As one of the most stressful life events people have to face, buying a property is always going to take the cortisol levels up a notch or two, meaning that it can be tempting to avoid anything that stands to complicate things further than necessary, leaseholds included. However, it might not be possible to avoid.

"It’s estimated that there are nearly 5 million leasehold dwellings in England, according to the government," reveals Jack Malnick, managing director of Sell House Fast. "This means that leaseholds are responsible for between 15% and 20% of properties in the UK housing market."

Let our guide take some of the stress out of buying a house or flat with a leasehold – the experts we spoke to have all the advice you need to navigate the process smoothly.

What is a leasehold?

First things first, what exactly is a leasehold and, more importantly, is it something to be worried about? This can be one of those confusing property terms that catches people out.

Mark Poole, property investing expert and founder of the online property publication, SmarterPropertyInvestment.com explains. "A leasehold property (almost always a flat, but you can still find some leasehold houses) means you do not own the building itself – for example the block of flats of which yours is one of – or the land upon which it is built. What you are buying is the right to live in the property for the remainder of the lease.

"At the end of the lease, if the leaseholder makes no effort to extend it, then the leasehold will revert to the freeholder (the person or business that owns the building itself and land upon which it sits)," adds Mark.

What kind of properties have leaseholds?

When buying a house, it is useful to know which types of property are likely to come with a leasehold so you can be sure you know what to look out for.

"Leasehold is most commonly associated with flats, because there is usually a shared building, roof, communal areas and services that need to be managed collectively," explains Paula Higgins, chief executive of HomeOwners Alliance.

"Houses can also be leasehold, although the sale of new-build leasehold houses has largely been banned," continues Paula. "You can still buy a leasehold house though, particularly where developers sold houses on this basis in the past. Shared ownership homes are usually leasehold too."

What is a good amount of time left on a leasehold?

While buying a leasehold property is not uncommon, you do need to ensure that there is a good length of time left on the lease before you buy.

"I would suggest at least 100 years remaining," says Mark Poole. "The key flexion point is 80 years. Once only 80 years are remaining, the cost to extend the lease incurs 'marriage value'. Marriage value is the perceived profit that is created on extending the lease and this must be split 50/50 between the freeholder and the leaseholder. Above 80 years remaining and the marriage value is considered to be zero. Properties with leases remaining of much less than 80 years also become harder to mortgage and, once you’re below about 60 years, the number of lenders will be very thin."

"The longer there is left, the better," says Paula Higgins. "A lease with 999 years, or several hundred years, is obviously preferable. But in any case, buyers should still check the ground rent, service charges, permission fees and restrictions in the lease."

"Leases of 99-125 years mean that you are unlikely to face mortgage complications, and you can avoid the monumental costs associated with extending it," points out Jack Malnick. "Lease extensions can cost up to £28,000 for a lease under 80 years, and this is before you even consider solicitor and additional fees.”

What should buyers do if there is not long left on the lease?

If you have found your dream property but discovered it has a short leasehold, what should you do? Does it mean you should find something else?

"Proceed very carefully and get specialist leasehold advice before committing," advises Paula Higgins. "A short lease is not always a reason to walk away, but it should affect the price you are willing to pay."

"There are a number of options here, depending on the willingness of the seller," picks up Mark Poole. "You could negotiate a discount equivalent to the cost of extending the lease, which would fall on you as the new owner once you complete the sale. You should get a professional valuation of how much this is likely to cost. In the past, you had to have owned the leasehold property for two years before you could extend the lease, but the recent Leasehold and Freehold Reform Act abolished this restriction, so you could apply for an extension upon completion of the purchase.

"Alternatively, you could negotiate that the seller extends the lease as part of the sale and make your offer conditional on this occurring, so that by the time you complete you have a freshly extended lease," adds Mark.

"You can find a specialist leasehold solicitor through HomeOwners Alliance for a free, no-obligation chat and quote," says Paula Higgins.

Can you have a leasehold removed?

Understandably, many people would prefer to own a property outright, but is removing a leasehold an option? If you want to renovate or alter the property in question, this may well be something you are keen to find out.

"You cannot simply 'remove' a leasehold, but in some cases you can buy the freehold. This is called enfranchisement," explains Paula Higgins. "For flats, leaseholders may have a joint right with other flat owners in the building to buy the freehold collectively, known as 'share of freehold' or 'collective enfranchisement'. Flat owners cannot buy the freehold of their individual flat alone; they usually need 50% of their neighbours willing to pay to do the same.

"Another option is to extend the lease," continues Paula. "Under current rules, qualifying flat owners can usually extend by 90 years. The Leasehold and Freehold Reform Act 2024 is intended to increase standard lease extensions to 990 years, but many parts of the reform are still not fully implemented, so buyers and owners should not assume the new rules already apply."

Is it hard to get a mortgage on a leasehold property?

Unless you are buying a house with cash, obtaining a mortgage on any kind of property can always be a bit of a minefield, and when it comes to those with leaseholds things have the potential to get even trickier. Bear in mind that you will typically need a lease of at least 85 years in order to get a mortgage.

"In all cases, you should ensure you can get financing on the property," says Mark Poole. "If you require a mortgage to be able to purchase it, you should obtain a professional opinion on the cost of the lease extension. Whilst online calculators can help, they tend to become less accurate the shorter the remaining lease is."

There are factors other than lease length that mortgage providers will want to check too, according to Paula Higgins. "Leasehold is not just about the number of years left. Buyers also need to understand the total package of costs. That means ground rent, service charges, buildings insurance, major works costs, reserve funds, permission fees and any restrictions on alterations, subletting, pets or running a business from home."

Is buying a leasehold house a good idea?

While leasehold houses (as opposed to flats) are rare these days, they do still crop up.

"Generally, buying a leasehold house is not ideal," says Paula Higgins. "With a leasehold house you will have to pay ground rent, seek permission for alterations, comply with lease restrictions and potentially pay to extend the lease or buy the freehold later. None of these charges or permissions apply to a freehold house.

"For a house, the key question is: why is it leasehold at all? Buyers should be especially wary of onerous ground rent clauses, permission fees, estate charges and restrictions on renovations or extensions," continues Paula. "That said, there are some situations where leasehold houses are more common, such as shared ownership homes, where the housing association is usually the freeholder, or houses on country estates. If the house is otherwise right, has a very long lease and low or no ground rent, it may still be worth considering – but only with proper legal advice and a price that reflects the tenure."

"In essence, it isn’t that different to buying a leasehold flat," adds Mark Poole. "However, since they are not that common, you may find your pool of potential buyers is less when you decide to move on. Conversely, if a leasehold house doesn’t put you off, you may find it cheaper to purchase than comparable freehold houses."

FAQs

What happens when a freeholder sells the property?

If you decide to buy a leasehold property, you have to accept that there may come a time that the freeholder will decide to sell it.

"If an existing freeholder wishes to sell, they must give the leaseholders the first chance to buy it," says Mark Poole. "This is known as the 'Right of First Refusal'. If you then acquire a share of the freehold, then you also assume all the obligations of being a freeholder (such as meeting fire regulations, insuring the property and so on)."

Will you have to pay ground rent on a leasehold property?

Ground rent and service charges are amongst the important details that can get overlooked in the excitement of buying a new home – yet it is incredibly important that you check these out. This information should be contained within the documents required to sell a house so make sure you obtain them.

"Leaseholders have to pay an annual fixed ground rent to the freeholder and this varies by location," says Mark Poole. "There is legislation in progress that seeks to cap this at a maximum of £250 per annum, with it reverting to a 'peppercorn' rent (effectively zero) after 40 years, although this is not expected to be in force until 2028. This has happened in response to the problematic issue of some ground rents doubling over a set interval, such as 5 or 10 years, making it difficult to mortgage or sell a house, trapping existing leaseholders."

Before buying any kind of property, leasehold or otherwise, make sure that you check any alterations were carried out to building regulations standards – the seller should be able to provide you with certificates to prove this. If the leasehold property is older, it may also be listed, so make sure understand listed building grades if you are viewing it with an eye to making some home improvements when you move in.

Buying a home could soon become quicker, easier and potentially cheaper following the government announcement that sales packs are set to become compulsory when selling a home.

Collating the documentation you need to sell a home has previously been completed once an offer has been accepted, but the proposed changes will put the onus on the seller to have the information prepared prior to putting their home up for sale.

Predicting savings of up to £650* for buyers, and a reduction of 3-4 weeks on buying time, the reforms will also be accompanied by plans to introduce an earlier binding financial agreement between both parties, along with a new Code of Practice for estate agents.

Why are the changes being made?

With the average offer-to-completion process currently taking around 120 days, and 1 in 3 house sales falling through, according to a government statement it's estimated that this costs sellers around £400 million and the UK economy around £1.5 billion a year.

Johan Svanstrom, CEO of Rightmove put a even greater number on this, saying in response to the plans, "our UK-wide data shows that it takes a lengthy 170 days on average to complete a transaction and that over one in five transactions initially falls through. Last year, fall-throughs alone meant that approximately £900 million in potential stamp duty receipts and estate agency commission in England was lost, and consumers lose both precious time, certainty and money when needing to repeat transaction processes. The implementation and phasing of these initiatives will be key to ensure consistency and adoption."

In essence, by providing a clear sales pack with information on elements such as the condition of a property, the buying chain and leasehold costs, buyers will have a far clearer picture before they make an offer. Pre-mitigating issues will prevent delays further down the line when information like this is generally revealed.

Current housing secretary, Steve Reeves says of the plans: "Buying or selling a home should be one of life’s great moments and not a drawn-out nightmare of delays, hidden costs and failed deals. These changes will make the system faster, fairer and more secure – giving families and first-time buyers the certainty they need all while saving them time and money."

It is hoped that the new changes will mirror the success seen in other countries, including Scotland where sales packs are already standard practice. They also exist in the Netherlands, where a live tracking system for buyers and sellers allows them to check their transaction status. This has resulted in a completion time of 20 days on average, whilst Norway’s efforts to streamline and digitalise the system has estimated savings of up to £1.4 billion over 10 years.

Digital upgrades at the heart of the process

Key to the success of these changes is a move towards making the process of buying and selling a house more digital. A government statement explains how and why this update is being made. "Digital property logbooks and sales packs will allow trusted information to be shared securely between professionals and accessed by buyers and sellers in real-time, cutting out the back-and-forth that cause so many delays.

"The government will also back digital identity checks, electronic signatures and AI-assisted conveyancing to strip out duplication, reduce fraud risk and accelerate transactions from start to finish. Together, these changes will create a modern, end-to-end system where people can track and progress their move more easily."

While the proposals have generally been welcomed by industry leaders, the move to digital is something that will need careful handling so as to not alienate some.

"Moving towards a more digital process should improve efficiency overall, but it’s important that alternative routes remain available for clients who may not be comfortable with fully digital systems," says Daniel Kenworthy lead partner in IT Innovation, at Ison Harrison Solicitors.

"There will also need to be consistency in how platforms are adopted across firms and organisations to avoid fragmentation," he warns. And, while longer-term there should be costs savings, these new measures will potentially involve additional costs.

"In the short term, there may be some additional costs associated with implementing new systems and processes," advises Daniel." Over time, however, greater efficiency and reduced duplication could help stabilise costs and provide better overall value for clients."

Binding agreements will be the last element to be implemented

At present, until you officially exchange on a property, you don't enter into any kind of binding or financial agreement. Exchanging normally comes with the agreement for a financial payment or deposit (often a percentage of the overall property value), and if you withdraw from the sale after exchanging, you stand to lose this money.

