Can you simply loosen the tie, or perhaps move it down a couple of branches?

Would suggest you remove stake from where it is and set at and angle of 45 degrees to the tree.

Thanks. What would be the advantage of changing to 45 degrees? I just wasn't sure how high the stake needs to go on a wrong tree?

* Weeping not wrong

I nearly suggested that but thought the stake would have to go into the lawn and be in the way of the mower? You'd still have to put the tie on so that it didn't rub the bark though.

You need another tree tie, with a spacer (this is important) and attach it at the very top of the stake. Get the people at the garden centre to demonstrate how to attach it in the shop, then apply it and bang a nail into the tie and the stake to stop it slipping down.
If it was in the back garden I would just have wound an old leg of tights around the top in a figure eight pattern, but in the front garden more decorum is required...

Good suggestion Teadrinker…

Thank you for the advice all. I'll add another strap at the top.