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The Bank of England cut interest rates today, providing some relief for borrowers ahead of Christmas.

The decision to bring the the cost of borrowing down to its lowest level in nearly three years was announced at midday by the Bank of England’s Monetary Policy Committee.

The Bank has reduced the base rate from 4% to 3.75%, which is good news for people looking to borrow cash or secure a mortgage deal. But while a cut was widely expected today, policymakers did not vote unanimously, with four of the nine-person monetary policy committee voting to hold interest rates at 4%.

The Bank said that, following the tax and spending measures announced in last month’s Budget and easing oil and gas prices, it now expects inflation to fall closer to its 2% target in the spring or summer of next year.

Previously, the Bank had not expected inflation to return to that level until 2027.

Industry response:

Chris Mayhew, Managing Director Mayhews: “Today’s cut to 3.75% is a welcome boost after the slowdown leading up to the Budget. Dropping below 4% is psychologically significant for buyers and sellers, restoring confidence after a cautious few months. While it won’t transform conditions overnight, it signals improving stability, and we expect lenders to respond with sharper products, setting the stage for renewed market activity heading into 2026.”

“With the Budget now out of the way, the atmosphere of uncertainty has lifted and this rate cut delivers a real pre-Christmas boost for the housing market which bodes well for activity in the new year.”

Executive summary

• Both Horley (RH6) and East Grinstead (RH19) sit within strong commuter belts (Horley near Gatwick; East Grinstead on routes to London and the south coast). Rents remain elevated compared to national averages but growth is moderating in 2025 as mortgage rates and supply dynamics evolve. National indexes show rent inflation easing after rapid increases earlier in the decade.  

Market snapshot — Horley (Surrey)

• Market context: Horley is a popular choice for commuters using Horley & Gatwick rail links and for airport-related workers. Active lettings market with frequent new listings and open demand from working professionals and sharers. Example current asking listings show a wide spread of rents, reflecting a mix of flats and family homes.  
• Local average (listing/aggregator): reports an average rent ~£1,661 pcm for Horley (current market summary). This is a useful starting point but local asking lists show variation by size and condition.  
• Indicative rental bands (market-observed ranges from listings and local reports):
  
  
  • Studio / small 1-bed flat: £800–£1,200 pcm
  • 1-bed apartment: £1,000–£1,350 pcm
  • 2-bed house/flat: £1,200–£1,650 pcm
  • 3-bed house/terrace: £1,500–£1,950 pcm
  • 4+ bed detached: £1,900–£3,000+ pcm
    (These bands reflect listings seen on Rightmove and local portals across July–Aug 2025 — prices vary by proximity to station, parking/garden and refurbishment.)  
• Trends & drivers:
  
  
  • Commuter demand (Gatwick/London) and limited new available stock push rents up for well-located properties.
  • However national data show rent growth moderating in 2025, so new-let increases are smaller than earlier in the year. This may temper sharp rises in Horley going forward.  
•  

Market snapshot — East Grinstead (West Sussex)

• Market context: East Grinstead serves Mid Sussex commuters, with a mix of professionals, families and some downsizers attracted by good schools and rail connections. Local supply includes converted flats, town terraces and family houses.  
• Local average (official/aggregator):
  
  
  • ONS local authority data for Mid Sussex (which covers East Grinstead) reports an average private rent of £1,374 pcm (June 2025). town pages show variable figures (medians and averages differ by methodology), so use ONS for a conservative official benchmark.  
•  
• Indicative rental bands (market-observed ranges):
  
  
  • Studio / 1-bed flat: £700–£1,000 pcm
  • 1-bed flat (town centre, modern): £900–£1,400 pcm
  • 2-bed flat / terraced house: £1,200–£1,600 pcm
  • 3-bed family house: £1,350–£1,900 pcm
  • 4+ bed family / detached: £1,800–£3,500+ pcm
    (Rightmove/Zoopla/letting agents listings in July–Aug 2025 show this spread; higher figures apply to modern conversions, houses with gardens and near stations.)  
•  
• Trends & drivers:
  
  
  • Steady family demand and limited supply of larger houses have kept family rents resilient.
  • Local average rent growth has broadly tracked regional South East trends (positive but slowing growth in 2025). ONS shows private rents still above pre-pandemic levels but annual inflation moderating.  
•  

Comparative observations (Horley vs East Grinstead)

• Typical rents: Horley’s average listing average ~£1,661 pcm) looks a touch higher than the Mid Sussex/O NS average for East Grinstead area (~£1,374 pcm by Mid Sussex ONS data) — though individual property size/quality and proximity to rail make the real overlap significant. Use local comparables rather than town averages when valuing a specific property.  
• Tenant profile differences: Horley has a proportionally higher share of airport and commuter workers; East Grinstead tends to attract families and longer lets, which influences void rates and demand for 2–3 bed houses.