This has resulted in buyers often withdrawing prior to exchange, which sounds fair, but can in fact be devastating if, as is often the case, it has taken months to get to that stage. In some cases, you can exchange and complete on the same day, which in itself is somewhat risky if one side pulls out at the eleventh hour.

Putting binding agreements in place sooner is meant to mitigate this risk says the government.

"Binding conditional contracts (will) make a transaction legally binding much earlier, for example once an offer is accepted. They are designed to secure each party’s commitment to progress and complete the transaction by setting out clear terms both sides agree to meet. If a party breaks these terms by withdrawing without valid reason or failing to meet their obligations, they face a financial penalty."

While many will welcome it, not all may consider it a positive, and it could come down to how much information has been made available to them in the sales pack, says Daniel Kenworthy.

"Some clients may welcome earlier certainty, but others may be cautious about committing before all factors are clear. Uptake is therefore likely to vary, particularly depending on how well the process balances flexibility with certainty.

"Many transactions also fall through due to factors outside the legal process – such as changes in personal circumstances or mortgage availability," he adds, meaning this particular change may prove more tricky to navigate.

The government has reinforced, however, that any agreements will not be put in place until the sales packs are fully in operation so as to not put either party at a disadvantage. All other elements of the changes, such as the Code of Practice will come first.

How will the proposed Code of Practice work?

As well as the changes for homeowners, a new Code of Practice is being designed that the government hopes will help raise standards and ensure sellers and buyers receive a better service.

This will also be the first change made as part of this bigger overhaul of the house buying process and is due to be set out later this year. It will outline minimum standards for property agents, guidance on how to improve the quality of information in property listings, and introduce proposals for mandatory qualifications for the sector.

When will the rest of the changes and sales packs be introduced?

The current plans are for a phased approach to the reforms. The Code of Practice is currently planned for 2026, while consultation on estate agent qualifications and expanded digital tools won't take place until 2027.

Then, by the end of the current Parliament, the aim is to have comprehensive legislation in place to require sales packs, binding contracts, and digital systems that support the efficient sharing of trusted digital property information.

However, with the current government in a state of flux, whether these plans change remains to be seen.

In summary, Daniel Kenworthy shares his views on the proposals. "The proposals are broadly positive, particularly around improving transparency and earlier access to information. One area that would further strengthen the process is clear alignment across lenders, local authorities and conveyancers, as delays often arise where those parties operate to different timescales or standards.

"In principle, a shorter and more consistent timeline is welcome. However, achieving this will depend heavily on how quickly supporting infrastructure can adapt," he says. "Without that, timelines may remain variable in practice."

Johan Svanstrom also states that,"the implementation and phasing of these initiatives will be key to ensure consistency and adoption. It needs to be helpful to the vital role estate agents play in the marketplace, and to avoid any unintended consequences.

"Increased mobility, transparency and certainty is key to overall economic growth. We strongly believe that further digitisation and improvements to the home-moving process can help to speed it up and reduce friction. It will require cross-industry collaboration and innovation to achieve the aims set out today."

*According to a government statement, "the £650 figure is derived by comparing first-time buyer costs per transaction pre-reform (primarily conveyancing and search costs) to post reform, additionally integrating additional costs that will arise for buyers as a result of the new reforms (e.g. purchasing logbooks) and the per transaction saving estimate that arises from the reduced number of transaction fall throughs."

Lloyds Banking Group has launched a new mortgage aimed at helping first-time buyers get on the housing ladder and buy a house with just a £5,000 deposit.

The deal is designed for buyers who do not receive financial help from parents or family, meaning support from the “Bank of Mum and Dad” cannot be used.

It is one of the most high-profile low-deposit offers in recent years and sets strict rules on who can apply and how the deposit must be saved.

What is the £5,000 deposit mortgage offer?

The new product from Lloyds Banking Group allows eligible first-time buyers to purchase a home with a minimum £5,000 deposit. It is available on properties worth up to £300,000.

Borrowers can take out a mortgage worth up to 4.5 times their income, with a maximum loan of around £295,000. The deal is effectively a 98% loan-to-value mortgage, fixed at 5.89% for five years, with no arrangement fees.

A key condition is that applicants must have saved the £5,000 themselves. Money given or lent by parents or family cannot be used, meaning support from the Bank of Mum and Dad is excluded.

The mortgage is not available on new-build homes or shared ownership properties.

How the deal works and who can apply

Applicants must apply through Lloyds or Halifax, and will go through a standard mortgage affordability assessment, including checks on income, spending and credit history.

Borrowers must pass affordability tests showing they can manage monthly repayments at the 5.89% fixed rate over five years.

The loan is aimed at buyers who can afford repayments but have struggled to build a larger deposit due to rising house prices and living costs.

Why lenders are offering these deals

High loan-to-value mortgages have become more common again in recent years as lenders compete for first-time buyers.

These products are designed for people who can manage monthly repayments but are held back by the size of deposit required to buy a home.

While stricter lending rules were introduced after the financial crisis, lenders have gradually reintroduced 95% and 98% mortgages as part of efforts to widen access to homeownership.

Even so, they remain tightly controlled and are only offered to borrowers who meet strict affordability and credit criteria.

£5k deposit mortgage is a "positive step" for the market

The move could help more first-time buyers understand the range of mortgage options available to them, according to one leading industry figure.

Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, said: “It’s hugely encouraging to see a major high street lender making such a significant commitment to supporting first-time buyers. Unlocking up to £500m in additional lending, alongside a £5,000 deposit option, is a positive step.

"Many buyers are unaware that 5% deposit mortgages exist, while a significant number still believe they need at least 10% to buy a home. These misconceptions mean some people may be closer to buying than they think.

"Greater visibility of low deposit options will help more buyers move forward with confidence and understand the support available.”

The mortgage is now available to eligible first-time buyers looking to purchase a home with a £5,000 deposit under the new criteria.

First-time buyers interested in the deal can apply, as of 12th May (for early applications), through Lloyds Banking Group or its mortgage arm Halifax, either directly or via a mortgage adviser.

The launch marks one of the most significant low-deposit offers in recent years, but with strict limits on parental help and affordability rules still set to determine who can actually get on the property ladder.

The UK’s new mansion tax is now forecast to affect around 165,000 homeowners when it comes into force in April 2028, about 45,000 more than early estimates suggested.

The fiscal watchdog, the Office for Budget Responsibility (OBR), says the levy on properties worth over £2 million could raise roughly £400 million in its first year, rising to £435 million by 2030‑31.

However, as many as four in 10 valuation appeals are expected to succeed, potentially reducing the number of homes ultimately charged.

How many will pay the mansion tax?

The surcharge will apply to homes in tiered bands above £2 million, with annual charges ranging from £2,500 up to £7,500 depending on value.

According to the OBR’s projections:

• About 71,000 homes fall into the lowest affected band (£2m–£2.5m).
• Around 79,000 homes are valued between £2.5m and £5m.
• 15,000 homes are at the top end, paying the highest surcharge.

The total tax yield is forecast at £400m in 2028‑29, increasing to around £435m by 2030‑31.

Appeals and behavioural impact

The OBR expects roughly one in five homeowners subject to the tax to lodge an appeal over their valuation.

Because the surcharge bands are narrow and based on revaluations, about 40% of those appeals are assumed likely to succeed, potentially reducing the effective tax base.

The watchdog also flagged that behavioural responses, such as homeowners selling or pricing houses just below £2 million to avoid the tax, could slightly reduce the number ultimately liable.

Regional patterns and policy context

Homes in London and the South East are expected to make up a disproportionate share of those affected because of higher prices in those areas.

The levy is part of a wider autumn budget package aimed at reforming property taxation and funding broader fiscal goals; in the OBR’s projections it is expected to generate significant revenue over the decade.

Britain’s most expensive streets outside London have been revealed, highlighting where house prices are highest outside the capital.

The latest analysis from Rightmove shows a mix of affluent commuter-belt locations and prestigious addresses across the UK commanding average asking prices well above £2 million.

From leafy villages in the South East to wealthy enclaves in the Midlands and North West, the rankings give a snapshot of the country’s most sought-after addresses outside the capital.

The most expensive street outside London

According to Rightmove, East Road in Elmbridge is the most expensive street outside the capital, with an average asking price of £8,795,714.

Elmbridge – located in Surrey just southwest of London – is well known for its luxury homes and affluent towns such as Weybridge and Cobham, making it a hotspot for house buyers seeking high-end properties within commuting distance of the capital.

Property expert Colleen Babcock said Elmbridge is effectively representing the rest of the UK among Britain’s most elite addresses.

“For buyers looking for prestigious roads outside of the hustle and bustle of London, Elmbridge in Surrey is flying the flag for the rest of the country as the only area outside the capital to make the overall top 20 list,” she said.

10 most expensive streets outside London

Based on average asking prices, these are the 10 most expensive streets outside London:

1. East Road, Elmbridge (Surrey) – £8,795,714
2. Newlands Avenue, Radlett (Hertfordshire) – £3,950,000
3. Congleton Road, Alderley Edge (Cheshire) – £3,323,500
4. Larch Avenue, Ascot (Berkshire) – £2,779,167
5. Salterns Way, Poole (Dorset) – £2,460,000
6. Brookmans Avenue, Brookmans Park (Hertfordshire) – £2,438,750
7. Tiddington Road, Stratford-upon-Avon (Warwickshire) – £2,306,666
8. Burnham Road, Althorne (Essex) – £2,197,726
9. Penn Road, Beaconsfield (Buckinghamshire) – £2,191,000
10. High Street, Great Eversden (Cambridgeshire) – £2,181,667

Many of Britain’s most expensive streets outside London are located within commuting distance of the capital, particularly in Surrey, Hertfordshire and Berkshire – areas long associated with wealthy homeowners and luxury properties.

However, the list also features prestigious addresses further from the capital, including Congleton Road in the North West and Salterns Way on the Dorset coast.

This shows that while proximity to London often drives the highest house prices, exclusive property hotspots exist across multiple regions of the UK.

Wales and Scotland’s most expensive streets

The report also identifies the priciest streets in other parts of Britain.

In Scotland, Drumsheugh Gardens tops the list with an average asking price of £560,000, highlighting Edinburgh’s most sought-after residential addresses. Meanwhile, in Wales, Hollybush Road in the Cyncoed area of Cardiff is the most expensive street, with homes now averaging £1,237,500.

For homeowners on these streets – and across the country – the report raises the question many are asking: “How much is my house worth?” Even if you don’t live on a top 10 street, the data provides a useful snapshot of how house prices vary across the UK’s most exclusive areas.

Across Britain, the research shows that while London dominates the ultra-prime property market, luxury homes are also thriving in other regions, from Surrey and Hertfordshire to Cheshire, Dorset and beyond.

Homeowners who are unable to switch their mortgages onto better rates have lost their appeal against TSB in the Court of Appeal, in a ruling that could affect plans to renovate or upgrade homes.

The decision confirms that the bank can continue to charge higher standard variable rates on mortgages inherited from Northern Rock, even when borrowers are up to date with payments.

For anyone buying a house or thinking about improving their current home, this case is a reminder that mortgage costs can be harder to reduce than many people expect, and careful financial planning is key before starting any project.

What the ruling means for mortgage prisoners

The case, Breeze and Others v TSB Bank PLC, involved borrowers with mortgages originally taken out with Northern Rock. After Northern Rock was nationalised in 2008, its mortgages were transferred to TSB under the Whistletree brand.

These borrowers are often referred to as “mortgage prisoners,” a term used by the media and consumer groups to describe people who are unable to switch to a new mortgage deal.

