Category: Uncategorized

Posted on

Home Buyers: A Quick Guide To Understanding the UK Mortgage Market

Home Buyers: A Quick Guide To Understanding the UK Mortgage Market

Welcome to the exciting – and sometimes overwhelming – world of buying a home in the UK.

Whether you’re a first-time buyer or moving up the ladder in Tower Hamlets, understanding how mortgages work will seriously boost your confidence.

This guide from City Realtor breaks down what you really need to know about today’s mortgage market – especially with current interest rates, affordability checks, and government schemes all changing how people buy homes.

8 Things You Need to Know When Speaking to Mortgage Lenders

Let’s take the guesswork out of the mortgage process with these key tips.

1. Mortgage Research Matters More Than Ever

Think of your mortgage like your financial partner for the next two to five (or more) years – you want the right fit.

Main mortgage types:

  • Fixed-rate mortgages: Your payments stay the same for a set period (often 2, 3, or 5 years).
  • Tracker mortgages: These follow the Bank of England base rate, so they rise or fall accordingly.
  • Standard Variable Rate (SVR): This is your lender’s default rate after your initial term ends – usually higher and less predictable.

You can view the current interest rate here, but more buyers are leaning towards short-term fixed deals in the hope that rates will settle or drop in the near future.

2. Understand How Interest Rates Affect You

Interest rates determine how much your monthly mortgage repayments will be.

  • Fixed-rate = Stability: Great if you need predictable payments.
  • Variable = Flexibility (with risk): Payments go up or down depending on wider economic factors.

The Bank of England base rate has held steady recently, but it’s often been a bumpy ride, so it’s wise to speak with a mortgage broker who can compare the latest deals on the market.

3. What Is Loan-to-Value (LTV) — and Why It Matters

Loan-to-Value (LTV) is the percentage of the property price you’re borrowing. For example, a 90% LTV mortgage means you’re putting down a 10% deposit.

  • Lower LTV = Lower Risk for Lenders = Better Rates for You
  • Aim for at least a 15% deposit if possible. Buyers with a 25% deposit can secure noticeably better rates and more product choice.

4. Affordability: It’s Not Just About What You Earn

Lenders look closely at your income, outgoings, and any existing debt. With cost-of-living pressures and high rental prices, some buyers find borrowing limits tighter than expected.

Top tip: Try to clear any debts before applying and avoid taking out new credit in the months before you get a mortgage agreement in principle.

Use our mortgage calculator here

5. Credit Score = Your Mortgage Passport

Your credit history tells lenders whether you’re reliable with money. Missed payments, high credit card balances, or errors on your report can all affect your options.

Check your credit file for free via Experian, Equifax, or TransUnion, and fix any issues before applying.

6. Stamp Duty: Know What You’ll Pay

Stamp Duty kicks in on property purchases above £250,000 (or £425,000 for first-time buyers).

Rates and exemptions change, so use our stamp duty calculator to get a clear idea of what you’ll owe based on the latest thresholds.

7. Hidden Costs: Budget Beyond the Deposit

The deposit for your new home is just the start. Here are some other costs you’ll need to plan for:

Add these up early, so you’re not caught out once your offer is accepted.

8. Help for Buyers

The government has scaled back some of its older schemes (like Help to Buy), but support is still available:

  • Shared Ownership: Buy a share of your home and pay rent on the rest.
  • First Homes Scheme: Aimed at key workers and first-time buyers, offering a discount of up to 30% on selected new builds.

These schemes come with eligibility rules, so speak with a mortgage advisor or broker who knows the ins and outs.

You’ve Got This!

Reading this guide means you’re already ahead of the game. Buying a property in Tower Hamlets is one of life’s biggest milestones, and being mortgage-savvy helps smooth the way.

We Can Help

If you’re getting ready to sell or start your search for a new home in Tower Hamlets, our team at City Realtor is ready to help.

We know the Tower Hamlets property market inside-out – and we’ll be here to support you from valuation to moving day.

Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to get started.

In the meantime, we’ve answered some of your common questions about the UK mortgage market.

FAQs: Understanding the UK Mortgage Market

What’s better – a fixed or variable mortgage?

It depends on your risk tolerance. Fixed gives security, which is attractive when rates are unpredictable. Variable can save money if rates fall – but it’s a gamble.

How much deposit do I need to get a good mortgage deal?

Ideally 15-25% for the best rates. That said, some 5-10% deals are still available, especially under Shared Ownership or First Homes discounts.

What’s the SVR and when does it apply?

After your initial mortgage deal ends, you move onto the lender’s SVR – usually higher and not ideal long term. Consider remortgaging before this happens.

Can I still buy with a small deposit?

Yes, but you’ll have fewer deals to choose from. Use a mortgage broker, check for local or national schemes, and save what you can – every extra £1,000 helps!

What Next?

Do you require a valuation or no-obligation advice on buying or selling a property in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Posted on

May 2025: Property Market Update

May 2025 Property Market Update

May has arrived with a mixed but cautiously optimistic outlook for the UK property market. Following the seasonal spring uplift in activity, trends are starting to reflect both renewed confidence and continued adjustment. House prices are rising – though more slowly – mortgage rates are easing, and the rental market remains stretched.

Here’s what you need to know this month if you’re buying, selling, letting, or renting.

House Prices: Modest Growth as Listings Surge

The average asking price of a home coming to market hit a new high of £379,517 in May, according to Rightmove . However, the pace of growth has eased, with prices up just 0.6% from April, marking the smallest May increase since 2016. A key factor here is supply. The number of properties coming to market is up 12% year-on-year, giving buyers more choice and putting pressure on sellers to be competitive.

Demand for property in Tower Hamlets meanwhile, remains solid, with buyer enquiries 3% higher than this time last year. Some analysts, including those cited in The Times, suggest this year could see national house price growth of 3.5%, buoyed by falling mortgage rates and improving economic stability.

