Good morning!

It’s Thursday, 14th November, and today we bring a mix of news from our community. While we sadly report on local job losses due to the Homebase collapse impacting residents, there’s positive news for local businesses benefiting from the new Love Cheshunt Business Membership. Plus, as it’s Thursday, don’t miss our special editorial on rising mortgage rates and what they mean for homeowners and buyers in our community.

Before we dive in, a huge welcome to our new subscribers—so happy to have you here! 🎉 Got ideas or feedback? Share them with us. We want to make Broxtown your favourite local read!

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News at a Glance

Homebase Collapse Threatens Jobs in Broxbourne Borough: Waltham Cross Store Among Dozens Facing Closure

Homebase has fallen into administration, putting hundreds of jobs at risk, including those at the Waltham Cross store, with nearby Harlow and Bishop’s Stortford locations also facing closure. The DIY retailer has struggled since 2018, closing 106 branches and reporting £84 million in losses last year.

Hilco Capital, which bought Homebase for £1 in 2018, attempted a turnaround but is now in talks to sell to rival The Range, which could save 75 stores and 1,500 jobs. However, 58 stores and 1,700 jobs remain uncertain as administrators seek new buyers for remaining branches. Local employees and residents await updates on the fate of the Waltham Cross store.

Love Cheshunt Launches Business Membership at Successful Networking Event

The Love Cheshunt team hosted a successful Business Networking event yesterday, launching the new Love Cheshunt Business Membership. Local businesses enjoyed breakfast from Cleous Bites and photos by Ray Lowe Studios while learning about membership perks. Those who join before Christmas will receive free headshots and a promotional video, saving hundreds of pounds.

Members also gain access to a supportive network and local promotion opportunities. Membership starts at just £50 per year, with tiered pricing, making it accessible for all. The Love Cheshunt team is excited to welcome new members and support Cheshunt’s business community!

Help Jack Whyman’s Dream Come True: Support Our GoFundMe for Disney World Trip

While most kids his age are gearing up for the holidays, 9-year-old Jack Whyman, a brave young player at Cheshunt Rugby Club and former Chars Youth FC player, is preparing for an intense surgery to remove his eye following a return of his rare cancer. Jack’s journey began at age 7 when he was diagnosed with Rhabdomyosarcoma, a rare type of soft tissue sarcoma. After months of chemotherapy and specialized Proton Beam Therapy, he was in remission—until a recent MRI revealed the cancer had returned, now as a high-grade tumor demanding aggressive treatment.

Jack’s resilience is unwavering, but his journey is incredibly challenging. His community, including friends and family have come together to launch a GoFundMe campaign to bring a ray of light to Jack and his family. Their goal is to raise funds to send Jack and his parents to Disney World in Florida, giving them a joyful break amid his gruelling treatment.

Please support Jack and his family by donating to the GoFundMe campaign - use the button below. Every contribution, big or small, will bring Jack one step closer to his dream and provide his family with some much-needed positivity. Let’s come together as a community to help Jack through this difficult time.

Editorial

Rising Mortgage Rates Changing Broxbourne’s Housing Market: Will It Prompt Homeowners to Sell or Curb Market Activity?

As the UK’s major banks—NatWest, Barclays, HSBC, Nationwide, Santander, TSB, and Virgin Money raise their fixed mortgage rates, homeowners and potential buyers in Broxbourne are left navigating uncertain terrain. The recent hikes come despite the Bank of England’s recent rate cut from 5% to 4.75%, leaving many to wonder why rates are moving upward. The reason? Rising swap rates, which reflect the cost for banks to borrow from one another, have been on an upward trajectory since the government’s recent budget announcement, which spooked markets with higher-than-expected spending forecasts. This has created ripple effects that Broxbourne homeowners, first-time buyers, landlords, and investors can’t afford to ignore.

How Rate Hikes Are Reshaping the Market

In recent days, Barclays and NatWest have made notable adjustments to control business volumes, raising rates on residential and buy-to-let mortgages. For example, NatWest has increased rates on its best-buy five-year fixed mortgage from 3.84% to 4.14% for borrowers with 40% equity. Similarly, Barclays’ two-year fixed rate for home purchases has jumped from 3.99% to 4.33%. These shifts mean that a borrower who previously budgeted for one rate may now face a considerably higher monthly payment. For those already managing tight budgets due to rising living costs, this may dampen the desire to buy or remortgage in the near term.

Such rate hikes are not just affecting potential homeowners but are putting current homeowners in Broxbourne Borough in a tough spot. Those coming off lower fixed rates from recent years may face payment shocks when remortgaging, prompting some to consider selling. On the flip side, potential buyers may think twice before entering the market, possibly leading to a cooling effect in housing demand.

Broxbourne Homeowners: Listing or Holding?