They may be up to date with payments, but cannot meet affordability checks or find a lender willing to take on their mortgage. The borrowers argued that TSB was keeping them on a high standard variable rate while its mainstream customers had lower rates.

The Court of Appeal said the contract only allowed TSB to vary the rate and that there was no requirement to match other customers. The judge explained that forcing a switch would have “frozen the inherited SVR until a choice was exercised” and called that commercially illogical.

The court also rejected the borrowers’ argument that they could use a linked unsecured loan as a “back door” to get relief under the Consumer Credit Act.

Key takeaways for homeowners and renovators

The ruling provides clarity for lenders but is a setback for borrowers hoping to reduce their mortgage payments.

The judge highlighted that “section 140B relief is not permitted in connection with a regulated mortgage,” making it clear that legal remedies cannot be used to lower rates for mortgage prisoners.

By confirming that TSB can maintain higher inherited mortgage rates and that Consumer Credit Act remedies cannot be used to lower regulated mortgages, the Court of Appeal has created a legal precedent.

This means anyone planning renovations, self-build projects, or other home improvements should review their mortgage carefully and plan finances ahead, because this decision makes it clear that the courts are unlikely to help lower mortgage costs in these cases.

How it affects home financing and renovations

For homeowners planning renovations, this ruling shows that refinancing might not always be possible, even if mortgage rates go down.

Many people are watching are mortgage rates going down to see if they can move to a cheaper deal, but for mortgage prisoners, their rate may stay high.

This could mean smaller budgets for home improvements or delays in projects. People looking for alternative options may need to consider things like self build mortgages or renovation mortgages.

Plans for a new surcharge on homes valued over £2 million have prompted warnings from Kevin Hollinrake, Conservative Party Chairman, who described the policy as a “burglars’ charter.”

He said the measure would put the addresses of high-value homes in the public domain and could make them targets for criminals.

We look at how the mansion tax could make homes more susceptible to burglars and how it is predicted house prices and valuations will be handled and published once the Mansion Tax comes in.

How the Mansion Tax will work

The High Value Council Tax Surcharge, or Mansion Tax, will apply to residential properties in England with a 2026 valuation above £2 million.

Properties within this threshold will be assigned to new surcharge bands, with annual charges ranging from £2,500 for lower-tier homes to £7,500 for the highest-tier properties.

The Valuation Office Agency (VOA) will carry out revaluations of higher-value properties to determine which homes fall into these bands. The revaluations will focus on properties in council tax bands F, G, and H. Once the valuations are complete, local authorities will apply the surcharge alongside standard council tax collection processes.

Kevin Hollinrake’s security concerns

Kevin Hollinrake described the high-value surcharge as a “burglars’ charter,” saying it would put the addresses of homes above £2 million in the public domain and could make them targets for criminals. He said:

“The addresses of all homes above the £2 million threshold would be in the public domain. It effectively advertises the most valuable homes to professional thieves and invites them to double down on the most profitable properties.”

He also warned that in rural and isolated areas, properties would be easier to identify and could be singled out by offenders.

He said: “In rural and more isolated areas, however, homes are easier to identify and could be singled out by criminals. Doing criminals’ homework for them.”

With over 300,000 homes expected to be impacted by the Mansion Tax this could leave a plethora of homeowners at risk from burglars if Hollinrake's prediction is correct.

Treasury and Labour response

A Treasury spokesperson said council tax bands have been publicly available for more than 30 years and defended the surcharge as a fairness measure.

They added: “Our reforms to property taxes will ensure a £10m Westminster mansion doesn’t pay less than a typical family home in England.”

Labour has supported the surcharge as part of broader council tax reform, including updating valuations that have not changed since 1991.

Chancellor Rachel Reeves confirmed the high-value surcharge will affect fewer than 1% of properties in England, ensuring wealthier households contribute more relative to their property value.

With the government announcing a Mansion Tax, many high-value homeowners are set to pay a heavy price for their super homes.

All homes over the value of £2 million will be forced to pay the surcharge, amounting to thousands in extra payments for each property.

We've rounded up some of the most expensive celebrity homes and revealed how much each will have to pay in mansion tax.

Robbie Williams

Robbie Williams owns a Grade II‑listed London mansion valued at around £17.5 million. He has planning permission for a basement extension, which includes a swimming pool linked by a tunnel to the garden, but work is currently paused as amendments are sought.

With the mansion tax, this property would enter the top band, paying £7,500 per year, although his upgrades to the house will not increase the amount he has to pay, as the mansion tax is capped at £7,500.

Ed Sheeran

Ed Sheeran’s Suffolk estate, “Sheeranville,” features a private chapel with stained-glass windows and even an underground crypt.

Such bespoke additions show the scale of development on the property, likely exceeding £2 million.

This places it in at least the lower mansion tax band of £2,500–£5,000 per year, but future expansions and renovations could see increased costs.

Gordon Ramsay

Gordon Ramsay’s London mansion is valued at approximately £7 million. He has submitted planning applications for basement conversions and entrance modifications, demonstrating ongoing investment in the property.

The mansion tax would place the home in the top surcharge band at £7,500 annually.

Jack Grealish

Jack Grealish owns a 20-acre estate in Cheshire worth around £5.6 million. He has applied for permission to build a leisure complex with a pool, sauna, gym, yoga studio, and helipad, which could further increase the property’s value.

Under the mansion tax, as it's valued over the £5 million threshold, his estate would fall under the top band surcharge of £7,500 per year, possibly influencing whether these plans go ahead.

Harry Redknapp

Harry Redknapp purchased a waterfront property on Sandbanks for around £7 million.

He announced plans earlier this year to remodel it into a large mansion-style home, but this would not affect the rate of mansion tax he would be required to pay.

Redknapp, like many Sandbanks residents, will be required to pay the full annual charge of £7,500 due to its concentration of high-value homes.

Cat Deeley & Patrick Kielty

Patrick Kielty and his former wife Cat Deeley bought a Hampstead home for nearly £5 million and planned on undertaking a full renovation.

However, the pair split earlier this year before completing the renovation, but the pair will still have to pay for the mansion tax, which could cost them £3,500–£5,000 annually, although this fee could increase if they decided to renovate.

David Beckham & Victoria Beckham

David and Victoria Beckham's Oxfordshire barn-conversion estate has reportedly increased from £6 million to £12 million following renovations including a glasshouse, underground wine cellar, pond, and leisure facilities.

The improvements they have made haven't meant they will have to pay more in mansion tax, which is reportedly making homeowners concerned about improving their homes, as Michael Holmes spoke about recently on the impact of the Autumn Budget.

Mark Wright & Michelle Keegan

Mark Wright and Michelle Keegan built their own Essex mansion, which is currently valued at around £3.5 million.

All homes will reportedly have to be revalued next year, and as the pair have added a number of renovations to the house they could be moved into the higher brackets of mansion tax.

However, based on current valuations their home is expected to cost them £3,500–£5,000 a year in mansion tax.

Ellen DeGeneres & Portia de Rossi

Ellen and Portia's Cotswolds estate is one that will undoubtedly fall into the highest mansion tax threshold after being bought for around £15 million.

Despite the fact they are now actively looking to sell the property and potentially leave the UK, they will still be forced to pay £7,500 a year until it is sold.

Boy George

The final property we're looking at is Boy George's London mansion valued at £17 million, which includes five bedrooms and a meditation tower.

With this being the most expensive property on the list it is no surprise the Culture Club singer will have to pay the highest amount in mansion tax, £7,500 annually.

He previously placed the house up for sale but has now opted to rent the home out, although the mansion tax could alter his decision to again try and sell the property to avoid the charge.

When celebrities could start paying the Mansion Tax

The mansion tax, if passed by Parliament, would take effect in April 2028, based on property valuations carried out in 2026.

All the celebrities featured in this article, from Robbie Williams and Gordon Ramsay to Ed Sheeran and Mark Wright, would begin paying the surcharge at that point, depending on their home’s assessed value.

This new recurring cost may have a significant impact on how high-value homeowners approach renovations, expansions, or even the timing of buying and selling estates with the mansion tax already impact house prices.

Chancellor Rachel Reeves has confirmed in the November 2025 Budget that a new Mansion Tax will be introduced from April 2028.

The tax will apply to homes valued above £2 million, which experts are already warning will directly affect house prices at the top end of the market.

We take a look at how the Mansion Tax will work and which homeowners are likely to be impacted.

How will the Mansion Tax work?

The Mansion Tax is a new high-value council tax surcharge that will apply to properties valued over £2 million.

There will be four price bands, starting at £2,500 a year for homes between £2 million and £2.5 million, rising to £7,500 for properties worth £5 million or more.

The surcharge will be uprated annually by inflation. The tax will be charged in addition to standard council tax and will be paid to central government rather than local authorities.

While the surcharge is not due until 2028, the government says valuations will be based on 2026 prices, requiring a nationwide revaluation of high-value properties.

The OBR are predicting the Mansion Tax will raise the government around £400 million.

Who will be affected by the mansion tax?

The mansion tax will apply to properties valued at over £2 million, with four bands: £2 million–£2.5 million, £2.5 million–£3.5 million, £3.5 million–£5 million, and above £5 million.

Homes in the lowest band will pay £2,500 a year, rising to £7,500 for properties in the highest band, with charges uprated annually by inflation.

High-value homeowners in London and the South East are likely to be most affected, as these areas have the greatest concentration of properties above £2 million.

Around 300,000 homes are predicted to be at risk under the Mansion tax plan.

Experts warn of Mansion Tax's impact

Experts have voiced concerns about how the Mansion Tax will affect the housing market and wider housing activity.

Colleen Babcock, Rightmove’s property expert, says: “Today’s announcement of a Mansion Tax could lead to some distortion at the top end of the market, particularly as the implementation date draws closer. Sellers of homes near the £2 million mark may need to adjust prices, and retired homeowners could struggle with annual costs.”

Nick Leeming, Chairman of Jackson-Stops, warns: “The £2 million threshold may hit London and South East homeowners harder, where prices are high and many owners are mortgaged.”

Alexander Marcham, Managing Director at Alvarez & Marsal Tax, adds: “Revaluing homes to 2026 prices will be a huge task for local councils and could trigger a wave of appeals.”

Mark Hughes, Specialist Property Expert at Pure Property Finance, notes: “While politically significant, careful planning will be key to avoiding forced sales or wider market disruption.”

With the Mansion Tax confirmed in the November 2025 Budget, homeowners with properties over £2 million now know what to expect from April 2028.

Understanding how the Mansion Tax works and who will be affected is essential for planning future costs.

Staying informed about the Mansion Tax will help homeowners make strategic decisions and manage their property investments effectively.

Rumours of a 'Mansion Tax' on homes worth more than £1.5 million are already creating ripples across the UK property market.

Even before any formal announcement, experts say the prospect of new taxation is influencing how buyers and sellers approach high‑value properties, particularly in London and the South East.

For homeowners near the proposed threshold, understanding the potential consequences is essential, as early signals suggest that house prices in these high-value areas could face downward pressure.

Regional exposure and early price signals

Experts warn that the 'Mansion Tax' would sharply affect London and the South East, while commuter belts and pockets just outside those areas are also showing signs of strain.

Colleen Babcock, property expert at Rightmove, says: “Even speculation about a Mansion Tax is prompting buyers to be more cautious in prime areas. Sellers may need to adjust expectations if the Budget confirms a new tax.”

Thomas Lawson, director at national estate agents Knight Frank, adds: “Properties near or above the proposed threshold… are experiencing longer listing periods and more cautious interest. Buyers are factoring potential future costs into their offers, which is affecting market momentum.”