Practical notes for landlords & agents

• Set rents with recent local comparables (within 1–2 miles and same transport catchment). National averages are a guide but micro-location matters (near station, schools, parking).  
• Consider short re-letting windows: new-let prices may be more sensitive than renewal prices; in 2025 growth is moderating so aggressive increases may lengthen voids. ONS and industry indexes show slowing rent inflation in mid-2025.  
• Investment note: yields may compress where house prices are high; check local yield calculations (gross yield = annual rent / purchase price) before acquiring and local agent valuations are useful for this.  

Practical notes for tenants

• Act fast on well-priced properties — good 2–3 bed family houses and modern 1-beds near stations still receive multiple viewings.
• Budgets: aim slightly under the top of the band for negotiating leverage, and be ready with references/DEPOSIT & ID to secure competitive lets.

Legal Status & Timeline

The Renters’ Rights Bill is currently progressing through Parliament and is expected to become law between late 2025 and early 2026  . Some provisions may come into effect later, as infrastructure like digital court systems and landlord databases are phased in  .

Key Legal Shifts & Landlord Responsibilities

Goodbye Section 21: No More ‘No-Fault’ Evictions

The legislation will eliminate Section 21 notices, meaning landlords must now rely solely on specified grounds under Section 8 (e.g., arrears, anti-social behaviour, intention to sell) for possession claims  .

Shift to Rolling Tenancies

Fixed-term Assured Shorthold Tenancies (ASTs) will be replaced by periodic (rolling) tenancies, giving tenants greater time flexibility—with just two months’ notice to quit.

Stricter Rules on Rent & Bidding

• Rent increases will be capped to once a year, aligned with market rent only  .
• Rent bidding wars and excessive advance rent demands will be outlawed; advance rent will be limited to one month’s rent.

Pet Requests & Anti-Discrimination

• Tenants can now formally request to keep pets. Landlords can only refuse with a valid reason—pet insurance may be required  .
• Discriminatory policies such as “No DSS” or blanket bans on families with children are being banned.

New Property Standards

• The Decent Homes Standard, previously for social housing, will apply to private rentals  .
• A national landlord database will be set up, along with a requirement to join an ombudsman scheme for tenant redress.

Enhanced Enforcement Powers

Stronger tools will be given to local authorities to penalize non-compliant landlords; Rent Repayment Orders (RROs) may now be applied for up to two years’ rent, with affected landlords (including superior landlords and company officers) personally liable in many cases  .

Why It Matters — Impacts on Landlords

• Cash-flow challenges: Longer notice periods and arrears thresholds (increased to 3 months) mean landlords must prepare for potential delays in possession and rent recovery  .
• Compliance complexity: From pet policies to upgraded safety standards and registration requirements, compliance demands are intensifying.
• Possible market shifts: Some small landlords are already exiting the sector due to increased burdens  .

What You Should Do Now

1. Update tenancy contracts—prepare for rolling periodic tenancies and longer notice periods.
2. Review rent policies—ensure rents align with market norms and avoid demanding more than one month’s advance rent.
3. Prepare for pets—set reasonable pet policies and consider coverage for pet damage.
4. Ensure property meets Decent Homes Standards and document compliance.
5. Register your property and join an ombudsman scheme once details are confirmed.
6. Stay informed on further amendments—including rent increase arbitration schemes and tribunal capabilities  .

In Summary

The Renters’ Rights Bill signals a profound legal transformation. As homeowner-guests enter a new era of tenant protections, landlords must adapt—anticipate more regulation, greater tenant empowerment, and a heightened need for compliance.

