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National Heroes Day Banking Hours

Butterfield will be closed on Monday, 20 June, 2022 for National Heroes Day. To access your accounts, please use our Butterfield Online, ATM and mobile banking services.



Our Banking Centres will re-open on Tuesday, 21 June, 2022 from 9:00 a.m. – 4:00 p.m.

We have moved! Our new address is: PO Box 250, IFC6, IFC Jersey, St Helier, Jersey, JE4 5PU.

 

Please be advised our EUR & USD Notice account rates have been updated. Please click here to view our Notice account rates. 

 

Butterfield will be closed on Monday, 13 November, for the Remembrance Day public holiday. Our Banking Centres will reopen on Tuesday, 14 November, at 9 a.m. To access your accounts, please use Butterfield Online and our ATM network.

Old Sterling Banknotes – removed from circulation on 1 October 2022.

Please be advised that as of Saturday, 1 October 2022, Butterfield will not accept old paper sterling notes for banking deposits or transactions as they will no longer be legal tender. The official last day of use is Friday, 30 September 2022.

Butterfield clients are encouraged to deposit old notes or swap them out for the new polymer ones at any Butterfield Banking Centre before Saturday, 1 October 2022. From this date, only polymer sterling banknotes will be accepted.

We will be closed on Monday, 23 January 2023 for National Heroes Day. Our Midtown Plaza Banking Centre will be this Saturday from 9:00 a.m. until 12:00 p.m. and otherwise all Banking Centres will reopen on Tuesday, 24 January 2023, with normal operating hours of 9:00 a.m. - 4:00 p.m. You can continue to access your accounts during the public holiday by using our Butterfield Online, ATM and mobile banking devices.

Please be advised our General Terms and Conditions have been updated in reference to a new clause 11.3.  Please click here to view the full document.

Holiday Banking Hours:

Butterfield will be closed from 2 p.m. on Friday 23 December and will reopen 9 a.m. Wednesday 28 December, 2022.

We will close again from 4 p.m. on Friday 30 December, 2022 and will reopen 9 a.m. Tuesday 3 January, 2023.

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Update on Saturday Banking: Saturday Banking will be temporarily suspended as we allow time for annual training and infrastructure investment initiatives. To access your accounts, please use our Butterfield Online, ATM and mobile banking services. Saturday Banking hours will resume as normal on March 4th.

Please be aware that we will be carrying out work on our technology systems from 6 pm on Friday, 6 October. Butterfield Online and Saturday Banking will be unavailable this weekend. All services are expected to resume as normal on Monday, 9 October. 

Butterfield will be closed on Monday, 2 September 2024, for the Labour Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 3 September 2024, from 9:00 a.m. - 4:00 p.m.

Butterfield will be closed on Monday, 17 June 2024 for the King’s Birthday public holiday. To access your accounts, please use Butterfield Online and our ATM network.

Our Banking Centres will re-open on Tuesday, 18 May 2024 from 9:00 a.m. - 4:00 p.m.

Update on Saturday Banking: We are pleased to announce the return of Saturday Banking. Our Front Street Banking Centre will be open from 10:00 a.m. to 3:00 p.m. every Saturday for you to take care of your personal banking needs.

Update on Saturday Banking: Saturday Banking will be temporarily suspended effective 15 July 2023, as we allow time for annual training and infrastructure investment initiatives. We will advise when Saturday Banking services have resumed. To access your accounts, please use Butterfield Online and our ATM network. We apologise for any inconvenience caused.

Hurricane Lee Advisory: Please be advised that our offices and Banking Centres in Bermuda will be open for business from 12:00 p.m. to 4:00 p.m. today.

The ATMs at Collector’s Hill, Modern Mart, Somerset MarketPlace and Somerset Banking Centre are back in service and Saturday banking will be available tomorrow at Front Street from 10:00 a.m. to 3 p.m. 

We are pleased to report the issue with debit card settlements has been fixed for the vast majority of accounts impacted, and we are working to correct the few outstanding. If you still see an issue with your account and you require access to blocked funds immediately, please contact the call centre.

Please be advised that our Banking Centres will be closing at 2:00 p.m. on Friday, 6 October. Butterfield Online will also be unavailable this weekend from 4:00 p.m. on Friday, 6 October until Monday, 9 October at 9:00 a.m. as part of a scheduled systems update.

Our Island Saver Instant Access account now has a reduced minimum of £10,000. Click here for more details

Our Fee Schedule has been updated, effective Friday, 1 March 2024. For full details, please review the Fee Schedule here

 

Butterfield will be closed on Monday, 17 June 2024 for the National Heroes Day public holiday. To access your accounts, please use Butterfield Online and our ATM network.
All Banking Centres will reopen on Tuesday, 18 June 2024, with our normal operating hours of 9:00 a.m. - 4:00 p.m.

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Our Schedule of Charges for Personal and Corporate Banking services have been updated, effective Tuesday, 2 January 2024. For full details, please review the Schedule of Charges documents in our website footer below. 

Please be advised our EUR & USD Notice account rates have been updated.  Please click here to view our Notice account rates. 

 

24 June 2024
Insights and predictions for the Prime Central London property market

Insights and predictions for the Prime Central London property market

With a general election on the horizon and the economic outlook continuing its unpredictable pattern, there is plenty to consider regarding the Prime Central London (PCL) property market.

To examine all things PCL, I sat down with four members of the Butterfield Mortgages team to share what we believe will be some of the most important topics that will determine the coming months in the PCL market.