A recent index from Knight Frank shows that average house prices in prime central London fell by approximately 4% in the year to October, the steepest annual drop since early 2021.

These shifts suggest that tax speculation is already influencing listing and offer behaviour in high‑value markets.

Buyer confidence under pressure

Market sentiment is already showing signs of caution.

Lucian Cook, Head of Residential Research at  Savills, notes: “Speculation over potential property tax changes has slowed an already price-sensitive prime housing market. Many buyers are holding off until the Treasury provides clarity, while sellers are reviewing their pricing strategies in response.”

Data from Rightmove indicates that around 11% of homes for sale in London and 4.4% in the South East are priced above £1.5 million.

While these high-value properties represent a relatively small proportion of the national housing stock, they are concentrated in specific areas where uncertainty over a Mansion Tax is already influencing buyer behaviour and extending the time properties spend on the market.

Should homeowners be worried?

According to the experts, caution is advisable – though the scale of concern will depend on the final details of the 'Mansion Tax'.

Collett warns: “Even before formal policy, high‑value markets are showing slower transactions and longer listing times. Homeowners in the £1.5 million‑plus bracket should be aware that speculation alone is influencing prices.”

Babcock emphasises the regional skew: “The most expensive areas of London and the South East are most at risk. Homeowners should monitor market movements closely and seek professional valuations to understand their exposure. Consulting a tax adviser early is essential to prepare for possible annual levies or changes linked to capital gains.”

Cook adds: “Rushing to sell or undertake major renovations before the Budget could be costly. It is better to make strategic decisions once the Treasury confirms the exact details of the Mansion Tax.”

In short: while the 'Mansion Tax' has not yet been confirmed, its mere possibility is already shaping high‑end markets.

Homeowners with properties around or above £1.5 million are wise to stay informed, review valuations, and avoid making big moves until policy details are clear.

With inflation falling to 3.6%, the outlook for anyone buying a house as we head towards 2026 is becoming more encouraging.

Buyers who have spent the past year navigating higher borrowing costs, concerns about mortgage rate rises and questions about affordability may finally see relief ahead.

Many are now asking not just whether rates will stabilise, but whether the New Year could bring materially cheaper mortgages.

Inflation dip fuels expectations of a December base rate cut

The fall in inflation has strengthened expectations that the Bank of England could cut the base rate at its final meeting of 2025 – a decision that would directly influence fixed-rate mortgage pricing as we move into 2026.

This shift is particularly significant given the turbulence of the past two years, during which many homeowners watched mortgage rate rises unfold at pace.

Peter Stimson, Director of Mortgages at MPowered, said: “The Budget is now the only barrier to a December base rate cut… A December cut now looks a racing certainty - provided the Budget doesn’t throw a spanner in the works.”

With lenders already adjusting to lower swap rates earlier in the year, many borrowers are once again asking: are mortgage rates going down?

Chancellor Rachel Reeves welcomed the drop in prices, saying: “This fall in inflation is good news for households and businesses across the country, but I’m determined to do more to bring prices down."

Growing confidence as affordability recovers heading into 2026

Affordability is quietly improving. House prices have softened in many regions, deposits are trending lower, and borrowing power is rising – all helping to rebuild buyer confidence going into 2026.

Ben Thompson, Deputy CEO at Mortgage Advice Bureau, said: “The housing market has reset compared to three years ago: property prices are cheaper, borrowing power has vastly improved, and affordability is quietly recovering.”

Affordability is also improving, with buyers reassessing the minimum amount of money needed to buy a house as deposits fall and borrowing power strengthens.

What borrowers should do before entering 2026

With lender movements on hold until after the Budget – and a potential December rate cut on the table – experts warn borrowers not to wait passively.

Peter Stimson advises: “If you have a mortgage with a fixed rate that’s due to expire in the first half of 2026, it’s worth shopping around and talking to a broker now… You can reserve a new rate several months before the end of your current deal, ensuring you don’t lose out if rates start creeping back up in the New Year.”

For anyone buying a home, remortgaging, or planning a move early in 2026, the combination of falling inflation, stabilising rates, and improving affordability could make the next few months a pivotal window for action.

Homeowners could soon be hit by changes to inheritance tax rules as the Treasury reviews how property wealth is treated ahead of the November Budget.

The Institute for Fiscal Studies (IFS) says current rules are “out of date” and have not kept pace with the surge in house prices over the past decade.

With frozen thresholds and higher property values, thousands more households now risk being caught by the 40% inheritance tax rate.

How more homeowners could fall into the IHT trap

Inheritance Tax (IHT) currently is charged at 40% on estates over £325,000, though families passing a home to children or grandchildren can claim a further £175,000 “main residence allowance” - meaning a couple can normally pass on up to £1 million tax-free.

Those limits have been frozen since 2020 while average UK house prices have risen by nearly 25%.

The IFS warns that this freeze means many homes, particularly in the South East and London, now push estates above the threshold.

In its pre-Budget briefing, the think tank said: “Inheritance tax was never designed to affect ordinary families, but house-price growth and unindexed thresholds mean it increasingly does.”

HMRC figures show about 27,000 estates paid inheritance tax in 2020–21, but the IFS expects that number to exceed 50,000 by 2030 if current thresholds remain unchanged, roughly 23,000 more families drawn into the tax over the decade, much of it driven by rising home values.

Broader tax changes that may reshape your home ownership

The Chancellor is expected to consider whether to raise thresholds, adjust allowances, or simplify property reliefs. Each option would have a direct impact on families planning to pass homes to the next generation.

The inheritance tax review is part of a wider look at housing and property taxation in the November Budget, which also includes other measures affecting homeowners:

• Budget threatens homebuilding targets – experts warn higher taxes could slow delivery of 1.5 million new homes.
• Government considers cutting VAT on domestic energy bills – potentially lowering household energy costs.
• “Exit tax” proposals – potential new charges for those selling up and moving abroad.
• Council tax could be doubled in some areas
• A “Mansion tax” is under review – Labour’s proposal to raise funds from properties worth over £2 million.

Together, these potential measures show how property ownership, from first homes to large estates, is central to the government’s fiscal plans.

How homeowners can prepare ahead of Budget changes

Rising house prices mean many homeowners could unexpectedly face inheritance tax. Anthony Gold Solicitors warn: “Many individuals don’t realise their estate could exceed the tax‑free threshold - especially with rising property values, leaving their loved ones with an unexpected tax bill.”

KC Trust adds: “With frozen thresholds and increasing property values, more estates are subject to this tax… Navigating IHT requires professional guidance.”

Homeowners are encouraged to seek professional advice from solicitors or financial planners specialising in inheritance tax. These experts can:

• Review current wills and trusts to ensure they reflect property values and family circumstances.
• Assess estate values to determine if they approach the IHT threshold.
• Explore legitimate planning options, such as lifetime gifts or trusts, to manage potential liabilities.

Taking professional guidance now can help families avoid unexpected tax bills if thresholds remain frozen or the rules change in the November Budget. Any changes are likely to take effect from April 2026.

Leaving the UK could soon become more expensive for homeowners if a proposed exit tax is introduced for those looking to emigrate from the UK.

The government and HMRC currently say there is no general exit tax in force, but recent reporting shows Treasury officials are modelling options and Ministers have not ruled out new measures.

If you are buying a house in the UK now, or already own one, the way exit rules are drafted could affect whether you pay tax on that property if you later move abroad.

What taxes are there currently on property when leaving the UK

Official HM Revenue & Customs (HMRC) guidance confirms that simply leaving the UK does not trigger deemed disposal of assets, including property or land, and that many of the usual tax reliefs remain unaffected provided other tax conditions are met.

According to the Capital Gains Manual (CG13400), there is “no legislation applying to all categories of person which deems the cessation of residence … to be an event giving rise to a deemed disposal”.

This means, for now, UK homeowners are not automatically taxed on their property when they depart.

Last year the Chancellor, Rachel Reeves, was widely reported as ruling out a formal exit tax for wealthy leavers. The Financial Times reported the Chancellor’s position with the wording “There will be no exit tax”.

GOV.UK guidance also clarifies that non-residents who later dispose of UK land or property may still be liable for Capital Gains Tax (CGT), so holding a UK home while abroad is not risk-free. The government’s maintained position remains that no blanket levy on departure has been introduced - yet.

The policy debate arrives just as other property-related taxes are under scrutiny. Ministers have already hinted that council tax could soon be doubled for certain homes.

What’s being considered and how it could affect homeowners

Recent commentary from trusted outlets, such as a Reuters Breakingviews piece, cites modelling by tax research body CenTax showing that the UK could raise roughly £2 billion annually via an exit-style tax on leaving individuals - about 15 % of current CGT receipts.

The proposal under review reportedly includes a 20% “settling-up charge” on gains embedded in assets upon UK departure.

Although much of the commentary refers to high-value assets broadly, property‐and‐land owners cannot assume they’re excluded.

One tax specialist, Max Jones Hawley, said: “More potential budget leaks … the introduction of an Exit Tax on unrealised gains when leaving UK tax residency… [i.e. I have a business built from scratch worth £5m, and when leaving the UK tax net, I’ll have to pay tax on the unrealised gain].”

Another adviser, Charles Turner, warned: “Reeves is eyeing up a 20% ‘exit tax’ on people leaving UK… If you’re thinking about leaving the UK… before you know it, it could be too late.”

There is also speculation around a possible ‘Mansion Tax’ that could affect more than 300,000 higher-value homes. Together, these proposals suggest that property wealth - not just income - is becoming a key focus for fiscal policy.

How much could you be charged by an exit tax

The table below shows how much you would have to pay if you decided to leave and the rumoured exit tax was introduced.

Homeowners should also consider broader market pressures, such as rising house prices, which may increase the potential financial impact if a new exit charge is introduced.

Urgent steps for homeowners and land-owners to take

Given the possible change, homeowners owning UK property or land - especially those who may relocate abroad or retain the asset while living overseas - should urgently consider:

• Reviewing tax residence status - Changes in residency may trigger tax consequences.
• Documenting property history - Purchase date, usage, occupancy, periods of lets, etc.; such details will be vital if deemed-exit rules are introduced.
• Monitoring GOV.UK and HMRC updates - Because modelling suggests the tax could be introduced quickly, acting early may allow more planning freedom.
• Seeking professional advice before leaving - As Julia Rosenbloom, tax partner at Shakespeare Martineau, said: “There are too many variables to make quick decisions, and anyone considering leaving the UK in response to an exit tax should tread carefully”

Homeowners in the top council‑tax bands could see their bills almost double if proposals being considered by the Treasury and the Institute for Fiscal Studies (IFS) are adopted.

The plan, which would target bands G and H, might raise around £4.4 billion a year, with surging house prices widening the gap in the current, 1991-based system.

Chancellor Rachel Reeves is said to be reviewing the idea ahead of the November 2025 Budget, as pressure grows to boost public finances.

Where you live could make a huge difference to your potential bill, with some regions facing much larger increases than others. We reveal if your home is in one of the areas most likely at risk.

Who is suggesting the rise — and why?

The IFS’s Options for Tax Increases report, which outlines ways the government could raise more money, suggested the increase in council tax.

The IFS says council tax is “regressive”, meaning people in expensive homes pay less as a share of their property’s value than those in cheaper ones. “Council tax (before any discounts) is currently a lower percentage of property value for high-value properties than for low-value properties,” the report explains.

For example, B and H homes pay around three times as much as Band A homes in the same area, even though they were worth “at least eight times as much – and usually far more – in 1991.”

