blank'>Get in touch with Alexander Hall</a>, our trusted mortgage partners, for a free consultation.
<p>Want to start looking at properties? <a href='https://www.foxtons.co.uk/help/contact' target='_blank'>Find your local office</a>, <a href='https://www.foxtons.co.uk/properties-for-sale/south-east-england' target='_blank'>browse our homes on the market</a> or <a href='https://www.foxtons.co.uk/myfoxtons/applicants' target='_blank'>tell us what you’re looking for on My Foxtons</a>, and our local experts will help you find it.

<br><hr><br>
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   <p><p><b>Source:</b> This information for this article was provided by and reviewed by Alexander Hall mortgage advisers, to ensure you have the most valuable information in front of you when you’re navigating the mortgage market. If you have any questions on the blog information, <a href='mailto:experts@foxtons.co.uk?subject=Mortgage%20Rate%20Update%20February' target='_blank'>get in touch</a>. We’re always happy to help.</div>



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Foxtons news

Buying

types-of-property-surveys

<h2 class='intro_basic'>You've got questions about property surveys, and you need straight answers. We've gathered the most common questions our buyers ask and worked with the experts at Arnold & Baldwin chartered surveyors to get you clear, helpful answers. Let's dive in.</h2>

<h3>Do I actually need a survey? </h3>
<p>Let's clear something up straight away - you aren’t legally required to have a survey when buying a property in England. It's entirely your choice. If you are mortgaging the property, the bank will have done their own valuation, which sometimes includes a property visit – but this is not at all the same thing as a survey. 
<p>If you plan to book a survey so you can proceed in buying your home with confidence, just let us know early on. This helps keep things moving smoothly once you've had your offer accepted.



<figure>
<a href='https://www.foxtons.co.uk' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/02/home-survey/720.jpg' alt='House survey'></a>
<figcaption>Photo by Foxtons Specialist Video & Photography team</figcaption>
</figure>

<h3>House survey vs mortgage survey: What's the difference?</h3>
<p>These terms both come up in a property purchase, so it can be a bit confusing. Here's the simple version:
<p style="margin-left: 25px">• <b>House survey</b>: This is the survey you arrange, <b>for your benefit.</b> The surveyor will inspect the property and tell you what shape it's in before you buy it. Like an MOT on a car, they will provide you with advice on future maintenance and help you understand how to make changes. 
<p style="margin-left: 25px">•	<b>Mortgage survey</b>: This is not a survey. It is a valuation <b>for the benefit of the bank or building society</b> (whoever is lending on your mortgage) to assess what the property is worth and whether they want to lend on it. The lender will arrange an in-person visit if needed. 


<figure>
<a href='https://www.foxtons.co.uk' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/02/chartered-surveyors/720.jpg' alt='Chartered surveyors'></a>
<figcaption>Photo by <a href='https://www.freepik.com/author/bestyy38105321' target='_blank'>Bestyy</a> | Freepik </figcaption>
</figure>

<h3>What are the different types of surveys?</h3>

<blockquote class='pullquote_right'>
<p><small>See Arnold & Baldwin’s handy flowchart: <a href='https://www.foxtons.co.uk/i/arnold-and-baldwin/rics_survey.pdf' target='_blank'>Which building survey is right for me?</a></p></small>
</blockquote>

<p><a href='https://www.arnoldandbaldwin.co.uk/' target='_blank'>Arnold & Baldwin</a>, the chartered surveyors we frequently recommend, can tell you that. ‘What type of survey do I need when buying a house?’ is a question they hear all the time. In the chart below, they’ll explain what the different surveys are, which you should be using and how much a survey costs in 2025. 