At Mayhews we understand the complexities of being a Landlord, please don’t worry we are here to help. Contact us if you need help in preparing for the Renters Rights bill and all other compliance requirement’s at [email protected] or visit our website for more contact options mayhewestates.co.uk

Here’s a comprehensive property market update for Horley, Surrey (RH6) covering all property types, prices, and current trends:

1. Market Overview

• Average house price in Horley over the past 12 months is approximately £476k (based on 424 transactions), up from ~£458k in 2024 and currently around £513k in 2025  .
• Sold‑price data for the last 3 months show an average of £415k, with yearly sales volume of 424 properties totalling £201.9 million 
• Overall average asking price currently: £482k, with time-on-market averaging 13 weeks.

3. Recent and Notable Sales

Significant recent sales include:

• Detached from £600k–995k, e.g. £995k sale in April 2025  .

• Semi-detached flats typically between £400k–£550k.
• Terraced homes: £300k–£400k.
• Flats: £230k, with some sub‑£200k listings.

4. Market Trends & Sentiment

• Surrey region shows resilience: national asking prices rose 1.4% YoY; South East +2.5%  .
• Predictions anticipate +4% price growth in 2025 across Surrey and SW London, supported by interest rate cuts and strong demand in prime regions  .
• Bank of England expected to cut base rates up to 4 times in 2025, which may ease mortgage affordability  .
• Surrey average property price: £650k overall; flats £

5. Time on Market & Activity

• Asking properties spend an average of 13 weeks on market  .
• New-home sales in Surrey saw strong finishes into 2024 and momentum into 2025.

6. Outlook & Key Insights

• Detached homes: strong upper range £600k average, with £800–995k for premium), stable demand.
• Semi-detached: attractive family options averaging £455k.
• Terraced: solid mid-range £370–380k.
• Flats: entry-level opportunities in the low £200k–300k range.

Drivers Going Forward:

Mortgage rates expected to fall, boosting buyer confidence.

Stamp Duty timing and affordability improvements may drive short-term surges.

7. Summary

• Entry-level (flats): £220k–300k
• Terraced homes: £370k–400k
• Semi-detached: £450k–550k
• Detached: £600k–1m+, depending on size & location
• Forecast: +4% uplift in 2025 with good market momentum across Surrey

If you require an up to date valuation on your home please contact us on 01293 775 518 or email [email protected] or visit our website www.mayhewestates.co.uk

1. Local & Regional Market Trends

• As of June 2025, average UK asking prices fell 0.3%, with the South East down 1%—though prices remain 0.8% higher year‑on‑year  .
• In West Sussex, detached homes currently average around £652k (+2.8% YoY), semi‑detached around £427k (+3.6%)  .

2. East Grinstead Overall Snapshot

• Full postal area average: £442k, +0.9% over last year; +40% increase over a decade .
• RH19 postcode (HM Land Registry): average sale price £654.6k, up 3.7% in past year, +24% over 5 years; typical sales take around 74 days.

4. Property Type Averages in East Grinstead

Based on Rightmove & local portals:

• Detached houses: ~£668k (Rightmove), or £728k (Aug 2024)  
• Semi‑detached: ~£444k (Rightmove), £469k (Aug 2024)  
• Terraced properties:£370k  
• Flats: £226–244k  

5. Sample Property Listings (Estimated Values)

From recent automated valuations (Resi) :

• Terraced 2‑bed (e.g. 16 Cavalier Way): £298k
• Semi‑detached 3‑bed (e.g. 3 Giffards Close): £404k
• Detached 3‑bed (e.g. 20 Pegasus Way): £541k
• Detached 4‑bed (e.g. 14 Coneyburry Grove): £750k
• Flats: majority estimated between £160k–£300k.

6. Market Dynamics & Outlook

• Transaction volume down 56% Y/Y in RH19, yet prices up, hinting at supply constraints and motivated pricing  .
• Sellers are listing more competitively amid increased stock levels  .
• Mortgage rates have eased since 2023, yet Stamp Duty revisions are cooling high-end South East markets  .

7. Summary & Outlook

• Entry-level (flats/terraced): £225–370k
• Family semi-detached: £400–500k
• Detached homes: £540k–£1.3m, depending on area
• Prime pockets (Dormans Park, Felbridge): often £700k+
• Market remains resilient overall, though modest dips in asking prices may offer opportunities.

Outlook: steady price growth expected, but watch for more realistic pricing due to rising stock and tax/tariff factors.