If you’re planning to sell your home in Tower Hamlets, this is still a favourable window – especially with more buyers entering the market – but accurate pricing and strong marketing are more important than ever.

Mortgage Market: Rates Continue to Fall

The Bank of England held its base rate at 4.25% this month following a 0.25% cut in April. That move has helped ease mortgage costs, which had been a major obstacle for buyers throughout 2024. As of mid-May:

  • The average two-year fixed mortgage rate is 4.61%
  • The average five-year fixed rate is 4.59%
  • Some of the lowest available fixed deals are now dipping below 4% for buyers with larger deposits

This marks a clear shift from the 6% plus rates seen last year and is improving affordability across the board. Buyers should still get a mortgage agreement in principle before making offers – particularly in areas where properties are selling quickly.

Sellers: Strong Interest, but More Competition

The traditional spring bounce in the sales market is in full swing. More sellers are listing their homes, and buyers are active again. But with supply at its highest point in over a decade, competition between sellers has also ramped up.

The most successful sellers in this market are the ones who price realistically and ensure their property looks its best online. That means professional photography, tidy kerb appeal, and well-maintained interiors. With many buyers looking to move before the summer holidays, now is an ideal time to list – just make sure your home stands out.

Buyers: More Choice, but Be Ready

With supply improving, buyers now have more choice and, in many cases, a bit more bargaining power. But desirable homes are still being snapped up quickly, especially those priced in line with current local demand.

Preparation is key: get your mortgage sorted, have a solicitor lined up, and be ready to act fast when the right property comes up. Pay attention to factors like EPC ratings and transport links, as these remain top priorities for many homeowners and investors.

Rental Market: Still Tight, but Rent Increases Slowing

The rental sector remains under pressure, but there’s some sign that the breakneck pace of rent growth is finally cooling.

According to the Office for National Statistics , the average UK private rent hit £1,332 per month in April, a 7.7% increase year-on-year. England saw rents rise to £1,386, Wales to £792, and Scotland to £1,001. This is still a significant jump, but down slightly from previous months, suggesting rent inflation may be levelling off.

Tenant demand remains high, and rental stock remains low in many regions, particularly for family homes and pet-friendly properties. If you’re a tenant, it’s worth acting quickly when something suitable comes up – and ensuring your paperwork is ready. You can view our properties to let here.

Landlords: Changing Legislation on the Horizon

The proposed Renters’ Rights Bill continues to make its way through Parliament and, if passed, will bring sweeping reforms to the rental sector. The current draft includes:

  • Abolishing fixed-term assured shorthold tenancies
  • Making all tenancies periodic by default
  • Limiting rent increases to once per year
  • Increasing notice periods for landlords who wish to sell

This legislation will change how landlords manage tenancies and may influence investment decisions for new entrants. Staying on top of compliance will be crucial. Now is a good time to review tenancy agreements and ensure property management processes are up to date. Speak with us about managing your property.

Looking Ahead: A Market Adjusting, Not Retreating

The remainder of spring and early summer is expected to be busy. More listings will continue to bring balance to the market, while lower mortgage rates may encourage more first-time buyers and movers who sat out last year.

We’re not in boom territory, but this is a far more stable environment than we saw throughout much of 2023 and 2024. For sellers, it’s a good time to act – but not a time to overprice. For buyers, it’s a market full of opportunity, but preparation remains key.

Landlords will want to keep an eye on changing legislation and consider how their investments might need to adapt. Meanwhile, tenants should continue to expect high competition and rising rents, albeit at a slightly gentler pace.

If you’d like tailored advice about your next move – whether that’s buying, selling, letting, or renting – get in touch with the friendly team at City Realtor. Call 0207 790 7702 or email admin@cityrealtor.co.uk today.

We have the local market knowledge and property insights for Tower Hamlets to guide you every step of the way.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of April/May 2025 and may change. Always seek professional advice for specific circumstances.

Posted on

Low-Maintenance Garden Ideas for Busy UK Landlords

Low-Maintenance Garden Ideas for Busy UK Landlords

If you’re a landlord in the UK, you know how important it is to maintain kerb appeal without creating extra work for yourself or your tenants. A tidy, low-maintenance garden can attract great tenants, boost rental value, and reduce ongoing costs. Plus, it protects your investment by ensuring that the garden remains presentable throughout the tenancy.

At City Realtor, we are always happy to offer advice to landlords to help create attractive outdoor spaces for their rental property in Tower Hamlets.

Here are our top low-maintenance garden ideas to keep your rental looking its best all year round.

Why Opt for a Low-Maintenance Garden?

  • Saves Time and Money: Minimal upkeep means lower maintenance costs and fewer callouts.
  • Appeals to Tenants: Neat, usable spaces are a major attraction for tenants looking for a property with outdoor enjoyment potential.
  • Avoids Garden Neglect: A straightforward, easy-care garden reduces the risk of tenants letting the space become overgrown and unkempt.

As a leading property management company in Tower Hamlets, we always recommend practical, easy-to-maintain outdoor areas to our landlords to help properties stay marketable.

Top Tips for Creating a Low-Maintenance Garden

1. Choose Hardy, Low-Care Plants

Selecting the right plants is crucial.

  • Hardy perennials like lavender, sedum, and hebes thrive without constant attention.
  • Ornamental grasses such as Festuca not only look beautiful but also require minimal pruning and watering.
  • Native plants are an excellent choice as they are well adapted to the UK climate, meaning less intervention is needed.

Position plants thoughtfully to reduce overcrowding, and group plants with similar watering needs together to simplify care.

2. Ditch the Lawn

Traditional lawns can be water-thirsty and labour-intensive. Instead, consider laying high-quality artificial grass, which has improved in quality dramatically and looks incredibly realistic.