<div class='clearfix'></div>

<div style="overflow-x: auto;">
    <table style="width: 100%; border-collapse: collapse; margin: 20px 0;">
      <thead>
        <tr style="background-color: #017163; color: white;">
          <th style="padding: 12px; border: 1px solid #ddd; text-align: left;">Survey type</th>
<th style="padding: 12px; border: 1px solid #ddd; text-align: left;">Also called</th>
          <th style="padding: 12px; border: 1px solid #ddd; text-align: left;">Best for</th>
          <th style="padding: 12px; border: 1px solid #ddd; text-align: left;">What you get</th>
          <th style="padding: 12px; border: 1px solid #ddd; text-align: right;">Cost guide</th>
          <th style="padding: 12px; border: 1px solid #ddd; text-align: right;">Timeframe</th>
        </tr>
      </thead>
      <tbody>
      
        <tr>
          <td style="padding: 12px; border: 1px solid #ddd;">RICS Condition Report</td>
<td style="padding: 12px; border: 1px solid #ddd;">RICS Home Survey Level 1</td>
          <td style="padding: 12px; border: 1px solid #ddd;">New-ish homes in good nick</td>
          <td style="padding: 12px; border: 1px solid #ddd;">Any visible defects and urgent issues.
<br>A summary for your legal advisors raising any issues noted on site, as your lawyer likely won't visit the property.
</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">£300-£900</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">~1 week, 1-2 hours at the property</td>
        </tr>
        <tr style="background-color: #e6f1ef;">
    <td style="padding: 12px; border: 1px solid #ddd;">RICS Homebuyer Report</td>      
    <td style="padding: 12px; border: 1px solid #ddd;">RICS Home Survey Level 2 – RPSA Home Condition Survey</td>

          <td style="padding: 12px; border: 1px solid #ddd;">Most regular homes</td>
          <td style="padding: 12px; border: 1px solid #ddd;">A detailed inspection covering all aspects, including a helpful list of works required to submit to tradespeople and a summary for your legal advisors.</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">£400-£1,000</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">~1 week, 3-5 hours at the property</td>
        </tr>
        <tr>
<td style="padding: 12px; border: 1px solid #ddd;">RICS Building Survey</td>          
<td style="padding: 12px; border: 1px solid #ddd;">RICS Home Survey Level 3  - RPSA Building Survey - Full Structural Survey</td>
          <td style="padding: 12px; border: 1px solid #ddd;">Older or unique property designs, poor conditions</td>
          <td style="padding: 12px; border: 1px solid #ddd;">The full works - every nook and cranny inspected to record the construction and any defects.</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">£600-£1,500</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">~2 weeks, 6-8 hours at the property</td>
        </tr>
        <tr style="background-color: #e6f1ef;">
          <td style="padding: 12px; border: 1px solid #ddd;">Specialist Survey</td>
 <td style="padding: 12px; border: 1px solid #ddd;"></td>
          <td style="padding: 12px; border: 1px solid #ddd;">Specific concerns (damp, timber, roofing etc.)</td>
          <td style="padding: 12px; border: 1px solid #ddd;">Typically happens if a survey reveals a need for further inspection</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">£150-£1,000 
(varies depending on survey requirements)
</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">Varies</td>
        </tr>
        <tr>
          <td style="padding: 12px; border: 1px solid #ddd;">Snagging Survey</td>
          <td style="padding: 12px; border: 1px solid #ddd;"></td>
          <td style="padding: 12px; border: 1px solid #ddd;">Completed or nearly completed new-build home</td>
          <td style="padding: 12px; border: 1px solid #ddd;">Check everything's finished correctly and provide a photographic list of items for the developer to finalise</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">£300-£1,000</td>
          <td style="padding: 12px; border: 1px solid #ddd; text-align: right;">~1 week, 2-6 hours at the property</td>
        </tr>
      </tbody>
    </table>
  </div>

<h3>Most People Go For: RICS Homebuyer Report</h3>
<p>The Homebuyer Report is the most popular choice, and for good reason. It gives you a really good look at what you're buying without breaking the bank. The surveyor will look at the following, flag any urgent issues and help you tell a tradesperson what needs quoting on:  
<p style="margin-left: 25px">•	The property’s history and location
<p style="margin-left: 25px">•	Damp-proofing – this is where the moisture meter comes in
<p style="margin-left: 25px">•	Drainage – just the visual bits
<p style="margin-left: 25px">•	•	Main walls, roof, chimneys, windows, doors (everything which is visible) 
<p style="margin-left: 25px">•	Utilities inspection
<p style="margin-left: 25px">•	Fences, walls and boundaries
<p>Just so you know - they won’t pull up carpets and floorboards, or move items of furniture around. That's Level 3 territory.