Next Steps

If you require any advice or would like us to value your property please get in contact. 01342 316 444 0r email [email protected] or visit www.mayhewestates.co.uk

Latere this summer the long awaited Renters Reform bill will become law for all Landlords. We take a look at what the key takeaways are.

Here’s a more detailed look at the bill’s proposed changes:

• Abolition of “no-fault” evictions:
  Landlords will no longer be able to evict tenants without a valid reason, such as rent arrears or breaches of the tenancy agreement;
• Periodic Tenancies:
  Fixed-term tenancies will be abolished, and all tenancies will be converted to periodic tenancies, allowing tenants to end the tenancy with two months’ notice;
• Rent Increase Regulations:
  Rent increases will be limited to once per year and must be communicated with at least two months’ notice, along with justification for the increase; 
• End to Bidding Wars:
  Landlords and agents will be prohibited from encouraging or accepting offers above the advertised rent;
• New Decent Homes Standard:
  A new Decent Homes Standard (DHS) will be introduced for the private rented sector; 
• Awaab’s Law Application:
  Awaab’s Law will be applied to the private rented sector, requiring landlords to address hazards within a specified time period;
• Private Rented Sector Landlord Ombudsman:
  A new ombudsman will be established to resolve disputes between landlords and tenants; 
• Private Rented Sector Database:
  All landlords will be required to register themselves and their properties on a new database;
• Discrimination Bans:
  Landlords and agents will be prohibited from discriminating against prospective tenants based on their receipt of benefits or having children; 
• Pet Ownership:
  Tenants will have the right to request reasonable consent for pet ownership

If you require any advice or guidance please do not hesitate to contact us at [email protected]

Here at Mayhews we work incredibly hard to ensure all our Landlords are protected from falling fowl of the endless legislation that is now being introduced. We have now produced a Landlords legislation guide to help you stay compliant and avoid significant penalties. If you would like a copy please email us below and we shall be in contact and send you your free copy.

[email protected]

Mortgage rates: what is happening

The Bank of England opted to cut interest rates in February from 4.75 per cent to 4.5 per cent.

Base rate has been dropped by 0.75 percentage points since August when it was first cut from 5.25 per cent.

Between the start of July and October, the lowest five-year fixed rate mortgage fell from 4.28 per cent to 3.68 per cent. Meanwhile, the lowest two-year fix fell from 4.68 per cent to 3.84 per cent.

But the lowest rates are now higher at 4.13 per cent and 4.23 per cent, respectively, as rates have crept higher again with all of the best sub-4 per cent deals disappearing.

Nonetheless, mortgage rates remain well below their recent peak. 

In 2023, a combination of base rate hikes and worries over inflation figures saw average two-year fixed mortgage rates reach a high of 6.86 per cent in the summer, according to Moneyfacts, while five-year fixed rates hit 6.35 per cent. 

That said, mortgage rates still remain far higher than borrowers had enjoyed prior to the surge in 2022.

Roughly three years ago, the averages were hovering around 2.5 per cent for a five-year fix and 2.25 per cent for a two-year. 

In fact, as recently as October 2021, some of the lowest mortgage rates were under 1 per cent.

Will mortgage rates go down or up? 

Forecasts are tricky game at the best of times and interest rate expectations change regularly.

Mortgage borrowers on fixed rate deals should worry less about where the base rate is today, and more about where markets think it will go in the future. 

This is because banks tend to pre-empt base rate movements. Lenders change their fixed mortgage rates on the back of predictions about how high or low the base rate will ultimately go and how long it will stick there.

In 2023, forecasts for where the base rate would eventually peak fell from a high of 6.5 per cent to 5.25 per cent, mortgage rates shifted with this.

At the start of 2024, markets were pricing in six or seven base rate cuts, with investors betting on rates falling to 3.75 per cent or 3.5 per cent by Christmas.

And we now know how that ended up. Base rate ended the year at 4.75 per cent.  

Now, in 2025, markets are now suggesting that base rate will be cut two more times this year and fall to 4 per cent – but based on last year’s performance, these should all be taken with a pinch of salt.

Borrowers due to remortgage should stay on top of rate forecasts but also look to lock in some certainty as soon as they can. 

New fixes can be arranged through brokers around six months in advance, with the fees added to the loan and no upfront cost. There is no obligation to take the mortgage if rates fall – instead you could swap for a better deal –  but you will have it in your back pocket if you need it.