The IFS says this structure is “hard to justify” and suggests raising rates for higher bands to make the system fairer. Local authorities, it adds, could still choose to adjust other bands to keep average bills steady.

Which homes could be affected most?

If the government adopted the IFS’s most ambitious option – doubling Bands G and H – it would affect about 4% of homes in England.

The IFS estimates this could bring in £4.4 billion in 2029–30. Under this scenario, owners of a typical Band G home could pay around £3,800 more a year, while those in Band H could pay about £4,560 more. That would take annual bills to around £7,600 and £9,120 respectively.

According to the IFS report: “Either of these options would make council tax less regressive, but the latter would be more radical, with much sharper increases for a smaller set of properties.”

Where could council tax rise the most?

The IFS warns that because council-tax bands are still based on property values from 1991, any rise would not always hit the most valuable homes today.

“Properties in the highest bands are not those that are worth most today, but those that were worth most in 1991 – a very different set,” the report says.

House prices have risen around sevenfold in London since 1991 but only fourfold in the North East, according to the HM Land Registry. That means some of the priciest modern homes are under-valued for council tax, while many northern homes are paying more than their fair share.

The IFS says a full revaluation of homes is “long overdue” to make the system fairer and more consistent.

A Treasury spokesperson said it is “considering options for council-tax reform” as part of a wider review of property taxation ahead of the November 2025 Budget.

More than 300,000 properties could fall within the scope of a new 'Mansion Tax' being prepared for next month’s budget, according to leading housing market analysts.

The Labour Government are understood to be developing plans to tax homes based on house prices, particularly those valued above £1.5 million or £2 million.

While no final announcement has been made, economists and industry researchers say the available evidence points towards an incoming 'Mansion Tax' forming part of Chancellor Rachel Reeves’s Autumn Budget.

Experts say 'Mansion Tax' now likely

Property market data suggest that a 'Mansion Tax' is now the Treasury’s preferred route to increase property-based revenue without breaching its wider tax pledges.

Analysis by estate agency Knight Frank estimates that around 310,000 homes in England and Wales are worth £1.5 million or more, representing roughly 1.1% of the national housing stock.

Tom Bill, head of UK residential research at Knight Frank, said: “The government has been examining ways to make property taxation fairer and more progressive. A tax on homes above £1.5 million or £2 million would deliver a stable annual income stream and is more predictable than transaction-based taxes such as stamp duty.”

The Institute for Fiscal Studies (IFS) has said that additional property taxes could raise several billion pounds annually, helping to close what it estimates to be a £20 billion gap in the public finances. It added that taxing wealth tied up in property would align with the government’s goal of focusing new charges on those most able to pay.

How the 'Mansion Tax' could work

The Treasury is understood to be weighing two possible structures. One would introduce an annual 1% levy on the portion of a home’s value above £2 million, meaning a £2.5 million property would incur a £5,000 yearly charge.

Another approach would link the reform to capital gains tax (CGT), by removing or reducing the current exemption - known as private residence relief - for homes above a threshold such as £1.5 million.

Under existing rules, CGT is not paid when an owner sells their main residence. Removing the exemption for the highest-value homes would result in gains being taxed at 18% for basic-rate taxpayers and 24% for higher-rate taxpayers.

Officials are reported to be modelling both systems to determine which would raise more revenue while minimising disruption to the housing market.

Which areas will be most affected by 'Mansion Tax'?

High-value homes are concentrated in London and the South East, meaning those regions would see the greatest effect.

In the Royal Borough of Kensington and Chelsea, about 18% of properties are valued above £2 million, while in Westminster the figure is around 12%. In Elmbridge, Surrey, approximately 7% of homes fall within that range.

A wider threshold at £1.5 million would capture more households across southern England and parts of commuter areas around Oxford, Cambridge and Bristol. Property data indicate that houses above this level are already taking longer to sell, reflecting uncertainty over potential tax changes.

How it fits into wider property tax reform

The Treasury has commissioned internal reviews into the structure of council tax and stamp duty, both of which are based on outdated property valuations.

Council tax bands in England were last assessed in 1991. Senior officials are examining whether a new national property tax could eventually replace or supplement these existing levies.

Economists have suggested that a mansion tax could serve as a first stage in broader reform. The IFS and think tank Onward have both recommended linking council tax to up-to-date property values and phasing out stamp duty over time.

Introducing a mansion tax on the most expensive homes would allow the government to raise funds immediately while those longer-term reforms are designed.

What the government has said so far

No formal policy statement has been made with regard to a 'Mansion Tax', but the Treasury has repeated its position that “the chancellor makes tax policy decisions at fiscal events” and that it “does not comment on speculation about future changes to tax policy.”

The department has confirmed that its current focus is to “restore economic stability and strengthen the public finances in a fair and responsible way, while protecting working people.”

When details will be confirmed

The full design of the mansion tax, including its threshold, rate and implementation timetable, is expected to be set out in the budget on 26 November.

Until then, Treasury sources say several models remain under review.

Houses that are believed to be haunted often attract curiosity, caution, or debate among potential buyers.

But do sellers have to disclose a property’s haunted reputation when selling? The answer affects how buyers view the home, how easily it can be sold, and its potential market value.

Understanding what the law says and how reputations influence the property market is essential for anyone selling or buying a home in England and Wales.

What UK law says about haunted houses

In England and Wales, property sales are primarily governed by the Consumer Protection from Unfair Trading Regulations 2008 .

These regulations prohibit misleading actions or omissions that could affect a consumer's decision to purchase.

However, the law focuses on tangible, material facts that could affect the property’s value or desirability, such as structural issues, legal disputes, or problems that could affect the buyer’s decision, like a history of flooding or significant repairs that are needed.

There is no statutory requirement to disclose supernatural occurrences or ghostly reputations and the legal system generally adheres to the principle of "caveat emptor," meaning that buyers are responsible for checking the condition and history of a property before purchase.

Legal expert Sarah Bradshaw of Wilson Browne Solicitors explains: “The law focuses on facts that affect value or safety. A house’s reputation for being haunted isn’t a legal defect, so sellers aren’t required to disclose it unless asked directly.”

If a buyer does ask about a property’s reputation, sellers must respond honestly. Misleading answers could technically lead to a claim of misrepresentation, even though proving a haunting in court is essentially impossible.

Did sellers ever have to declare a haunted house?

Historically, there has never been a legal requirement to disclose that a house is believed to be haunted.

Even under the now-repealed Property Misdescriptions Act 1991, supernatural reputations were not considered material facts.

The Act was repealed on 1 October 2013 and replaced by the CPRs, which continue to focus on material facts that could affect a buyer's decision.

Some sellers choose to disclose a haunted reputation voluntarily, particularly if it is well-known locally. Being upfront can help build trust with buyers and reduce the risk of disputes after the sale.

Do haunted reputations affect price and saleability?

Houses believed to be haunted can face longer selling times and sometimes lower house prices.

A Property Saviour survey of 135 UK estate agents found that homes with a “noticeable past” including rumours of hauntings, being built on cemeteries, or sites of past crimes - could lose 11–20% of value and take longer to sell.

A notable example is Wymering Manor in Portsmouth. When it went to auction in 2010, the trustees publicly noted that its reputation for being haunted was blamed for the lack of buyer interest, despite enquiries from developers.

While in rare cases a haunted reputation may attract niche buyers interested in novelty or tourism, for most sellers it can make marketing the property more challenging.

How buyers can protect themselves

If you’re concerned about a property’s reputation:

• Ask sellers directly about any history of unusual events or reputational issues.
• Speak to neighbours to learn about local stories or recurring concerns.
• Research online to see if the property’s reputation is widely reported.

Being proactive helps buyers understand potential privacy issues, visitor attention, or the effect on future resale value.

Fans of The Inbetweeners have reason to celebrate, as the iconic series is set to return to screens.

While we’ll soon see Will, Simon, Jay, and Neil back in action, many are wondering how much the suburban home that sparked so many awkward teen moments would be worth today.

Thanks to soaring UK house prices, Will McKenzie's famous semi-detached home has absolutely soared in value.

Will’s House sees 172% increase

The McKenzie residence, featured prominently in The Inbetweeners, was filmed at 4 Whitley Close in Abbots Langley, Hertfordshire. Back in 2008, the property's value was estimated at £240,000.

Fast forward to 2025, and its value has surged to approximately £653,000, reflecting a 172% increase over 17 years, according to home insurance advisors Alan Boswell Group.

This rise mirrors the broader trend in suburban areas near London, where demand for family homes has driven up prices.

Why Ruislip remains desirable

While the actual filming location is in Abbots Langley, the character Will McKenzie is portrayed as living in Ruislip, a suburban area in West London.

As of October 2025, the average house price in Ruislip is approximately £642,688, marking a 13.65% increase year-on-year, again according to Alan Boswell Group.

This area is known for its good schools, green spaces, and excellent transport links to central London, making it a desirable location for families and commuters alike.

The return of The Inbetweeners could spark extra buzz

The announcement of The Inbetweeners making a return has already reignited fan nostalgia, and interest in filming locations tends to rise with it.

While the series alone won’t double the house price overnight, homes linked to beloved shows often get a boost in attention, turning them into minor celebrity properties in their own right.

For fans and property watchers alike, Will’s Ruislip home has never been more iconic – or potentially valuable.

At the 2025 Conservative Party Conference, Kemi Badenoch announced that the next Conservative government would abolish stamp duty on primary residences.

The tax, which currently generates around £8.6 billion a year for the Treasury, would remain for second homes, corporate buyers, and non-UK residents.

Badenoch framed the move as a way to make homeownership more accessible, particularly for first-time buyers.

Badenoch promises to remove "bad tax"

Badenoch positioned the policy as a step toward a fairer housing market, calling stamp duty a “bad tax” that impedes social mobility.

She argued that previous adjustments to thresholds had not gone far enough, and that fully removing the tax on primary residences could unlock allow more people to buy a home.

Speaking to a conference audience, she said the plan would help first-time buyers and young families, while reiterating that the revenue loss would be offset by £47 billion in planned spending cuts.

The announcement was delivered with clear political intent, intended to attract voter attention ahead of the next election.

How would stamp duty work if the plans were introduced?

The proposed abolition would apply only to primary residences. Second homes, company purchases, and properties bought by non-UK residents would still incur stamp duty.

Funding would come from government spending cuts in areas including welfare, foreign aid, and the civil service.

Supporters argue the change could stimulate market activity by removing one of the largest upfront costs for buyers.

However, the policy would mainly benefit buyers of mid- to higher-priced homes, as first-time buyers already benefit from existing exemptions on lower-cost properties.

Will it “drive activity at every level" or is it just "political hot air"?

Industry experts offered a mixture of cautious optimism and skepticism. Many welcomed the potential to stimulate activity and improve market mobility, particularly in high-demand areas such as London.

Damian, founder of Jefferies London, highlighted that removing stamp duty could “drive activity at every level, from first-time buyers to high-net-worth purchasers.”

Others, however, questioned the practicality of the plan. Marc von Grundherr, director of Benham and Reeves, described it as “political hot air” unlikely to be delivered given the Treasury revenue at stake.

Stuart Cheetham of MPowered Mortgages noted that while the policy could boost transactions, it might also push up prices, potentially offsetting benefits for first-time buyers.

Overall, reactions suggest that while the proposal would generate headlines, its long-term effect on the housing market remains uncertain.

The UK government is planning to introduce a digital ID scheme to simplify how people prove their identity.