<figure>
<a href='https://www.foxtons.co.uk' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/02/book-a-survey/720.jpg' alt='Book a survey'></a>
<figcaption>Photo by <a href='https://www.freepik.com/author/senivpetro' target='_blank'>Senivpetro</a> | Freepik </figcaption>
</figure>


<h3>When should I book a survey?</h3>
<p>Honestly, as soon as you can. Pop it into your offer as a condition so the seller can review your complete offer against their timeline. If your offer is accepted, get your survey booked in right away. <p>Surveys can take a few weeks to complete, depending on which type you go for and how busy your surveyor is. Remember - keeping things moving is absolutely crucial to a smooth purchase.

<h3>What if the survey finds problems?</h3>
<p>Here's the thing: almost every survey conducted by a qualified surveyor whose good at their job is going to find something. Houses are a bit like people - they all have their quirks and none of them are perfect. So, if your survey does flag up issues, don't worry. 
<p>There are usually three ways forward: 
<p style="margin-left: 25px">1. Ask the seller to fix things before you buy.
<p style="margin-left: 25px">2. Negotiate the price to cover the cost of repairs.
<p style="margin-left: 25px">3. Accept the issues to keep your timeline, and plan to sort them yourself.

<p>Whatever comes up, we'll be here to help you work through it. We've seen it all before, and we're excellent at finding solutions that work for everyone. That’s how <b>we get it done</b>. 

<h3>Let’s get started</h3>
<p>If you want to book a survey, we recommend Arnold & Baldwin. If you're ready to put in your offer, hop onto your My Foxtons account. 


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   <p><p><b>Source:</b> This article has been reviewed and edited by <a href='https://www.arnoldandbaldwin.co.uk/' target='_blank'>Arnold & Baldwin</a> property surveyors, who regularly provide expert insight for our buyers and vendors. Arnold & Baldwin are regulated by the Royal Institution of Chartered Surveyors (RICS), and we cannot influence their surveys. They give the honest third-party information that you can use to make decisions, avoid surprises and have confidence in your offer or asking price. </div>



Selling

Property market updates

leasehold-london

<h2 class='intro_basic'>Big news for homebuyers - the government has just released plans to ban new leaseholds. This means future new-build flats will be sold as commonhold instead. This change could make the jump to homeownership easier for many people.</h2>



<h3>What does leasehold actually mean?</h3>
<p>Let’s start with a quick refresher on the terms: </p>


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        <strong>Freehold (usually houses)</strong>
        <p>•	You own the property AND the land forever</p>
<p>•	You handle all repairs</p>        
<p>•	No lease to worry about</p>
      </div>
<div class="term homeownership">
<div class="icon-header"><center>&#x1f3e2;</center></div><br>
        <strong>Leasehold (usually flats)</strong>
        <p>•	You own the property for a fixed time period</p>
<p>•	Someone else (the freeholder) owns the land and building</p>        
<p>•	The freeholder handles major repairs</p>
        <p>•	You pay ground rent and service charges</p>
      </div>
      <div class="term incoming">
<div class="icon-header"><center>&#x1f91d;</center></div><br>
        <strong>Commonhold (new route for new-builds)</strong>
        <p>•	You own your property outright</p>
        <p>•	You get a say in building decisions</p>
        <p>•	You share responsibility for building management</p>
        <p>•	No ground rent or lease renewal worries</p>
      </div>
    </div><br><p style="text-align: right"><small>Read the full article: <a href='https://www.foxtons.co.uk/discover/2022/09/leasehold-vs-freehold-the-differences-and-what-to-consider' target='_blank'>Leasehold, freehold and commonhold</a></small></p>
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<h3>What leasehold reform means for you</h3>
<p><b>If you're buying:</b>
<p style="margin-left: 25px">&#x2022	More property options to consider
<p style="margin-left: 25px">&#x2022 Clearer understanding of what you own
<p style="margin-left: 25px">&#x2022 Potentially lower long-term costs
<p><b>If you're selling:</b>
<p style="margin-left: 25px">&#x2022 New selling points for your leasehold property
<p style="margin-left: 25px">&#x2022 Recent reforms make your property more attractive
<p style="margin-left: 25px">&#x2022 Potential buyers will have fewer concerns