Alternatively, create a gravel garden with low-maintenance shrubs or install attractive paved patios using stone, porcelain, or concrete slabs. These options are durable, easy to clean, and visually appealing, offering tenants a stylish outdoor area with zero mowing required.

3. Use Mulch to Control Weeds

Mulch is a landlord’s best friend when it comes to garden upkeep. Organic mulches like bark chips, straw, or cocoa shells not only suppress weed growth but also enrich the soil as they decompose.

Synthetic options, like rubber mulch, offer long-term coverage with no breakdown.

Did you know: Applying mulch around plant beds, trees, and shrubs can dramatically cut down on weeding efforts while keeping the garden looking neat and cared for!

4. Raised Beds and Planters

These encourage tenants to take better care of the garden because the design naturally organises the space and reduces weeding chores.

  • Raised beds and large planters give structure to outdoor spaces and keep gardens manageable.
  • Timber, brick, or railway sleeper designs are practical and attractive.
  • Raised beds can be filled with easy-care plants and fitted with irrigation systems to automate watering.

5. Focus on Outdoor Living Spaces

Today’s tenants love properties that offer outdoor living opportunities. Installing a small deck, paved terrace, or even a gravel seating area can transform a garden.

You can also provide tenants with low-maintenance outdoor furniture made of metal or treated wood that withstands British weather. A simple seating area invites tenants to enjoy the space and adds desirability to your property to let in Tower Hamlets.

6. Install Automatic Irrigation Systems

Setting up a basic drip irrigation system can ensure that plants receive the necessary water without relying on tenants to remember to keep them alive.

Timed watering systems are inexpensive and easy to install, protecting your investment and maintaining the attractiveness of the garden with minimal tenant involvement.

Common Mistakes to Avoid

  • Overcomplicating the Design: Elaborate layouts with intricate flower beds or delicate plants demand time and expertise that most tenants lack.
  • Choosing High-Maintenance Plants: High-care plants such as roses or exotic species often suffer from neglect and can become an eyesore.
  • Ignoring Outdoor Storage: A small storage shed helps tenants keep outdoor spaces tidy and protects any gardening tools provided.

At City Realtor, we’ve seen countless gardens left neglected because they were too complicated to maintain. Keeping it simple, durable, and tenant-friendly is key.

How City Realtor Can Help

We offer full property management services, assisting landlords with everything from tenant sourcing to advice on garden design and upkeep.

At City Realtor we understand how valuable first impressions are when marketing a property to rent in Tower Hamlets. A smart, low-maintenance garden can set your property apart.

Partner with City Realtor for expert property management you can rely on.

Ready to Make Your Rental Property Stand Out?

A low-maintenance garden is a good investment for every landlord. At City Realtor, we offer full support to help you maximise the appeal of your property to rent in Tower Hamlets.

Contact us today:

Call: 0207 790 7702 or email: admin@cityrealtor.co.uk

Let City Realtor help you manage your rental property stress-free and increase your property’s value effortlessly!

In the meantime, we’ve answered some of your common questions on this topic.

FAQs

What are the best plants for a low maintenance garden?

Plants like lavender, sedum, hebes, and ornamental grasses are excellent choices because they require little watering, pruning, or pest control. Native plants are also a fantastic low-maintenance option.

Is artificial grass a good option for rental properties?

Yes, artificial grass looks good and offers tenants a hassle-free lawn experience without mowing or watering, helping maintain kerb appeal.

How can I reduce weeds without constant weeding?

Use heavy mulch combined with weed membrane fabric beneath gravel or bark to prevent most weeds from sprouting.

Should I include garden furniture in my rental property?

Including durable, weather-resistant furniture can make your property more attractive. Stick to simple sets that are easy to maintain.

Can City Realtor help maintain the garden?

While tenants are typically responsible for basic garden maintenance, we can recommend local gardening services to landlords wanting more hands-on care.

How much can a good garden improve rental value?

A well-maintained, low-maintenance garden can enhance the property’s appeal and potentially allow you to charge 5-10% higher rent.

What Next?

Would you like tailored advice on improving your rental property? Let City Realtor take the stress out of renting your property. Whether you’re looking to get a valuation and let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos! We’ve answered more of your FAQ’s here.

Posted on

Mental Health Awareness Week 12-18 May 2025: 7 Ways to Look After Your Mental Health When Moving Home

Mental health awareness

City Realtor supports Mental Health Awareness Week: 12–18 May 2025.

Whether you’re a first-time buyer purchasing a property in Tower Hamlets or preparing to sell a home full of memories, moving can stir up a whirlwind of emotions – and affect your mental health.

It’s exciting, yes – but it’s also known to be one of the most stressful life events. That’s why, during Mental Health Awareness Week, we’re considering the emotional side of moving home, and sharing seven practical ways to protect your peace of mind along the way.

1. Keep perspective

When house-hunting or dealing with viewings and negotiations, it’s easy to let small setbacks feel like major failures. Try to zoom out. Remind yourself why you’re moving and what you’re working towards. Things might not always go exactly to plan, but that doesn’t mean progress isn’t happening. Keep a flexible mindset because it makes the bumps easier to handle.

2. Don’t pin everything on ‘the one’

Found your dream property in Tower Hamlets? Great! But don’t stop exploring just yet. Unfortunately, chains break, offers fall through and surveys throw up surprises. Having a Plan B means less stress if your top choice slips away. The same goes for selling – if your first buyer backs out, it doesn’t have to be game over.

3. Lean on people

Whether you’re buying, selling, or doing both, don’t shoulder it all alone. Talk with your estate agent in Tower Hamlets, loop in family or friends, and don’t hesitate to ask professionals to explain things more than once. No question is silly when you’re navigating contracts, conveyancing, or mortgage jargon. If you’re struggling emotionally, tell someone. You don’t have to wait until you’ve reached overwhelm to ask for support.