While it could make the process of buying a house quicker, experts warn there are risks around security and accessibility.

Industry leaders are also exploring the idea of a “property passport” linked to digital IDs, which could hold verified information about a property’s history.

What are digital IDs

Digital IDs are electronic versions of documents like passports or driving licences that can be used to prove who you are online.

The government says the scheme will be mandatory for proving your right to work and will reduce the need for repeated identity checks.

According to GOV.UK, “digital ID will make it quicker and easier for people to verify their identity for vital government services,” though it has not explicitly mentioned homes in its public announcements.

HM Land Registry has trialled a digital identity system for conveyancers to verify a buyer’s identity digitally when registering property changes.

Maria Harris, chair of the Open Property Data Association, said: “A securely verified and reusable digital identity has the potential to increase consumer confidence, reduce fraud, and make processes like home buying safer.”

How digital IDs could help home buyers

Digital IDs could reduce the time it takes to buy a home by reducing paperwork and speeding up identity checks across solicitors, mortgage lenders, and estate agents.

Beth Rudolf, director of delivery at The Conveyancing Association, said: “Digital ID could virtually eradicate seller impersonation fraud and, for those using digital anti-money laundering checks, reduce the time spent on enhanced due diligence from weeks to minutes.”

The idea of a property passport is also gaining traction. This would link a digital ID to verified data about a property, such as ownership history, renovations, and compliance with building regulations. It could help buyers make more informed decisions and provide a single source of verified information.

The risks digital IDs could bring

However, there are significant concerns regarind security amongst those in the industry.

Richard Howes, director at Paradigm Mortgage Services, warned: “If ID cards are stored on phones, they could become a prize target for criminals. The system must be designed to prevent identity theft and cyberattacks.”

Professor Alan Woodward has also cautioned that centralised databases could be vulnerable to hacking if not properly secured.

Inclusion is another challenge. Not everyone has access to smartphones or is confident using digital services. The government says inclusion is “at the heart of its design,” but experts emphasise that careful planning will be needed to make the system accessible to everyone.

Ultimately, digital IDs could make buying a home simpler and more transparent but the risks regarding safety need to be ironed considering these could be the largest purchase many people will make in their entire life.

The UK’s property sector has unveiled an ambitious new pledge to slash home sales from months to just four weeks.

Project 28, an industry-led charter, aims to reduce the average time between “sale agreed” and “exchange” from 109 days to 28.

But while major players have signed on, questions remain about whether it can deliver meaningful change for those looking to sell and buy a house.

What is Project 28?

Project 28 was proposed by the Landmark Information Group with the aim to bring 'A Charter for Faster, More Certain Property Transactions'.

The Charter has been supported by 23 leading organisations from across the property chain, from HSBC and Lloyds to Connells, Yopa and Legal & General.

Simon Brown, CEO of Landmark Information Group, which spearheaded the initiative, said: “The spark of inspiration for the Charter was the goal to reduce the time between sale agreed to exchange to just 28 days.”

The Charter outlines eight commitments, including early instruction of seller-side conveyancers, provision of upfront information, creation of a secure, interoperable data repository, and faster commissioning of leasehold packs.

A new “best practice” marque will also be introduced to signal quality service to consumers.

Why Project 28 is needed?

Delays in property transactions have grown steadily worse. Landmark’s latest Property Transactions Report found that the average time from sale agreed to exchange rose to 109 days in 2024 – up from 92 days in 2019 and 66 days in 2007.

The costs of these delays are striking. According to Landmark, inefficiencies in the current system cost home movers around £400 million in failed transactions each year and waste “around four million working days for estate agents and conveyancers who lose up to £1 billion in wasted effort per year.”

Brown said: “This is a pivotal moment for the property industry – a united response to a system that has, for too long, been too siloed, let down consumers and slowed economic progress.”

What could it mean for buyers and sellers?

If the Charter succeeds, consumers could benefit from faster, more reliable transactions and less risk of fall-throughs.

The focus on upfront legal work and standardised data should, in theory, reduce nasty surprises late in the process.

Brown argues that digitising key property information is central: “To revolutionise the property transaction process, the Charter recognises the benefits of digitising key property information and facilitating more efficient data sharing.”

Will Project 28 work?

As this Charter is not a government led legislation there are no certainties the plans will be enforced as it will be reliant on those within the industry to enforce.

Additionally, not all firms have signed up to the charter and there are concerns that requiring sellers to instruct conveyancers early could increase upfront costs in an already expensive process.

As Brown himself admits, the Charter is just a starting point: “This initiative will support the industry’s ambition of a streamlined, digital-first property transaction process… This Charter offers a realistic path to meaningful reform.”

Whether that path leads to a genuine revolution in how Britain buys and sells homes – or simply another layer of industry promises – remains to be seen.

A growing number of properties in the UK are sitting empty, a stark contradiction to the nation's severe housing crisis.

According to the latest government figures, Council Taxbase, which is used for tracking vacant properties, there are over 700,000 empty homes in England. Of those, 264,884 are classed as "long-term empty," meaning they have been vacant for six months or more.

In this article, we'll explore why there are so many empty homes, why these homes are not being bought and what is being done to solve it.

The legal and personal factor

One of the most common reasons a home becomes empty is the death of its owner.

The property can remain vacant for months or even years while the legal paperwork is sorted out. A report from the Scottish Empty Homes Partnership has highlighted that "the death of the previous owner" is a common reason for a house to become empty.

Legal delays and a lack of action by relatives can also keep a property empty for years.

The financial and investment factor

Sometimes, homes are left empty on purpose by investors. The campaign manager for Action on Empty Homes, Chris Bailey, has said it is "a disgrace that we've seen the numbers keep climbing in lockstep with rising homelessness and housing shortages."

He points out that some landlords buy empty properties at auctions and then do little with them, waiting for the value to increase.

Adam Cliff of the Empty Homes Network agrees, saying that a lot of people see a property as an investment, like a "pension."

Second homes and under-used housing stock

While not all of them are considered "empty," second homes and holiday rentals also reduce the number of available houses for people who live and work in an area.

Matt Downie, the chief executive of the charity Crisis, says that while repurposing empty homes is a good step, it's "not a silver bullet."

He believes the government also needs to build more homes and invest more in housing benefits to truly solve the problem.

Government policy and local council powers

The government and local councils have been given powers to help bring empty homes back into use, but they face challenges.

Since 2024, councils can charge an extra Council Tax premium on properties that have been empty for just one year, which can go as high as 300% after ten years. However, this money is not ring-fenced, meaning councils don't have to spend it on empty homes.

The Empty Dwelling Management Orders (EDMOs) are another power that allows councils to take over a property that has been empty for two years or more and is causing a nuisance, but they are rarely used due to the lengthy and complex legal process.

As the Local Government Association's Housing spokesperson, Cllr Darren Rodwell, put it: "At a time when we face a chronic housing shortage across the country it is wrong for so many homes to be left empty. Councils work hard to address the issue, but the existing measures are clearly falling short."

Ultimately, the sheer number of vacant properties in the UK points to a national problem that goes beyond a single cause. It will require a combination of new policies, greater investment, and a shift in how we view property, not just as an asset, but as a home.

Chancellor Rachel Reeves has confirmed the launch of Freedom to Buy, a permanent mortgage guarantee scheme aimed at helping people buy homes with 5% deposits.

“We must restore the dream of homeownership for working people,” Reeves said ahead of her Mansion House speech, framing the policy as part of Labour’s broader plan to improve financial security.

But with high mortgage rates and house prices outpacing wages, experts are divided on whether the move will make a real difference.

A lifeline for some buyers

The scheme, first introduced temporarily by the Conservatives in 2021, enables buyers to take out 95% loan-to-value (LTV) mortgages with the government covering part of the risk.

Lenders pay a fee to the Treasury in exchange for the guarantee, which is meant to give them the confidence to continue offering high-LTV products even during downturns.

Some lenders and housing bodies welcomed the move, suggesting it could prevent the sharp withdrawal of low-deposit products in tough economic periods and smooth out access over the long-term.

Expert concerns about affordability and impact

Despite the policy’s intentions, many mortgage experts and brokers remain skeptical about its effectiveness.

“Every lender who wanted to offer a 95% loan is probably already doing so,” said Peter Stimson, director at MPowered Mortgages, adding that the scheme may shift risk but won’t lower costs when buying a house.

Critics, including mortgage brokers like Martin Stewart of London Money argue that the scheme addresses access to credit but not the core affordability issue - with rising house prices, high monthly payments, and a shortage of new homes continuing to lock out many buyers.

Is the missing piece housing supply?

While the scheme may help with high mortgage rates, analysts warn that it won’t meaningfully change the market unless paired with a broader strategy to increase housing supply.

The Building Societies Association and other industry voices have urged the government to follow through on its pledges to accelerate housebuilding and reform planning rules.

Without more homes being built, experts suggest Freedom to Buy could inflate demand without solving the structural shortage - keeping ownership out of reach for many.

As the Labour government marks its first anniversary in office, with housing remaining a central focus of its agenda.

But how are Labour actually getting on with their pledge to build deliver 1.5 million new homes by 2029 and have they bitten off more than they could chew?

We reveal the total number of houses built, break down the types of houses built and see how far they are away from their targets.

Housing delivery in the first year

Between July 9, 2024, and June 15, 2025, an estimated 186,600 net additional homes were delivered in England.

This figure includes completions from various sources, such as Homes England and local authorities. Notably, Homes England reported 38,308 housing starts and 36,872 completions during the 2024/2025 period, with 79% of these starts being affordable homes.

The breakdown of housing types is as follows:

• Affordable Housing: Approximately 36,872 completions, with a significant portion being social rent, intermediate, and affordable rent homes.
• Self-Build Homes: While specific numbers for self-build completions are not detailed in the available data, self-build projects contribute to the overall housing stock, particularly in rural and suburban areas.
• Private New Builds: The majority of completions fall under this category, encompassing market sale homes developed by private builders.

Government over 110k short of its targets

These figures indicate the government is 113,400 homes short of their annual target of 300,000, which has been blamed on a sharp drop in planning approvals, weak market demand, and ongoing skills shortages.

Just 39,170 homes were granted planning permission in Q1 2025, the lowest figure since 2012 and a 55% fall from the previous quarter, according to the Home Builders Federation. The group warned this collapse could “cripple” Labour’s housebuilding plans.

Housing Secretary Angela Rayner acknowledged the issue, saying: “We need to reform the system to ensure it is sensible and balanced, and does not create unintended delays.”

At the same time, high interest rates and the end of Help to Buy have softened buyer demand, slowing private development. And despite a rise in developer interest, persistent labour shortages - particularly in skilled trades - continue to limit construction capacity.

Government and industry responses

In response to these challenges, the government has committed £39 billion to affordable housing, with 60% allocated to social rent initiatives.

Planning reforms are also underway to streamline approval processes and support housebuilding efforts.

Industry leaders have expressed cautious optimism. Steve Wood, CEO of the National House Building Council (NHBC), noted a 36% increase in developers registering their intent to build new homes in the first quarter of 2025 compared to the same period last year.

However, experts caution that without addressing systemic issues such as planning bottlenecks and workforce shortages, the government's housing targets may remain out of reach.

Looking ahead

As Labour enters its second year in office, the focus will be on accelerating housing delivery through effective planning reforms, addressing workforce challenges, and ensuring sustained investment in affordable housing.

The coming months will be critical in determining whether the government can meet its housing commitments and alleviate the ongoing housing crisis.

The aspiration of homeownership in the United Kingdom continues to be a challenging one for many, with a stark comparison to mortgage markets in other major economies revealing significant disadvantages for UK homebuyers.