<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2025/03/barbican-leasehold/720.jpg' alt='Barbican leasehold'>
<figcaption>Photo: <a href='https://unsplash.com/photos/a-view-of-a-city-from-a-balcony-B0p2BR1z504' target='_blank'>Barbican</a> by <a href='https://unsplash.com/@krowdeed' target='_blank'>Lawrence Krowdeed</a> - <a href='https://unsplash.com/license' target='_blank'>Unsplash</a></figcaption>
</figure>


<h3>Changes brought by last year’s Leasehold Reform</h3>

<blockquote class='pullquote_right'>
<a href='https://www.foxtons.co.uk/discover/2024/06/awash-upa-round-up-leasehold-reform-and-renters-reform#leasehold-reform' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2024/06/apartment-buildings-london/720.jpg' alt='Leasehold reform act'></a> <p><small>Read: <a href='https://www.foxtons.co.uk/discover/2024/06/awash-upa-round-up-leasehold-reform-and-renters-reform#leasehold-reform' target='_blank'>Leasehold Reform in the Conservative Party's 'Wash Up'</a></small></p>
</blockquote>

<P>This new ban could help buyers find their perfect leasehold home in London’s incredible new-build market. But, of course, there is the matter of existing leasehold property. 
<p>Last year, right before the Conservatives left office, they pushed through a number of bills. Leasehold Reform was one of them, which made some strides in the ownership of existing leasehold properties. 
<P>The roll out has been a little trickier. The new government have said that some aspects of the bill require further consultations and secondary regulations. So, here’s what has changed and what has yet to change: 

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    <div class="card-header">No More 2-Year Wait</div>
    <div class="card-content">
      <div class="info-row">
      </div>
      <div class="info-row">
        <div class="label">Status:</div>
        <div class="value"><span class="active-status">Active since 31 January 2025</span></div>
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      <div class="info-row">
        <div class="label">What it means for you:</div>
        <div class="value">New owners can extend leases (or buy freehold) immediately – no need to wait 2 years.</div>
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  <div class="reform-card">
    <div class="card-header">Right to Manage</div>
    <div class="card-content">
      <div class="info-row">
        <div class="label">Status:</div>
        <div class="value"><span class="active-status">Active since 3 March 2025</span></div>
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        <div class="label">What it means for you:</div>
        <div class="value">More rights to manage property, and abolishes the presumption that leaseholders pay a freeholder's legal fees for RTM claims.</div>
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    </div>
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  <div class="reform-card">
    <div class="card-header">Clearer Service Charges</div>
    <div class="card-content">
      <div class="info-row">
        <div class="label">Status:</div>
        <div class="value"><span class="coming-status">Coming 2025/26</span></div>
      </div>
      <div class="info-row">
        <div class="label">What it means:</div>
        <div class="value">Easier to understand what you're paying for in terms of communal areas.</div>
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    </div>
  </div>
  