Once you have decided to put your property on the market and you have instructed your agent, you need to make sure you are ready for the marketing process. It is easy to think of the marketing process as just people visiting once or twice a week to have a look around and doing a quick tidy up before they arrive. To give you the best possible chance of success though, you need to take a more proactive approach and always be at the ready for viewings, even if they are at short notice.

First Impressions

You often get two opportunities to make a first impression. Firstly online and secondly in real life:

• Online: This in part is about your choice of agent and how they market their properties online, both on their own websites and portals like Rightmove. It is also about being prepared for taking photographs and marketing details before the property goes live. Having images that show your property at its best will generate initial interest. It is important that you are telling a consistent story about your home and the photos should also match how the property presents itself in real life, so your potential buyers are not disappointed. Images should also be truthful and careful photography that conceals less desirable features won’t help you sell the property, as the potential buyer will see what’s there when they view.
• In real life: The way your property is presented from the outside, call it curb-appeal, will set up the way a potential buyer feels about the property before they come in when they first view it. Many buyers will do a ‘drive by’ in advance to get a first look at the outside of the property beforehand and so maintaining a proactive approach to keeping things neat and tidy will make all the difference, even before the viewing.

Some of the things that you should consider are:

• Keeping the garden tidy – especially in the autumn months
• Washing down and painting front doors if they are looking tired
• Cleaning the windows
• Removing any dead plants and ideally replacing them with something fresh
• If the bins live outside, tuck them away in a tidy corner, so they’re not the first thing you see
• Clear out the weeds from the paths
• If the front door mat is frayed and messy, replace it
• If you have outside light, make sure that they are working and switched on for evening viewings
• If you normally squeeze several cars on to your driveway, try parking around the corner to give your potential buyer space to pull in as if they already lived there
• Plants and pots that frame the front door will make a welcoming entrance
• If there is a communal hallway to your property, even though it may not be part of your home, tidy up abandoned flyers, post and newspapers etc

TIP: Talk to Mayhews estate agents about the type of buyer that might be interested in your home. They may be similar to you when you bought the property, so think about what they will be looking for in a property and focus on presenting the traits you think are most desirable.

Look at what other properties are available for your target buyer and consider what first impression those properties create online. If yours is better, it will be at the top of a buyer’s viewing list.

Mayhews have the option to upgrade a property to be a featured property on portals like rightmove, meaning the property will appear at the top of the page. Again, the first impression if you’re at the top of the page could make all the difference.

Presentation

The most successful viewing is when the potential buyer can see themselves living in the property and can also relate to the property as it is now. Some simple ways to improve the presentation of your property are:

• Give rooms the right purpose: We don’t always use rooms for the purpose they were intended. We may use a dining room as a bedroom or a bedroom as a study. Some buyers find it hard to see beyond the current use of a room so, if you are marketing a room as a bedroom, it is best to set it up as a bedroom so you are showing them the purpose of the room, not just telling them what it could be.
• Keep it tidy: Keeping your house clean and tidy for viewings will not only create the right impression but help buyers see beyond your contents.
• Declutter: This is probably one of the most impactful things to do. Even if it means you rent some local storage during the marketing period, keeping the property free of unnecessary clutter will create a sense of space and a blank canvas for your buyer to more easily see themselves living there.
• Let in light: Keeping curtains and blinds open and windows clean, will let in light and create a better sense of space. If you are going to be at home for a viewing, switch on the lights in the rooms before your buyer arrives.
  Set the temperature: If there are rooms in your home you rarely use and therefore rarely heat, switch on the radiators ahead of your viewing so the whole property is warm and welcoming.
• Bathrooms and kitchens: Should always be clean, tidy and mould free. Try keeping just your essential toiletries and products in the bathroom and storing the rest to keep clutter at bay. In the kitchen keep the worktops as clear as possible, which will improve the sense of space.
• Pets: Not everyone will love your pet as much as you do, so they are best kept out of sight. This is especially the case with enthusiastic dogs who may literally scare your buyer off.
• Keep it simple: If you feel the need to re-decorate before marketing your property choose neutral colours that have a universal appeal.

Minor repairs: The little things add up and if there are simple repairs that you have been planning to do, get them done before putting your property on the market, it will give potential buyers few things to find wrong.

if you would like advice on how to prepare your home for sale give us a call and our experienced team can help and guide you.

www.mayhewestates.co.uk