While recent Bank of England interest rate cuts offer some respite, experts contend that fundamental differences in lending practices, affordability criteria, and market structures leave British hopefuls facing a steeper climb than their counterparts across Europe and beyond.

This article delves into the key aspects of mortgage markets, highlighting where the UK falls short and why those in the UK looking at buying a house may feel it is harder to do so.

UK mortgage costs pose a persistent premium

While the Bank of England has made successive cuts to its base rate in 2025, reaching 4.25% in May, average mortgage rates in the UK remain notably higher than in some European counterparts.

As of early June 2025, average two-year fixed rates in the UK hover around 4.89% (at 75% LTV), with five-year fixed rates around 5.14%.

In contrast, the Euro area mortgage rate stands at a more favourable 3.32% in Q1 2025, according to BNP Paribas Real Estate, which provides global market insight.

Within the Eurozone, countries like Germany are seeing typical fixed rates ranging from 3.5% to 5% for fixed-rate home loans, with best profiles potentially securing around 3.30% in France for a 20-year term. Even in Ireland, where rates are among the highest in the Eurozone, the average mortgage rate fell to 3.72% in April 2025. This shows a consistent pattern of lower borrowing costs across a significant portion of Europe.

Beyond interest rates, the UK mortgage market is also characterised by a range of fees, including arrangement fees, valuation fees, stamp duty fees and legal fees, which can add significant upfront costs.

While some lenders offer deals with reduced or no fees, the overall cost of securing a mortgage in the UK often appears higher when compared to countries with more streamlined processes or government-subsidised lending.

Deposits form a formidable barrier

Perhaps one of the most significant hurdles for UK homebuyers, particularly first-time buyers, is the substantial deposit required.

MoneySuperMarket data for 2025 indicates that the average deposit for a first-time buyer in the UK is a staggering £75,072.

In London, this figure inflates to an even more daunting £151,731 for an average property value of £512,605, representing nearly 30% of the property's value. While schemes like Deposit Unlock for new builds offer some relief, the widespread expectation of a significant down payment limits access for many.

In several European nations and other major economies, lower loan-to-value (LTV) ratios are often available, or government-backed schemes are more prevalent and accessible, reducing the initial financial burden on aspiring homeowners.

In Germany, full residents can often borrow up to 100% of the property's value with no down payment, although a deposit is usually needed for a better rate and to cover closing costs. Non-residents, however, typically require a deposit of at least 40%.

France commonly expects a personal contribution of 10% to 20% to cover ancillary costs, though non-resident buyers may need a larger deposit of 25% to 50%. However, France's expanded "zero-interest loan" (PTZ) scheme in 2025 can finance up to 50% of the total project cost for eligible households, significantly reducing the required cash contribution.

In the Netherlands, first-time homebuyers are putting down an average of just over €91,000 for a loan of €393,000, as house prices have risen. This indicates a substantial deposit is also common, but not necessarily a higher percentage of the property value than in the UK.

Canada generally requires a minimum down payment of 5% on homes up to $500,000, and 10% on the portion between $500,000 and $1,499,999, rising to 20% for homes over $1.5 million. This often translates to a lower percentage requirement for many homes compared to the UK's typical 10-20% expectation.

Australia offers even more flexibility, with many lenders accepting a minimum deposit of 5% with Lender's Mortgage Insurance (LMI). Government schemes like the First Home Guarantee (FHBG) and Regional First Home Buyer Guarantee (RFHBG) allow eligible buyers to purchase with a 5% deposit and avoid LMI, and the Family Home Guarantee (FHG) allows single parents to buy with as little as a 2% deposit and no LMI.

Length of mortgages hurt UK borrowers

The typical mortgage length in the UK has been gradually increasing, with MoneySuperMarket data showing an average term of 29.1 years in 2025.

While longer terms can reduce monthly repayments, they inherently lead to a higher overall cost of borrowing due to the extended period over which interest accrues.

In some European countries, while longer terms exist, there can also be a greater emphasis on shorter fixed-rate periods within those longer terms, encouraging earlier repayment or frequent refinancing to secure better rates.

For example, in Germany, mortgages are generally available with fixed interest rates of 10 to 15 years, repaid over 25 or 30 years, and many borrowers can make extra payments of up to 5% each year without penalty. This offers more flexibility for accelerated repayment.

Self-build and renovation mortgages differ

For those aspiring to build their own home or undertake significant renovations, the UK mortgage market presents a challenging landscape.

Self-build and renovation mortgages are often considered specialist products, carrying higher interest rates and requiring substantial deposits (sometimes as high as 35% for bridging loans) due to the perceived increased risk for lenders.

Lenders also demand detailed cost estimates and renovation plans, with multiple inspections throughout the project.

"Financing a self-build or major renovation in the UK is typically more complex and expensive than securing a standard residential mortgage," says a spokesperson from Extend Finance, a specialist mortgage broker. "While some European countries have more established frameworks and even government support for custom-built homes, the UK market for these types of loans often comes with a premium and more stringent conditions."

In some European nations, there's greater integration of self-build and renovation into mainstream lending, often with more favourable terms or government incentives.

For example, Germany offers Kreditanstalt für Wiederaufbau (KfW) loans, which are government-backed loans for energy-efficient new builds or renovations, offering lower interest rates.

Who can apply for mortgages is more restricted in UK

While there isn't a strict upper age limit for mortgage applications in the UK, lenders do apply maximum age limits at the end of the mortgage term, typically ranging from 75 to 85 years old.

This can significantly limit the mortgage term available to older applicants, leading to higher monthly repayments. While some lenders are adapting to "lend into retirement," the affordability assessment remains rigorous.

In contrast, some European countries have more flexible approaches to age and retirement income. While specific pan-European age limits are not uniformly codified, countries like Spain and Portugal, are more amenable to considering a borrower's overall financial health and assets rather than imposing strict age cut-offs at the end of a long mortgage term, especially for those with substantial pension income or other investments.

UK lenders are also known for their stringent affordability checks, which became even more rigorous following the 2008 financial crisis.

These checks analyse a borrower's income, outgoings, and often include "stress tests" to ensure repayment capability even if interest rates rise. While designed to protect borrowers, critics argue these tests can be overly conservative, excluding otherwise creditworthy individuals.

MoneySuperMarket notes that lenders usually offer up to 4.5x the total annual income for a mortgage, with exceptions for higher multiples.

Valuations and early repayment charges: The UK's own quirks

Early repayment charges (ERCs) are also a common feature of fixed-rate mortgages in the UK, penalising borrowers who pay off their mortgage early or switch to a new deal within the fixed term.

These charges can be a significant deterrent to refinancing, even if better rates become available elsewhere.

Confused.com indicates that ERCs are typically 1-5% of the outstanding mortgage balance and often decrease annually over the fixed term. Most UK mortgages allow a 10% overpayment each year without incurring an ERC.

While ERCs exist in various forms globally, their prevalence and structure in the UK can feel restrictive to homeowners seeking flexibility.

In some European countries, while fixed-rate products may have penalties, a greater variety of variable-rate or semi-fixed products might offer more flexibility without significant exit fees, or the penalties might be less onerous or structured differently.

For example, in Germany, while fixed-rate loans often come with penalties for early repayment, borrowers typically have the option to make extra payments of up to 5% each year without penalty.

What you need to apply varies greatly

Applying for a mortgage in the UK often involves a considerable amount of paperwork and scrutiny. Beyond basic personal identification and proof of address, applicants typically need:

• Proof of income: Payslips (typically 3-6 months), P60s, and potentially two to three years of tax returns for self-employed individuals.
• Bank statements: Usually 3-6 months of statements to assess spending habits and financial stability.
• Credit history: A strong credit score is paramount, with any past financial blemishes potentially hindering applications or leading to less favourable rates.
• Proof of deposit: Documentation showing the source of funds for the down payment.
• Details of existing debts: All outstanding loans, credit cards, and financial commitments are thoroughly assessed.

While similar requirements exist in other countries, the intensity of the affordability assessment and the expectation of impeccable financial history can be more pronounced in the UK.

For instance, while Canada also requires extensive documentation, the minimum down payment requirements (as discussed earlier) can make the initial hurdle seem lower, potentially easing the overall application stress for some buyers.

UK mortgages must be fairer

In conclusion, while the UK mortgage market is robust and offers a range of products, a global perspective reveals areas where UK homebuyers face inherent disadvantages.

Higher overall costs due to interest rates and fees, demanding deposit requirements, a less flexible approach to self-build and renovation financing, and stringent affordability criteria all contribute to a feeling among many that the system could be fairer.

As the UK economy navigates its path in 2025, a critical examination of these disparities and potential reforms could pave the way for a more accessible and equitable homeownership journey for its citizens.

Architect and TV presenter George Clarke has launched a blistering critique of Britain’s housing system, warning that today’s homes are often lower quality than those built a century ago.

He argues that the crisis isn’t simply about numbers, but about poor design, rushed developments, and broken political promises that have left communities disillusioned and young people locked out of ownership.

For those disillusioned with the system, building a house yourself – whether through a self-build or custom-build route – may be the most practical path to homeownership.

A crisis built on poor quality, not just shortages

While the Government continues to chase ambitious housing targets, Clarke says the real issue lies in the quality of construction.

“If new-build developments were of a higher quality, fewer people would be against them,” he insists. Many new homes are being built at speed with minimal attention to design or durability, particularly on the outskirts of towns and villages.

This has intensified public opposition and fuelled a surge in so-called Nimbyism – not necessarily because people oppose housing, Clarke suggests, but because they’re tired of uninspired and substandard developments.

However, Clarke says that self-builders can take control of their housing future by understanding how much it costs to build a house, securing a self-build mortgage, or managing their project with a detailed schedule.

Politicians talk, but promises keep collapsing

Clarke believes successive governments have mishandled housing policy by prioritising unrealistic numbers over meaningful reform.

Despite repeated pledges – from large-scale development plans to “beautiful building” commissions – there has been little long-term action. Clarke recalls conversations with senior politicians that seemed promising, but ultimately led nowhere.

As a result, he says the UK’s housing strategy has become fragmented and reactive, lacking the long-term vision needed to tackle affordability and accessibility.

‘Build better, not just more’: A call for design-led reform

Clarke wants the UK to follow the example of countries like Denmark, where good design is seen as essential, not optional.

He is pushing for a 30-year cross-party plan focused on building well-designed housing on public land – a shift he believes could restore public trust and reduce resistance to new developments.

Clarke says to build better here, individuals can consider energy-efficient options like eco homes, explore materials with lower embodied carbon, or construct using modern systems like SIPs or cross-laminated timber.

Without that, he fears his own children, like many in their generation, will never own a home. “If we’re going to build, we have to build well,” he says. “It’s the only way to fix this.”

UK homebuyers shelled out an extraordinary £1.4 billion in stamp duty in March 2025 as they scrambled to beat major tax threshold cuts, according to new HMRC figures.

This surge marked a 34% jump from February and a 63% increase compared to March 2024, highlighting how thousands rushed transactions to avoid steep hikes set for April.

The rise has led to increased calls from economists and experts to remove the tax claiming it inhibits the housing market.

Stamp duty surge as buyers race to beat April tax hike

UK homebuyers rushed to complete transactions before the April 1st deadline when tax thresholds reverted to pre-2022 levels.

The spike in activity was driven by the reversion of stamp duty thresholds. For home movers, the nil-rate band halved from £250,000 to £125,000, increasing the tax on an average-priced home in England from £2,082 to £4,582.