  
  <div class="reform-card">
    <div class="card-header">990-Year Leases</div>
    <div class="card-content">
      <div class="info-row">
        <div class="label">Status:</div>
        <div class="value"><span class="coming-status">Coming 2025/26</span></div>
      </div>
      <div class="info-row">
        <div class="label">What it means:</div>
        <div class="value">Leases could be extended for 990 years (instead of 90 years for flats and 50 years for houses)</div>
      </div>
    </div>
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  <div class="reform-card">
    <div class="card-header">Marriage Value Ban</div>
    <div class="card-content">
      <div class="info-row">
        <div class="label">Status:</div>
        <div class="value"><span class="coming-status">Coming 2025/26</span></div>
      </div>
      <div class="info-row">
        <div class="label">What it means:</div>
        <div class="value">When a short lease gets extended, the property value goes up. This 'marriage value' is currently split between the leaseholder and freeholder. New regulations means this would go fully to the leaseholder.</div>
      </div>
    </div>
  </div>
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<h3>Still to come</h3>
<p>The biggest issue still to be ironed out is ground rents for <b>existing</b> properties. So far: 
<p style="margin-left: 25px">&#x2022	The <b>Leasehold Reform Act 2022</b> banned ground rents for most new residential property, but that does not apply to leases granted before 30 June 2022. 
<p style="margin-left: 25px">&#x2022 To pass the <b>2024 Leasehold Reform Act</b> quickly, the proposed cap on ground rent for existing property was scrapped. 
<p style="margin-left: 25px">&#x2022 This new <b>2025 Leasehold Ban</b> also wouldn’t address ground rent in existing leases, so there is still room for improvement. 
This is a complex bit of legislation to get through, but it would make a property into a more attractive listing, helping a lot of London’s homeowners move more quickly. 


<figure>
<img src='https://page-assets.foxtons.co.uk/news-images/2025/03/leasehold-london/720.jpg' alt='Leasehold in London'>
<figcaption>Photo by Foxtons Specialist Video & Photography Team</figcaption>
</figure>



<h3>Buying and selling leasehold <b>now</b>? We get it done</h3>
<p>You don't have to wait on legislation to achieve your goals – the opportunities are already out there. Whether you're buying or selling a leasehold property, our experts can guide you through the process.
<br>

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<a href="https://www.foxtons.co.uk/valuations" class="cta-button cta-button-primary">Book a valuation</a>

<a href="tel:020 7893 6300" class="cta-button cta-button-secondary">
  
  &#x1f4f1; Call 020 7893 6300</a>

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<br>

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box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 6px 20px 0 rgba(0, 0, 0, 0.19);"> <h3><center><b>If you're buying:</b></center></h3>
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<br><hr><br>
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   <p><p><b>Source:</b> This article about the <a href='https://www.gov.uk/government/news/beginning-of-the-end-for-the-feudal-leasehold-system' target='_blank'>Commonhold white paper</a> was reviewed and edited by Foxtons Sales department, ensuring you have the best information on on changes to leasehold legislation when you need it. If you have any questions on this article, <a href='mailto:experts@foxtons.co.uk?subject=Article%20on%20the%20Leasehold%20Ban' target='_blank'>ask a Foxtons expert</a>.</div>

Home inspiration

home-renovations

<h2 class='intro_basic'>We're in the season for home renovations, so it's a great time to hear from a company who sees a lot of clients in the midst of them. Marcin Markiewicz, who runs <a href='https://removalsandstoragex.com/' target='_blank'>Removals & Storage Experts</a> in London, shared 8 ways to prepare for your next big project.</h2>

<hr>
<p>By: Marcin Markiewicz


<blockquote class='pullquote_right'>
<a href='https://www.foxtons.co.uk/valuations' target='_blank'><img src='https://page-assets.foxtons.co.uk/news-images/2025/02/front-door/480.jpg' alt=''></a><p><small>Renovating to sell? <a href='https://www.foxtons.co.uk/valuations' target='_blank'>Book a valuation</a> first to avoid unnecessary work.</small></p>
</blockquote>


<p>Preparing for a home renovation is an exciting yet complex process. Proper planning can make the difference between a smooth, well-executed project and a stressful experience filled with unexpected issues. 
<p>This guide provides essential steps to help homeowners navigate the planning phase efficiently and avoid common renovation pitfalls.