4. Prepare for twists and turns

Rarely does a move go exactly to script. Paperwork can cause delays. Survey results can surprise you. But none of this means you’ve failed – it’s just part of the process. Breathe through the hiccups. A calm head helps you problem-solve more effectively than panic ever will.

5. Celebrate small wins

Buying or selling a property isn’t just one decision – it’s dozens of small steps. So, when something goes right – your offer’s accepted, a valuation comes back clean, your buyer confirms – celebrate it! These wins keep you motivated and mark real progress on your path to moving day.

6. Get organised early

Disorganisation feeds stress. So, whether it’s viewing schedules, legal documents, or packing boxes, keep it all together. Make checklists, use a digital folder, and stay in touch with your estate agent in Tower Hamlets and your conveyancing solicitor. Tidy plans lead to a tidier mind!

7. Protect your downtime

Don’t let your home move consume you. Watch a film. Go for a walk. Switch off your phone. Mental recharge isn’t optional – it’s how you stay steady through the chaos. During Mental Health Awareness Week, take it as a nudge to be extra kind to yourself.

Moving Mindfully

If you’re buying or selling a property in Tower Hamlets, remember – it’s okay to feel wobbly sometimes. The process isn’t just financial, it’s deeply personal too.

At City Realtor, we understand the pressure that comes with moving home and we are always here to help make things clearer, calmer, and more manageable.

The theme for Mental Health Awareness Week 2025 is “community”, focusing on celebrating the importance of strong social connections and supportive communities for mental health and wellbeing. If things feel too much in any aspect of your life, speak with someone you trust or reach out to a mental health professional. You don’t have to do it all alone.

What Next?

If you’re thinking about buying or selling, our team at City Realtor is here to help. Contact us today on 0207 790 7702 or email admin@cityrealtor.co.uk to arrange a free valuation.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Posted on

Navigating the UK Property Market: Tips for Homebuyers

Navigating the UK Property Market: Tips for Homebuyers

Buying a home is no small thing – it’s emotional, exciting, and sometimes just plain overwhelming. But with a clear head and a solid plan, you can move forward with confidence in the UK property market. Whether you’re a first-time buyer or making your next move, here’s how to prepare, stay focused, and avoid mistakes.

Be Clear on Your Budget Before You Even Start Looking

Before you fall in love with a new home, get your finances in order. That means:

  • Getting a mortgage agreement in principle
  • Understanding your borrowing limits
  • Factoring in costs like stamp duty, legal fees, and surveys

Speak with a mortgage broker early on. They’ll explain your options and what’s realistic. If you’re looking to buy property in Tower Hamlets, this could give you an edge when making an offer.

Research the Market Like a Pro

The UK housing market isn’t one-size-fits-all – it’s hyper-local. What’s happening in one town could be completely different in another. Here’s what to keep an eye on:

  • Price trends in the areas you’re interested in
  • Local school performance, transport links, and green spaces
  • Regeneration plans or large-scale developments nearby
  • Council tax bands and average utility costs

Websites like the ONS, your local authority site, and school checker tools are your friends here. And don’t forget to check the crime stats – not just how things look on a sunny Saturday!

Speak with us about Tower Hamlets – we are your local experts!

Tip: Make a shortlist of your top 3 locations based on lifestyle, not just price.

Think Long-Term – Even If This Isn’t Your “Forever Home”

Ask yourself:

  • Will this property still work if your lifestyle changes?
  • What’s the rental potential if you move and decide to let it?
  • Is the area showing signs of growth or decline?

Being realistic now saves regret later. If you’re buying property for sale in Tower Hamlets, chat with one of our friendly team at City Realtor for all the local insights.

Don’t Guess! Ask for Advice

Whether you’re buying solo or with a partner, it’s smart to get advice from people who’ve been there.

  • Talk with friends and family who’ve recently bought
  • Speak to us! As your local estate agent, we know what’s really going on in the market
  • Use independent sources like Money Saving Expert for up-to-date mortgage tips
  • Don’t skip the legal advice – a good solicitor will keep your purchase on track and uncover potential red flags

Found The One? Act Fast but Don’t Panic

When you find a home you love, chances are others will too. Especially in popular areas where homes for sale in Tower Hamlets move quickly. Be ready to:

  • Make a confident offer (knowing your upper limit)
  • Ask for a second viewing if you’re unsure
  • Get your paperwork moving quickly – your solicitor and mortgage provider should be prepped and ready

We’re Here to Help You Move with Confidence

At City Realtor, we help buyers like you every day – whether you’re a first-timer or trading up. We’ll walk you through your options, show you properties for sale in Tower Hamlets, and answer all the questions you didn’t even know to ask.

Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to chat with us.

In the meantime, we’ve answered some of your common questions about buying a property.

FAQ’s: Homebuying in the UK Property Market

Should I get mortgage pre-approval before viewing homes?

Yes – this shows sellers you’re serious and puts you in a stronger position.

What’s worth checking when researching an area?

Look at school ratings, local transport, future development plans, and crime rates. Ask what the neighbours are like, too!

What professional advice do I need?

Estate agents give local market advice. Mortgage brokers help you choose the right deal. Solicitors handle legal checks. Don’t skip any of them.

What other costs should I plan for?

Budget for a survey, stamp duty, mortgage fees, solicitor costs, removals, and council tax.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a property in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Posted on

April 2025: Property Market Update

April 2025 Property Market Update

April kicked off with some big talking points in the UK property market. While the dust is still settling after a turbulent few years, there are signs of balance returning – though not without some fresh challenges along the way.

Whether you’re buying, selling, letting, or renting, here’s what’s been happening this month and what it could mean for you in Tower Hamlets. At City Realtor, we’re here to keep you informed with practical updates and local insight that matters.

House Prices: Where Do Things Stand?