With the costs of new fixed rates climbing, Broxbourne Borough homeowners might feel compelled to sell while property prices remain relatively stable. However, it’s a double-edged sword. Rising borrowing costs may limit the pool of buyers able to afford current prices, leading to fewer bids and potentially softer property values. Homeowners looking to upgrade or downsize may choose to hold off, waiting to see if rates stabilize or if property demand picks up.

For first-time buyers hoping to enter the Broxbourne Borough housing market, rising rates may feel like yet another hurdle. These buyers, who often have smaller deposits and less flexibility, are particularly vulnerable to rate shifts. With high deposit requirements and limited mortgage options, some may defer their plans or turn to alternative forms of housing.

Landlords and Property Investors: A Shift in Strategy?

Broxbourne’s private landlords and investors also face challenges. The increased cost of buy-to-let mortgages (with rates now topping 4.33% for best-buy deals at major banks) may squeeze profits, especially for those with multiple properties. This could lead some investors to offload properties, potentially increasing the number of rentals entering the market. Conversely, if landlords pass on higher mortgage costs to tenants, rental prices in Broxbourne Borough may climb, impacting the affordability of rentals.

The Role of Estate Agents and Mortgage Advisors

For local estate agents, these trends mean adjusting how they advise clients. Some may encourage homeowners considering a sale to act sooner rather than later, while for buyers, the focus might shift toward exploring adjustable-rate mortgages or creative financing options. Mortgage advisors in Broxbourne Borough are likely advising clients on how to navigate this volatility, including whether to fix now or wait and hope for stability.

In summary, rising mortgage rates are reshaping Broxbourne’s housing landscape, affecting everyone from first-time buyers to landlords with extensive portfolios. Whether these changes encourage or deter market activity remains to be seen, but the impact is undoubtedly significant. For those in Broxbourne Borough hoping to buy, sell, or simply manage their existing property, consulting trusted professionals will be essential to making informed decisions amid these turbulent economic conditions. If you need assistance from our in-house experts or you are a property or mortgage advisor, get in touch.

EVENTS

Nominate Your Broxtown Community Champion Today! 🌟

The Broxtown Community Champion Awards are here, and we need you to help us honour those who make a real difference! Nominations opened on November 4th and will close on November 22nd, so now’s the time to celebrate those who go above and beyond for our community.

After nominations close, all submissions will be reviewed, and voting will open on November 25th. You’ll have two weeks to cast your vote, with voting ending on December 9th. Shortly after, we’ll hold a small award ceremony where the winner will be presented with a certificate and a hamper of seasonal treats. Plus, they’ll be featured in a special edition of Broxtown, where we’ll spotlight their achievements and impact.

Let’s give back to those who give so much! Nominate your community champion today and help us recognise the heart of Broxbourne.

1st Cheshunt Scout Group Christmas Fayre

🎄 Join us for a festive celebration at the 1st Cheshunt Scout Group Christmas Fayre! 🎄

Date: Sunday, 17th November
Time: 11:00 AM - 2:00 PM
Location: 1st Cheshunt Scout HQ, Victoria Close, Cheshunt, EN8 9EP

Get into the holiday spirit with a range of festive activities, including:

• Stalls filled with gifts and goodies

• Fun games for all ages

• A visit to Santa's Grotto

• Delicious refreshments and more!

Bring your family and friends to enjoy a fun-filled day and support the local scout group. Don't miss out on this wonderful community event!

Singing Friday at Shahansha Tandoori with Dolly

🎶 Enjoy a Night of Music and Flavour at Shahansha Tandoori! 🎶

Join us for an unforgettable evening at Shahansha Tandoori in Cheshunt, featuring live singing with the famous Dolly! Alongside a revamped menu crafted by our award-winning chef, this Friday night promises to be a perfect blend of entertainment and exquisite dining.

Event Details:

• Date: Friday, 15th November

• Time: Evening

• Location: Shahansha Tandoori, 89 Turners Hill, Cheshunt, EN8 9BD

Don't miss out on this special night! Call now to reserve your spot and make it a Friday to remember at Shahansha Tandoori.

Thursday Weather

11°C 🌡️ 4°C | ⛅️ Light cloud and a gentle breeze | ☀️ Sunrise 07:18 Sunset 16:10

Broxtown referral program

While sharing Broxtown with your friends is a huge favour to us, we want to make sure your efforts don’t go unnoticed. To show our appreciation, we have some special rewards lined up for those who go above and beyond in helping us grow! 🏆🌟

• Get 5 folks to join and I’ll buy you a Sunday roast at your favourite spot in the Borough.

• Get 15 and I’ll buy you a Sunday roast at your favourite spot in the Borough with a friend.

• Get 100 and I’ll give you a free Broxtown branded hoodie (£65 value).

• And if you somehow get 1,000 I will buy you a Spa Weekend for you and your best friend anywhere in Hertfordshire.