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<div id='news_list_holder'><div class='news_list'>

<div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2025/02/kitchen-renovations/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="" /></a>
<div>
<P><small><small>Photo by Foxtons Specialist Video & Photography Team</small></small></p>
<h3>1. Define your renovation goals</h3>
<p>Before starting your home renovation, establish clear objectives. Are you looking to enhance functionality, <a href='https://www.foxtons.co.uk/discover/2024/01/howto-guide-home-improvements-that-add-value' target='_blank'>increase property value</a>, or update your home’s aesthetics? Consider whether you need minor upgrades or a full house renovation involving structural changes, such as:
<p style="margin-left: 25px">&#x2022; Kitchen renovation to improve layout and efficiency.
<p style="margin-left: 25px">&#x2022; Bathroom updates for better use of space.
<p style="margin-left: 25px">&#x2022; Loft conversion to add an extra room.
<p style="margin-left: 25px">&#x2022; Basement conversions for additional living or storage space.
<p style="margin-left: 25px">&#x2022; House extension to accommodate a growing family.
<p>Consulting an architectural design expert can help refine your vision and ensure your renovation meets legal and structural requirements.
</p>
</div>
</div>

<div class="news_list_item">
<div>
<h3>2. Set a realistic budget and timeline
</h3>
<p>Renovation costs vary widely, and having a renovation project budget in place is crucial. Consider the following:
<p style="margin-left: 25px">&#x2022; Basic renovation costs: Small projects (e.g., cosmetic updates) may cost between £5,000 and £20,000 (Source: Checkatrade), while a full house renovation can range from £50,000 to over £100,000 (Source: Homebuilding & Renovating).
<p style="margin-left: 25px">&#x2022; Contingency funds: Set aside at least 10–20% of your budget for unexpected expenses.
<p style="margin-left: 25px">&#x2022; Timeline planning: Understand the time commitment required for different house renovation projects. A kitchen renovation might take a few weeks, whereas a house extension could last several months.
<p>Consulting project managers ensures that your timeline remains realistic and delays are minimised.
</p></div>
</div>

<div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2025/02/removals-for-renovations/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="" /></a>
<div>
<h3>3. Managing your belongings: removals and storage solutions</h3>
<p>Renovations often involve significant disruption to your living space. Planning what to do with your furniture and personal items is essential:
<p style="margin-left: 25px">&#x2022; Short-term solutions: Move items to another room if only a small area is affected.
<p style="margin-left: 25px">&#x2022; Long-term storage: For extensive renovations, consider removals & storage solutions to protect valuables from dust, damage, and theft.
<p style="margin-left: 25px">&#x2022; Secure off-site storage: Using professional renovation services that include storage options can ensure peace of mind while work is underway.
</p></div>
</div>

<div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2025/02/construction-engineer/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="" /></a>
<div>
<h3>4. Hiring the right professionals</h3>
<p>Choosing the right experts for your property renovation is key to achieving high-quality results. When selecting renovation work professionals, consider:</p>
<p style="margin-left: 25px">&#x2022; Architects and designers: Help with planning and compliance.
<p style="margin-left: 25px">&#x2022; Contractors: Ensure they have experience with house renovation projects and are licensed.
<p style="margin-left: 25px">&#x2022; Project managers: Oversee the renovation from start to finish, handling logistics and schedules.
<p style="margin-left: 25px">&#x2022; Renovation services providers: Ensure they work to the highest standards and comply with UK building regulations.
<p>Always request multiple quotes and check references before hiring a contractor.
</p></div>
</div>

<div class="news_list_item">
<div>
<h3>5. Organising the renovation process</h3>
<p>Renovating in the correct order prevents unnecessary delays and rework. Follow these key steps:
<p style="margin-left: 25px">1. Structural work: Walls, foundation repairs, house extensions.
<p style="margin-left: 25px">2. Utilities: Plumbing, electrical systems, and heating.
<p style="margin-left: 25px">3. Insulation and walls: Plastering and painting.
<p style="margin-left: 25px">4. Floors and fixtures: Flooring installation and final touches.
<p>For a kitchen renovation, ensure cabinetry and appliances are installed in the right sequence to avoid delays. Similarly, loft conversions and basement conversions should be fully waterproofed before proceeding with interior design.
</p></div>
</div>