House prices across the UK have continued a slow but steady upward trend. According to the latest UK House Price Index from the Office for National Statistics, the average UK house price in February 2025 (the most recent confirmed data) is £281,000, showing a 1.8% increase year-on-year.

ONS House Price Index
Rightmove House Price Report – April 2025

Rightmove reports that the average asking price for homes entering the market in early April reached a record high of £377,182, driven by seasonal demand and improved confidence among sellers.

If you’re thinking of selling your home or exploring property for sale in Tower Hamlets, this season offers one of the strongest windows of opportunity in recent years.

Mortgage Rates: Stabilising with Caution

Mortgage rates have settled somewhat following volatility in late 2024. As of early April:

  • The average two-year fixed rate is 4.84%
  • The average five-year fixed rate is 4.72%

These figures are down from the highs of over 6% seen last year and are giving more borrowers room to manoeuvre. Some high street lenders are even offering sub-4% deals for those with larger deposits.

Lenders are still cautious, so if you’re buying property in Tower Hamlets, it’s wise to secure a mortgage agreement in principle early to strengthen your position.

Sellers: A Seasonal Window of Opportunity

Spring traditionally brings a rise in new listings, and 2025 is no exception. Rightmove reports buyer demand is up 5% compared to April 2024, with more homeowners taking advantage of the seasonal surge in interest.

If you’re considering selling your home in Tower Hamlets, pricing it correctly and ensuring it’s market-ready will be vital. Call us to book a valuation on 0207 790 7702.

Top tips for sellers:

Speak to us – your local estate agent in Tower Hamlets – to discuss the best way to market your property this spring.

Buyers: Be Prepared to Move Quickly

Buyers are feeling cautiously optimistic. With wages on the rise and inflation softening, affordability is gradually improving. According to Nationwide, earnings are now outpacing house prices in many areas.

If you’re looking to buy property in Tower Hamlets, here’s how to get ahead:

  • Sort your finances early – A mortgage in principle puts you in a stronger negotiating position.
  • Be ready to move – In-demand homes are still selling fast, especially when priced correctly.
  • Think about long-term value – Energy efficiency, location, and futureproofing are all worth factoring in.

We’ve got a range of properties for sale in Tower Hamlets. View our current listings or speak with one of our team today on 0207 790 7702.

Rental Market: High Demand, Gradual Cooling

The rental sector is still feeling the pressure of high demand, though growth in rents is now stabilising. According to the Office for National Statistics, the average UK rent in March 2025 is now £1,332 per month, a 7.7% rise over the past 12 months.

For landlords in Tower Hamlets, it’s a market full of opportunity – but also one that demands careful management and awareness of legislative updates.

With the Renters’ Rights Bill due to become law later this year, the way tenancies are managed will soon look quite different. Proposed changes include:

  • Abolishing fixed term assured tenancies
  • All tenancies becoming periodic
  • Four-month notice periods for landlords regaining possession to sell
  • Limit of one rent increase per year

If you’re a landlord in Tower Hamlets, City Realtor can help you keep your property compliant and your tenancies running smoothly.

What’s Next for the Property Market?

The rest of spring is expected to bring strong levels of market activity. With the average asking price hitting a new high and demand growing week by week, we could see continued house price growth over the next few months. Nationwide is forecasting a 2–4% increase in 2025 if inflation remains controlled.

Lettings will stay competitive, and legislation will continue to reshape landlord responsibilities. Staying informed, prepared, and adaptable will be the key to success.

Looking for Help?

Whether you’re buying, selling, letting or renting in Tower Hamlets, City Realtor is your local expert. Our team is here to support you through every stage of your property journey.

Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to get started.

We know property better than anyone and are proud to be a trusted estate agent in Tower Hamlets.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of March/April 2025 and may change. Always seek professional advice for specific circumstances.

Posted on

How Outdoor Living Spaces Can Increase Your Rental Income

How outdoor spaces can increase rental value

If you’re a landlord in Tower Hamlets, you’re probably always looking for ways to increase your rental income while ensuring your property stands out in a competitive market. Many landlords focus on interior upgrades, but outdoor living spaces can be just as impactful – if not more so.

Did you know that a well-maintained garden, patio, or balcony can significantly enhance the tenant experience, making your property more desirable and justifying a higher rental price?

At City Realtor, we’ve seen firsthand how outdoor improvements can help our landlords attract quality tenants, reduce void periods, and command higher rents. So, if you’re looking for a cost-effective way to boost your rental income, investing in your property’s outdoor space could be the solution.

Why Outdoor Living Spaces Matter for Landlords

When tenants search for property to rent in Tower Hamlets, many prioritise outdoor areas, particularly those with private gardens, balconies, or even a small courtyard area. The ability to enjoy fresh air is important, especially as more people now work from home and are seeking additional outdoor spaces for relaxation.

Outdoor Living Spaces Attract Renters

Providing a well-designed outdoor area can make your rental property in Tower Hamlets more appealing to a wider range of tenants, including professionals who enjoy socialising outdoors, families looking for safe play areas, and pet owners in need of secure outdoor space. Properties with attractive gardens can often demand a higher rental price than those without, making outdoor improvements a worthwhile investment.

Tips for Maximising Outdoor Appeal:

  • Create a Functional Space : Tenants are more likely to pay extra for a property with a practical outdoor area. Consider adding comfortable weather-proof seating, a BBQ area, or a firepit to create a space for relaxation and entertainment.
  • Keep it Low Maintenance : Many renters prefer an ‘easy to care for’ garden. Artificial grass, gravel, or decking can reduce upkeep while maintaining a stylish appearance.
  • Enhance Privacy : Outdoor spaces feel more valuable when they offer privacy. Adding fencing, hedges, or trellises can create a secluded retreat, making the area more attractive to potential tenants.