But first, I will share my thoughts on a subject that is likely to play a major role in the PCL market’s short-term prospects: interest rates.

The outlook for interest rates and its impact on the PCL market

With the recent news that inflation has fallen closer to the Bank of England’s 2% target, mortgage and property experts predict that a base rate cut could come sooner rather than later.

If this turns out to be true – and provided that inflation continues to fall – investors may decide that it’s time for them to return to the market, boosting demand for PCL properties in the latter half of 2024 and into 2025.

However, there will be an air of caution as the cuts to interest rates, and therefore the cost of borrowing, will not materialise at the same pace as they rose. Even if the predictions of three 0.25% cuts to the base rate by the end of the year are true, we will still be in a high-interest-rate environment.

As such, it is vital that we continue to collaborate with brokers and clients and ensure that they receive personalised support that allows them to navigate the changeable market in the coming months.

What e8ect will the general election have on the PCL sector?

Following Rishi Sunak’s announcement that a general election will take place on July 4 this year, I spoke to our Senior Business Development Manager (BDM), Stephen Murrell, to get his valuable insight into this matter.

Stephen started by suggesting that the PCL market is already prepared for a change of government at the next election, saying, “In many respects, the PCL market has already accepted the result of the election to be a foregone conclusion, given the significant lead Labour currently has in the polls.”

For this reason, he stated that he didn’t believe the election would generate significant changes in the market, especially because the PCL sector tends to operate separately from the wider UK property landscape.

As a result, Stephen contended that factors outside the UK may have a greater influence than the outcomes of July’s vote. He said, “…in the months leading up to and following a general election, global factors have a much more significant influence than domestic politics.”

However, Stephen believes that the upcoming election should settle any lingering worries that have plagued the last few years, saying, “after the turbulence of recent years, the election should at least bring about a greater degree of certainty, and the market will likely respond well to a new government with a strong mandate from the electorate coming to power.”

When we discussed what lenders could provide, Stephen was clear that “as much flexibility and certainty as possible in the coming months” will be crucial in helping brokers and clients deal with the questions raised by an upcoming election.

What impact will removing the non-dom tax status have on the PCL market?

Following my discussion with Stephen, I sat down with our Business Development Director, David Gwyther, to discuss another government policy decision that could impact the PCL market in the coming months.

The imminent alterations to the non-dom tax status have garnered much attention and headlines in recent months, and nowhere is this topic more pertinent than the PCL market.

David explained why this could be a significant change: "With such a large proportion of investors with PCL property hailing from overseas, the impending changes to the non- dom tax status have naturally sparked a significant amount of discussion.”

However, he believes that the impact might not be as profound as many predict, telling me, “Alongside its track record for capital appreciation, London’s appeal as a cultural, historical and financial hub is unlikely to wane significantly as a result of the end of the non-dom tax regime. Consequently, we are not expecting to see a drastic shift in investor behaviour in the foreseeable future.”

David was clear, however, that the changes will need to be tackled with “careful thought and planning” and that, as lenders, we must “understand the importance of providing tailored financial solutions that adapt to evolving market conditions.”

By doing so, we can help investors capitalise on opportunities in the PCL market in the years ahead.

Which PCL neighbourhoods will emerge as hotspots?

Moving to other opportunities, I spoke to James Ray, another of our BDMs, about where he thinks the next property hotspot could emerge in the PCL market.

James highlighted areas in central London that were not traditionally considered "prime" locations, such as Kings Cross, Clapham, and Islington, which have experienced significant growth, turning them into new hotspots in recent years.

In contrast, James argued that “the traditional jewels in the PCL crown, such as Mayfair, Belgravia and Knightsbridge, have seen a slight deflation in prices.”

Nevertheless, James was steadfast in his belief that no matter the current PCL property market outlook, the charm of traditionally prime London locations will keep it at the top of investors’ lists. He stated, “Ultimately, we should never dismiss the enduring appeal of prime London locations, and I think we could see a resurgence in the coming months across the historic PCL postcodes."

Will we see a shift from a buyer’s to a seller’s market?

Lastly, I sat down with Wendy Scott, another member of our team, to find out why she believes we may see a shift begin to occur in the PCL market.

Wendy suggested that a 'seller's market' might return due to a more competitive landscape, favourable exchange rates, potential future interest rate reductions, and pent-up demand from those who have been waiting to buy.

Wendy thinks this is partly down to the fact that “buyer commitment is improving, and that the forthcoming general election isn’t a significant factor in the minds of buyers.”

As such, Wendy is confident that the financial outlook means the housing market may bounce back, stating, “In conjunction with improving economic indicators and a market which has been lethargic over recent years, this seems to bode well for a more active housing market once again.”

Final thoughts

After speaking to the team, it’s clear that the following months and years in the PCL property market will be fast-paced and will require lenders to tailor their oderings to ensure investors can move with speed.

Here at Butterfield Mortgages, we are committed to collaborating with brokers and clients to ensure each buyer receives a bespoke odering tailored to their financial situation and aligned with their needs and goals. This approach allows us to deliver a service that meet the unique needs of each and every client, and presents brokers and their clients with the opportunity to make the most of the predicted boosts to the economic and property environments.

If investors, brokers, and lenders are proactive and remain agile, they can undoubtedly find value in the resilient and highly sought-after prime Central London property market in the coming months and years.

For more information about how Butterfield Mortgages can assist your clients in the months ahead, please reach out to the team via our website: https://www.butterfieldgroup.com/en-gb