<div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2025/02/contractors-in-london-renovations/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="" /></a>
<div>
<h3>6. Living through a renovation: minimising disruptions</h3>
<p>If you plan to stay in your home during renovations, prepare for noise, dust, and inconvenience. Key considerations include:
<p style="margin-left: 25px">&#x2022; Creating a temporary living space: Set up a functional area in an unaffected part of the home.
<p style="margin-left: 25px">&#x2022; Relocating if necessary: If work impacts multiple rooms, staying elsewhere might be more convenient.
<p style="margin-left: 25px">&#x2022; Using removals and storage experts: They can store and transport your items safely while work is in progress.
</p></div>
</div>

<div class="news_list_item">
<div>
<h3>7. Decision-making & avoiding delays</h3>
<p>Renovations require quick and informed decisions. As Clara Annesley, Construction Content Specialist at <a href='https://www.proficiencyltd.co.uk/' target='_blank'>Proficiency Ltd.</a> advises:
<p style="margin-left: 40px; margin-right: 40px;"><i>“Be prepared to make quick decisions. During a house renovation, your builder might call you and say, ‘Tomorrow, we’re painting the kid's bedroom. What colour do you want the room to be?’ If you need time to decide, think over it. The entire project gets delayed. And if you're renting another place to live while your home is being renovated, every delay means paying extra for your temporary home.”</i>

<p>Plan ahead by selecting materials, finishes, and fixtures early to avoid unnecessary hold-ups.
</p></div>
</div>

<div class="news_list_item">
<a href="#" target="_blank"><img src="https://page-assets.foxtons.co.uk/news-images/2025/02/interior-design-renovation/720.jpg" class="rsImg" data-rsTmb="" data-rsw="707" data-rsh="397" alt="" /></a>
<div>
<h3>8. Final stages & finishing touches</h3>
<p>As your house renovation project nears completion, focus on:
<p style="margin-left: 25px">&#x2022; Quality assurance: Walk through with your project managers to check for unfinished work.
<p style="margin-left: 25px">&#x2022; Interior design and décor: Select furniture, lighting, and accessories that enhance your newly renovated space.
<p style="margin-left: 25px">&#x2022; Final cleaning and move-in: Ensure all dust and debris are cleared before returning stored items.
</p></div>
</div>

</div></div>

<hr>


<h3>Start your renovation project with a home property valuation today</h3>
<p>A well-planned home renovation can transform your living space and add value to your property. By setting clear goals, hiring the right professionals, and efficiently managing removals and storage, you can ensure a smoother experience. 

<p>However, if you are renovating to sell, it's better to <a href='https://www.foxtons.co.uk/valuations' target='_blank'>book a Foxtons valuation</a> first. We'll help you assess how renovations might impact your home's resale potential and in getting the right timeline for your sale: 

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   <p><p><b>Source:</b> This article was guest written by <a href='https://uk.linkedin.com/in/marcin-removalsandstoragex' target='_blank'>Marcin Markiewicz</a>, who runs the removals and storage company <a href='https://removalsandstoragex.com/' target='_blank'>Removals & Storage Experts</a>, based in London. He is passionate about helping people make a new house a home and to do away with the stress of moving.</div>


Landlords

Legislation

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<h2 class='intro_basic'>There's a new rule coming into effect that will strengthen how business dealings work in the lettings market. If you've chosen a well-prepared agency like Foxtons, these changes will actually give you greater peace of mind about the tenancies in your rental properties. Foxtons Director of Legal & Compliance, Manjit Kataora, explains the key points you should understand.</h2>



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<h5>Key takeaways:</h5>
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<p style="margin-left: 25px"><b>1. <a href="#new-rules">New rules are coming May 2025.</a></b> Letting agents must report suspected sanctioned individuals.
<p style="margin-left: 25px"><b>2. <a href="#timing">Agents will screen for "bad actors."</a></b> Agents will check suspected landlords and tenants against government lists at key transaction points, keeping your property dealings in good standing. 
<p style="margin-left: 25px"><b>3. <a href="#screening-systems">Choose a well-prepared agency</a>.</b> Working with agents who have proper screening systems in place ensures you won't inadvertently do business with sanctioned individuals.
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<p>The sanctions regime came into sharper focus following Russia’s invasion of Ukraine in 2022 but in fact had been around and had applied to estate agents for quite a long time before then.