You Can Extend Living Space Without Planning Permission

One of the key benefits of investing in outdoor areas is that you can effectively expand the living space of your property without needing to build extensions or get planning permission. Even a small outdoor improvement can make a rental property feel larger and more accommodating.

A simple patio or decking area can serve as an outdoor dining space, while a covered pergola or awning allows tenants to enjoy the area all year round, even in our unpredictable British weather! Adding a garden studio or summer house can create extra storage space or a dedicated workspace, which is particularly appealing to tenants who work remotely.

This additional functional space can make your property more desirable and justify an increase in rental value, particularly in areas where outdoor space is limited.

Tenants May Stay Longer – Reducing Void Periods

Void periods are one of the biggest concerns for landlords, as they lead to lost rental income and increased costs for property upkeep. A well-designed outdoor space can encourage tenants to stay longer, reducing turnover and the associated costs of finding new tenants.

Why Do Tenants Stay Longer?

  • A private garden or patio gives tenants a greater sense of ownership and connection to the property.
  • Families with children benefit from a safe, enclosed outdoor space where youngsters can play.
  • Tenants with pets are more likely to renew their lease if the property includes a pet-friendly garden.

Investing in an attractive outdoor area can help ensure long-term tenancies, providing landlords with a more stable and predictable rental income.

Outdoor Features: How to Target The Right Tenants

Tenants value outdoor spaces in various ways. So, by tailoring your outdoor improvements to suit your target market, you can increase the appeal of your rental property in Tower Hamlets and attract tenants willing to pay a premium for specific features.

Ideal Tenant Groups for Outdoor Spaces:

  • Young Professionals : A stylish decked area, outdoor lighting, and modern seating arrangements can enhance the appeal for tenants who enjoy entertaining.
  • Families : Secure fencing, play areas, and low-maintenance lawns make outdoor spaces more suitable for those with children.
  • Pet Owners : Enclosed gardens, pet-friendly grass, and shaded areas can attract tenants who own dogs or cats.

If you’re marketing your property to let in Tower Hamlets, be sure to highlight the outdoor features in your property listing to attract the right tenants.

Boosting Kerb Appeal for Faster Lettings

First impressions are crucial for your property to let in Tower Hamlets. A well-maintained front garden or driveway can significantly impact tenant interest, making your rental feel welcoming and well-cared-for from the outset.

4 Simple Ways to Improve Kerb Appeal:

  • Paint fences, gates, and front doors
  • Add outdoor lighting to enhance security and aesthetics
  • Keep pathways, flower beds and potted plants well-maintained
  • Ensure clear access to a neat, clutter-free front garden

As an experienced letting agent in Tower Hamlets, we recommend ensuring that your property looks inviting to attract high-quality tenants quickly.

Increasing Rental Value with Simple Outdoor Upgrades

A well-designed outdoor space can lead to a significant increase in rental income. For example:

Outdoor FeatureEstimated Cost (£)Potential Rent Increase (£/month)
Patio/Decking£1,500 – £3,000£50 – £100
Artificial Grass£1,000 – £2,500£30 – £70
Garden Studio/Office£5,000 – £15,000£150 – £300
Outdoor Seating & Firepit£500 – £2,000£20 – £50

*Zoopla / Checkatrade / Homebuilding & Renovating

Please note that these figures are approximate and can vary based on factors such as location, materials used, and your specific property characteristics. While costs vary, even minor upgrades can help landlords justify a rent increase and improve overall tenant satisfaction.

Are You Ready to Enhance Your Property to Rent in Tower Hamlets?

At City Realtor, we specialise in helping landlords maximise their rental income. Whether you’re looking for expert advice, full property management in Tower Hamlets, or help in finding the right tenants, our experienced team is here to help.

Call us today on 0207 790 7702
Email us at admin@cityrealtor.co.uk

Let us help you make your property work harder for you!

In the meantime, we’ve answered some of your common questions about rental properties with outdoor spaces.

FAQs

Do tenants really pay more for outdoor space?

Yes, many tenants prioritise properties with outdoor areas and are willing to pay extra for well-designed gardens, patios, or balconies.

What are the best low-maintenance outdoor features for rentals?

Artificial grass, gravel, and decking are excellent choices as they require minimal upkeep.

Can I charge more rent if I add a garden office?

Yes, properties with home office space are in high demand, particularly among remote workers.

What’s the best way to market outdoor spaces in my property listing?

High-quality photos and detailed descriptions of outdoor features will attract more tenant interest.

Can outdoor improvements reduce my property’s void periods?

Yes, a well-maintained outdoor space encourages longer tenancies, reducing the risk of vacancies.

What Next?

Would you like tailored advice on improving your rental property? Let City Realtor take the stress out of renting your property. Whether you’re looking to get a valuation and let your property in Tower Hamlets or need professional management, we’re here to help. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk today!

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos! We’ve answered more of your FAQ’s here.

Posted on

When is the Best Time to Sell Your Home? (And Why it Might be Sooner Than You Think)

when is the best time to sell your home

If you’re planning to sell your property in Tower Hamlets, one question comes up time and time again: ‘When’s the best time to put it on the market?’ The answer most people expect is spring – and with good reason. Spring is a fantastic time to sell. Gardens are looking their best, natural light helps homes shine, and buyers tend to be more active. But it’s not the only time. In fact, with the right strategy and support, almost any time of year can work in your favour.

Why Spring Really Does Work

Let’s start by giving spring its due. There’s no doubt that March, April and May are popular months for property. Longer days and better weather make homes more photogenic and appealing for viewings. Families with children often start their search in spring to allow time for a summer move before the new school year starts. If your home has a garden, it’ll likely be at its most attractive in spring, and there’s a general sense of energy and activity in the market.

But that doesn’t mean you should wait…

The thing about timing is that it’s only part of the equation. What really drives results is demand – and motivated buyers exist all year round!

The ‘right time’ to sell your home is often when it suits you.

Here’s why you might choose to act outside the spring season:

  • You’ve found your dream home and don’t want to miss out.
  • You need to move for work or school commitments.
  • You’re restructuring finances or downsizing.
  • Your property type is in high demand, regardless of the season.
  • You want to get ahead of other listings before the next busy period.

Different Properties Have Different Patterns

Not all homes sell best in spring. For example, flats and smaller properties which are often purchased by first-time buyers or investors, can perform well in the new year, when people are keen to act on fresh goals. Larger family homes may do better at key transition points like late spring or early autumn. The point is, your home isn’t generic – so your timing shouldn’t be either.

The Local Market Makes a Difference

What’s happening nationally doesn’t always reflect what’s going on locally. That’s why working with an estate agent who knows the area inside out can help you make a confident decision.

At City Realtor, we work with homeowners across Tower Hamlets. We understand seasonal demand, buyer habits, and what sells well at what time of year – right here, not just on paper!

So… when should you sell?

If you’re ready now, spring is a great time to list your home and we’ll be happy to help you make the most of it. But if your plans point to summer or autumn, that can work too. The key is preparation, great marketing, and the right pricing strategy – all things we specialise in.

If you’re wondering whether now’s the right time to make your move, let’s talk. The City Realtor team is on hand to give you honest advice based on your goals, your property, and the local market as it stands right now. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk.

In the meantime, we’ve answered some of your common questions about the best time to market your property.

FAQs

Is spring really the best time to sell a house?

Spring is traditionally a popular time because homes tend to look their best and buyer activity picks up. However, with the right advice and strategy, homes sell successfully throughout the year.

Are there benefits to selling in the summer or autumn?

Yes — summer can bring out committed buyers looking to move during the school holidays, while autumn often attracts buyers aiming to be settled before the end of the year.

Should I wait for the market to improve before selling?

That depends on your circumstances. Waiting can sometimes lead to a better price, but if you’re also buying, changes in the market will affect both sides. A personal consultation can help you decide what’s best for you.

How do I know if now is the right time for me to sell?

It comes down to your goals, timeline and property. We’re happy to offer honest, tailored advice – with no pressure – to help you decide your next move. Call us on 0207 790 7702 today.

Ready to Sell Your Home – What Next?

Not on the market yet? If you’re thinking about selling, our team at City Realtor is here to help. Contact us today on 0207 790 7702 or email admin@cityrealtor.co.uk to arrange a free valuation.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Posted on

7 Ways To Save Money When You Move House

7 Ways to Save Money When You Move House

Buying a property in Tower Hamlets will almost certainly be the most significant purchase you’ll ever make; however, your house move needn’t cost the earth.

The average cost of moving home in the UK is around £17,600*, once you factor in stamp duty, legal fees, estate agent fees, removals, and other moving expenses.

That’s a big chunk of money, so finding ways to cut unnecessary costs can really pay off.

At City Realtor, we often speak with clients who need advice to minimise their removal costs, so today, we are bringing you our very best ideas to help you save money when you move house.

* Average cost for illustration only. Costs vary depending on buying/selling price, location and other factors. 

7 Ways To Save Money When You Move House

1. Clear Out The Clutter

There’s no point in paying extra to move items into your new home that you don’t want or need, so it makes sense to clear out any clutter before booking your chosen removal company. With less clutter, you’ll save money on packing boxes, and with less to load up, the number of hours the removal team will be needed for may also be reduced.

If you’re putting items into storage, having fewer boxes will also reduce your expenses as you will need a smaller unit. As a bonus, if you sell your unwanted items before your move, you will have some extra cash to put towards your costs!

2. Choose The Right Removals Team

Comparing prices between different local removal companies is essential. Getting the best deal is important, so you should get multiple quotes from local companies. You should check out their reviews, too, as this will reassure you that you’re choosing trusted professionals to pack and handle your belongings.

3. Book Removal Services Early

The earlier you can book your removals team, the better, especially if you’re planning to move over a bank holiday or during peak seasons. An early booking allows you to budget more efficiently and gives you the best chance of being able to use your preferred company.

4. Check For Discounts

Some removal companies offer discounts for armed forces, key workers, students, or pensioners, so check every company’s website and don’t be afraid to call and ask about possible discounts.

5. Reduce Packing Material Costs

Whenever possible, use second-hand removal boxes or consider renting them from the removal company. You can avoid spending money on bubble wrap and stay eco-friendly by using your soft furnishings, clothing, towels, and blankets to wrap and protect fragile items.

6 . Disassemble Large Items Yourself

You can save money by dismantling large items like beds and other bulky pieces of furniture rather than booking your removal company’s disassembly service to do it for you. If the removal team need to take apart any items that won’t fit through the doors, you’ll need to pay more.

7. Manage Your Time

If you delay your removals team on the day itself, you could be charged more to cover the cost of their time. Good time management is essential. Ensure everything is packed well before your removal team arrives, ensure that it’s easy to access your property and that items like the dishwasher and washing machine have been disconnected. This will ensure you don’t face additional charges due to unexpected hold-ups.

Talk To The Experts

Although moving can be stressful, it needn’t be expensive!

Not on the market yet? If you’re thinking about selling, our team at City Realtor is here to help. Contact us today on 0207 790 7702 or email admin@cityrealtor.co.uk to arrange a free valuation.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here, and we’ve answered some of your common questions about saving money on your house move below.

In the meantime, we’ve answered your common questions about saving money when moving house.

Frequently Asked Questions About Saving Money on Your House Move

How can I reduce the cost of packing materials?

You can save money on packing materials by using second-hand boxes, renting boxes from removal companies, or repurposing household items like blankets and towels.

Can I disassemble furniture myself to save money?