<p>Part of the UK’s contribution to international efforts to tackle money laundering and international crime, sanctions are measures intended to freeze the assets of individuals, companies and other organisations (‘designated persons’) and restrict their access to investments and financial services.   Designated persons are listed on a government list (called a consolidated list), which is overseen by a division of the Treasury called the Office of International Sanctions (‘OFSI’).  

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<p>From 14 May 2025, letting agents will for the first time become subject to sanctions reporting obligations. These reporting obligations have applied to estate agents and other ‘relevant firms’ for some time and are triggered where the (estate) agent reasonably suspects that someone they are acting for in terms of either a sale or purchase is a match with someone (or an organisation) listed on the consolidated list.   

<p>The changes in May align letting agents to estate agents. The obligation to file reports will apply where the letting agent ‘reasonably suspects’ either a landlord or tenancy applicant of being a ‘designated person’. 

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<p>As to the timing of the reporting obligation, this is triggered only when either the landlord or tenancy applicant has entered into what is (in anti-money laundering guidance terms) known as a ‘business relationship’ with the agent. That is, for landlords, from the point the landlord ‘instructs’ the letting agent and the letting agent does work in response to those instructions.  Here, the term instructions means formal instructions, and letting agency work means things done in response to those instructions but does not include publishing advertisements, providing a means by which prospective landlords and tenants can make direct contact or communicate with each other. (Thus excludes the newsagent whose shop window might carry adverts for rooms to let, etc.).  

<p>For tenancy applicants, the reporting obligation applies from the point a prospective tenant’s offer is accepted by the landlord. 

<p>What this means is that letting agents could have designated persons on their database for quite some time before a reporting obligation is triggered. This makes sense because the number of individuals who actually transact is (particularly for large agents) far less than the number of contacts on an agent’s database, and so the thresholds prevent the system from being clogged up by what would otherwise be reports where there is no firm economic activity to speak of. Since the whole purpose of the sanctions is to prevent sanctioned persons or entities from engaging (and profiting from) economic activity, these thresholds make sense. 

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<p>Large agents have resources to scan their databases and ensure they meet these requirements. This means that landlords can be assured that they will not unwittingly assist undesirable persons or entities from carrying out business activity in breach of sanctions legislation and quite possibly also anti-money laundering legislation as well.

<p>The sanctions regime applies alongside existing anti-money laundering legislation, which continues to remain unaffected by the changes in May. Whereas anti-money laundering legislation applies to lettings transactions over the €10,000 (sterling equivalent) monthly rent threshold, sanctions obligations carry no minimum threshold. All letting agents, therefore, will need to screen all their landlords and applicants in order to comply with the new rules, and serious penalties lie in wait for those who fail to comply. 

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<h3>Find qualified tenants with Foxtons</h3>
<p>We have a huge database of registered, active renters. Foxtons Lettings team can quickly find the qualified tenants best suited for your rental property. Get started with a valuation:
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<a href="https://www.foxtons.co.uk/valuations" class="cta-button cta-button-primary">Book a rental valuation</a>

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   <p><p><b>Source:</b> This piece was authored by Foxtons Director – Legal & Compliance, Manjit Kataora, who has been working with Foxtons on the intricacies of legislation affecting London landlords for more than 16 years. If you have a question on letting your property in London, <a href='mailto:experts@foxtons.co.uk?subject=Sanctions%20Article%20Landlord%20Essentials' target='_blank'>ask a Foxtons expert</a>.


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