Yes, disassembling furniture yourself can help you save money on removal costs. However, ensure you know how to reassemble it correctly to avoid frustration – and damage.

How can I avoid additional charges from my removal company?

Manage your time effectively to avoid delays and ensure your property is accessible for the removal team. Be prepared with all necessary information and documentation.

What other tips can I follow to save money on my house move?

Declutter your belongings before the move to reduce the amount of items you need to transport. Compare quotes from different removal companies and negotiate for a better price. Consider moving during off-peak seasons or weekdays to potentially get lower rates.

Posted on

March 2025: Property Market Update

March 2025 Property Market Update

The UK property market is currently undergoing some noticeable changes, affecting everyone from homeowners and landlords to buyers and tenants.

With interest rates fluctuating, house prices adjusting, and rental demand continuing to grow, staying informed about the latest trends is more important than ever.

Whether you’re looking to move, invest, or understand what’s happening in the property market, knowing where things stand can help you make better decisions.

Over the past year, economic conditions have played a major role in determining house prices and mortgage rates. Many potential buyers are watching interest rates closely, while sellers are deciding whether now is the right time to list their property. At the same time, landlords are facing ongoing legislative changes, and tenants continue to deal with increasing rental costs.

March is often a busy period in the property market, with the arrival of spring encouraging more people to buy and sell. However, as expected by many in the industry, there was no mention of a Stamp Duty deadline extension in the recent spring statement. That means April 1st could come as a costly blow for thousands of home movers and first-time buyers who now face an extra £2,500 in stamp duty charges.

Industry voices, including Rightmove, had been calling on the Chancellor to offer a short extension to help those already mid-purchase complete their transactions without being stung by the extra cost, but this has not materialised.

Understanding these developments and their potential impact can help buyers, sellers, landlords, and tenants plan their next steps with greater confidence .

Market Overview: Trends and Influences

During February, UK house prices experienced a slight decline of 0.1%, bringing the average property value to £298,602. This unexpected dip follows a period of consistent growth.

The Royal Institute of Chartered Surveyors (RICS) reported that February marked the weakest month for the housing market since late 2023. A net balance of 14% of agents and surveyors noted a drop in new buyer enquiries, the lowest since November 2023. Additionally, 13% reported a decrease in agreed sales, with London experiencing a more pronounced downturn.

Mortgage rates have also seen some fluctuations. As of March 1st, the average two-year fixed mortgage rate stands at 4.87%, down from 5.01% at the start of February. The average five-year rate decreased to 4.69% from 4.81% over the same period. However, concerns about rising inflation may influence future rate decisions.

It’s not all bad news though! Some regions continue to show resilience and the recent reduction in the Bank of England’s base rate to 4.5% may lead to more competitive mortgage deals, potentially easing the path for prospective buyers.

Recap:

How have UK house prices changed recently?

UK house prices saw a slight decline of 0.1%, bringing the average property value to £298,602.

What are current mortgage rates?

As of March 1st, the average two-year fixed mortgage rate is 4.87%, and the average five-year rate is 4.69%.

Is now a good time to sell my property?

With the traditional spring surge, it can be a great time to sell. However, setting a realistic price and ensuring your property is well-presented are crucial.

How is the rental market performing?

Rents continue to rise, with private rental prices increasing by 8.7% in the 12 months to January 2025. Tenant demand remains high, making it a strong market for landlords.

March Insights for Homeowners and Sellers

For home owners considering selling their properties, current market conditions present both challenges and opportunities.

Considerations for Buyers

Prospective buyers should navigate the current market with careful planning.

  • Mortgage Preparedness : Securing a mortgage agreement in principle can strengthen your position when making offers, especially as lenders adjust rates in response to economic indicators.
  • Market Research : Stay informed about regional price trends. For instance, while some areas have seen price declines, others have experienced annual growth.
  • Energy Efficiency Matters : With energy prices still a concern, many buyers are prioritising homes with good insulation, modern heating systems, and higher EPC ratings. Choosing a property with energy-efficient features can mean lower bills and improved resale value in the long term.

Rental Market Dynamics

Both tenants and landlords are experiencing changes in the rental sector.

For Tenants

  • Rising Rents : latest figures show that average UK private rents increased by 8.7% in the 12 months to January 2025, slightly down from the 9.0% rise in December 2024.
  • Increased Competition : With a limited supply of rental properties, tenants may face heightened competition and should be prepared to act swiftly when suitable properties become available.

View our latest property for rent in Tower Hamlets here.

For Landlords

  • Regulatory Compliance : Staying updated on legislative changes is crucial.
  • Investment Opportunities : Despite challenges, the rental market continues to offer solid returns, especially in regions with high demand. Evaluating local market conditions can help identify lucrative investment opportunities.

Find out more about our property management services here.

The Future Outlook

The property market’s trajectory will depend on various factors, including economic policies, interest rate decisions, and regional supply and demand dynamics.

  • Interest Rates : The Bank of England’s recent base rate reduction to 4.5% reflects efforts to balance economic growth with inflation control. Future rate decisions will influence borrowing costs and, consequently, property affordability.
  • Government Policies : The recent spring statement addressed housing affordability and the Chancellor, Rachel Reeves’ plans to shake up planning rules and ramp up housebuilding could offer some longer-term relief. However, any real impact is still likely to be years away.
  • Regional Variations : The north-south divide in house price growth is expected to persist, with northern regions potentially outperforming southern counterparts.

Need Expert Guidance?

Navigating the current property market requires informed decision-making. At City Realtor, we offer tailored advice to meet your unique needs. Whether you’re buying, selling, renting, or letting in Tower Hamlets, our team is here to help. Contact us on 0207 790 7702 or email admin@cityrealtor.co.uk to discuss your property needs.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

Note: The information in this article is based on data as of February/March 2025 and may change. Always seek professional advice for specific circumstances.