First-time buyers saw their relief threshold drop from £425,000 to £300,000, and the maximum property value eligible for relief reduced from £625,000 to £500,000.​

Tim Bannister, Rightmove's property expert, noted: “With the threshold for the nil rate... due to fall from £250,000 to £125,000, anyone purchasing a property over this amount could face paying up to £2,500 more in stamp duty land tax.”

First-time buyers and Londoners hit hardest

The changes have significantly impacted first-time buyers, particularly in high-cost areas like London.

In London, fewer than one in ten homes will be free from a stamp duty charge to first-time buyers in April 2025 if the old thresholds return, compared to a quarter now.

Bannister added: “If the threshold is reduced to £300,000, only 37% of homes would remain stamp duty-free, a 21% reduction. This will particularly affect buyers in regions with higher property prices, such as London and the South East.” ​

Market outlook post-deadline

With the stamp duty thresholds now reverted, the property market may experience a slowdown as buyers adjust to the increased tax burden.

However, the long-term impact will depend on various factors, including interest rates, housing supply, and broader economic conditions.​

Buyers are advised to consult with financial advisors and conveyancing professionals to navigate the new tax landscape effectively.

Economists and experts call to reform

The rise in stamp duty tax has increased debate from economists and housing experts for removing stamp duty due to its inefficiency and negative impact on the property market.

The Institute for Fiscal Studies (IFS) describes it as "one of the worst designed and most damaging of all taxes," with Paul Johnson, director of the IFS, adding that it "helps to gum up the entire property market." This is supported by previous findings showed that one in four homebuyers have been pushed out the market.

Calls for reform include proposals for a land value tax, with Carol Wilcox, Secretary of the Labour Land Campaign, suggesting it could "lower land and house prices while providing substantial revenue for local authorities."

Senior economist Stuart Adam argues that SDLT "defies the most basic of economic principles" and should be abolished. Experts like Mark Bogard, Chief Executive of the Family Building Society, describe SDLT as "suffocating the housing market," while Professor Christine Whitehead, Emeritus Professor of Housing Economics, states that it is becoming an "increasingly heavy tax on housing transactions."

For now though stamp duty remains for those looking at selling or buying a house.

If you're planning a renovation, eyeing your next self-build plot, or just waiting for the right time to buy, a wave of new homes has just hit the market, and many come with reduced price tags.

New research from estate agency Yopa suggests that over 53,000 properties have been listed for sale in England in the first week of April, following the end of the government’s temporary stamp duty relief.

At the same time, a large number of sellers appear to be lowering their asking prices – especially in the price ranges most affected by the tax changes.

So, what’s happening in the market and what does it mean for those looking at buying a house, renovate, or invest?

A market on the move?

Yopa’s research, which looked at more than 430,000 properties currently listed for sale in England, found that 53,468 of these came onto the market between April 1st and 7th - immediately after the return to lower stamp duty thresholds.

The South East and London led in terms of volume of new listings, with over 10,000 and 8,200 respectively.

The timing may be more than coincidence. Yopa suggests that this surge could reflect sellers waiting for greater clarity after the stamp duty change before listing their properties.

It also follows reports from December 2024, when many buyers were said to be rushing to complete purchases ahead of the 31st March deadline, keen to secure their homes while the higher stamp duty relief was still in effect.

Sellers cutting prices in key bands

Perhaps more telling for those looking to buy or renovate is Yopa’s finding that many sellers appear to be adjusting house prices in response to the new tax burden. Their data shows that:

• 38% of homes listed between £125,000 and £250,000 – the price band newly subject to 2% stamp duty – have had price reductions.
• Similarly, 35% of homes under £125,000 have seen cuts, potentially an effort to keep listings under the tax-free threshold.

Yopa interprets this as a sign that sellers are attempting to share the load of the additional stamp duty costs with buyers.

It’s important to remember that these are observed trends in price listings, not direct insight into sellers’ intentions or financial motivations.

What could this mean for renovators

For those in the homebuilding or renovation space, the combination of increased market supply and downward price pressure - if sustained - could mean more opportunities to negotiate.

Verona Frankish, CEO of Yopa, offered commentary on the figures, stating: “It’s clear that a large proportion of sellers who are looking to make their move in 2025 chose to sit tight until the dust had settled on the recent stamp duty deadline... [and] a high proportion of homes listed within the new 2% stamp duty charge threshold [are] reducing in asking price to help mitigate the additional cost incurred.”

That said, market dynamics can shift quickly, and it’s still early days post-deadline. While the price cuts observed by Yopa may suggest more negotiation room for buyers, whether this leads to broader affordability improvements remains to be seen.

Labour's ambitious pledge to build 1.5 million homes by the end of this parliament appears to be faltering.

Following the Spring Statement, the Office for Budget Responsibility (OBR) projected that just 1.3 million homes will be built by 2029-30, sparking fresh scrutiny of the Labour Government's plan for homebuilding and whether they are on course to meet their housing target.

A BBC Politics Live panel discussion brought further doubts to light, as Labour’s Chief Secretary to the Treasury struggled to explain how they would bridge the shortfall.

What was the 1.5 million homes pledge?

During the last general election, Labour campaigned on a commitment to build 1.5 million homes over the course of the parliament, aiming to tackle the housing crisis and improve affordability.

The promise was a cornerstone of Labour’s economic strategy, underpinning its broader agenda to boost growth and increase homeownership.

However, as the latest OBR projections suggest, the government is now expected to fall around 200,000 homes short of its original goal.

What was said in the Spring Statement?

In her Spring Statement, Chancellor Rachel Reeves acknowledged that the 1.5 million target was slipping out of reach. She pointed to planning reforms and new housing policies, which she claimed would drive a surge in construction.

“The OBR have today concluded that these reforms will permanently increase the level of real GDP by 0.2% by 2029-30, an additional £6.8 billion in our economy,” Reeves told MPs. “That is the biggest positive growth impact that the OBR have ever reflected in their forecast for a policy with no fiscal cost.”

She insisted that housebuilding would reach a 40-year high, with 305,000 homes expected to be built annually by the end of the forecast period.

However, the government’s own press release confirmed that the OBR expects only 1.3 million homes to be built, falling short of the 1.5 million target. The release framed the figures as progress, highlighting reforms such as the Planning and Infrastructure Bill, a long-term housing strategy, and an additional £2 billion investment in the Affordable Homes Programme.

'More like 400,000 short than 200,000' – experts question Labour’s maths

Following the Spring Statement, the BBC Politics Live panel, hosted by Jo Coburn, scrutinised Labour’s housebuilding target. Coburn pressed Labour’s Chief Secretary to the Treasury, Darren Jones, on the government's homes target.

“Do you admit that the figures, the upgrading after the downgrade for this year, is pretty well completely reliant on building those 1.3 million homes?” Coburn asked.

“Well, partly, yeah,” Jones admitted.

“More than partly,” Coburn shot back.

Jones attempted to defend the government’s record: “The policy decisions that this government is taking will have a positive impact on the economy. That’s important because it shows we’re delivering on our growth mission. We’ve got to get on and build, baby, build.”

However, Coburn challenged him on the numbers: “They [the OBR] still say it’s not 1.5 million. They say within touching distance of 1.3 million. How are you going to do it?”

Jones reiterated Labour’s plans to train more tradespeople and push planning reforms through the National Planning Policy Framework but failed to provide specifics on how the shortfall would be addressed.

Paul Johnson from the Institute for Fiscal Studies (IFS) then delivered a damning blow, pointing out that the 1.3 million figure applied to the entire UK, while Labour’s 1.5 million target was for England alone.

“This 1.3 million homes, the target is 1.5 million in England. That 1.3 million is in the UK. So it’s not quite as close touching distance as it might sound. I think we’re more like 400,000 short than 200,000 now, is that right?” Johnson asked.

Jones hesitated before conceding: “Uhh, probably. Look, we’ve got to go further. That’s a very good question but we always knew that was going to be a stretching target.”

Labour’s housing pledge, once a key pillar of its electoral platform, now appears increasingly unattainable. While government officials continue to insist that they are “within touching distance” of their target, scrutiny from experts and opposition voices suggests a significant shortfall remains.

The BBC Politics Live debate highlighted the growing concern that Labour may be quietly abandoning its 1.5 million homes commitment – without officially admitting defeat.

A Luton reverend has finally regained ownership of his home after nearly four years of legal battles following a shocking case of property fraud.

Mike Hall, a homeowner and clergyman, lost his house in 2021 when scammers stole his identity and unsuspecting homebuyers bought the home from the fraudsters.

After a prolonged legal struggle, he successfully reclaimed the house – only to discover that squatters had moved in under a bogus rental agreement.

Fraudulent sale leaves homeowner in legal limbo

Reverend Mike Hall of Luton has finally regained possession of his home after a gruelling four-year battle against identity theft, property fraud, and illegal occupation.

The ordeal began in 2021 when Mr Hall, while working in North Wales, received a shocking call from neighbours about strangers in his home. Upon returning, he discovered that an impostor had stolen his identity and sold his house for £131,000.

Using fake documents, including a fraudulent driving licence and a bank account in Mr Hall’s name, the scammers carried out the transaction without his knowledge. By the time he arrived, the new owner had already started renovations, leaving Mr Hall locked out of his own home.

"I tried my key in the front door, it didn't work, and a man opened the front door to me," Mr Hall recalled. "The shock of seeing the house completely stripped of furniture - everything was out of the property - was just unbelievable."

Victory in court, but more trouble follows

After two years of legal struggles, the Land Registry restored Mr Hall as the rightful homeowner.

But in 2023, when he finally returned to reclaim the house, another shock awaited him - a family was living there under a fake rental agreement. The tenants, unaware of the fraud, had been paying rent to an unknown party.

"When I went back, I found that the locks had been changed again," said Mr Hall. "I knocked on the door, and nobody replied, but I could hear movement inside. The lights and the television were on – it was clear that someone was living there."

Luton County Court Judge Elaine Vignoli ruled in favour of Mr Hall on 11 March 2025, granting him full possession of his home and ordering the occupants to vacate within 14 days.

Although relieved, Mr Hall admitted feeling sympathy for the family. "I am quite sad that [they] now have to find a new home," he said. "They were also victims of this fraudulent scheme, just as I was."

However, his frustration with the legal system remained. "Justice has been done, but it has taken far too long," he stated. "The process should be much quicker to prevent others from going through the same ordeal."

Reverend now faces further struggle to get insurance after ordeal

Despite his legal victory, Mr Hall now faces new challenges. With insurance companies refusing to cover his home due to the squatter issue, and the costs of repairs mounting, his fight is far from over.

"I'm back to square one," he admitted. "I just wanted to get the house back in order and move on from this saga, but now I’m in another legal battle."

His case serves as a stark warning to homeowners about the risks of title fraud and the importance of safeguarding property records. "If it can happen to me, it can happen to anyone," Mr Hall said. "We need better protections in place to stop criminals from stealing people's homes."

Buying a house with a septic tank might seem like a infrequent concern, but if you're looking to live in the countryside, it might become a very real possibility.

Properties without mains drainage typically rely on a septic tank to deal with sewage and wastewater, although some may have an open cesspit. Between 300,000 and 500,000 homes in England and Wales have septic tanks, according to the Environment Agency, which conducted research of likely locations in 2009.

Meanwhile, you are unlikely to encounter this in urban areas in the UK as homes in these locations are more likely to be connected to utility company sewerage systems.

Here are eight of the key things to check if you are buying a house with this type of off grid drainage.

1. The key facts

Your conveyancing solicitor should establish key facts about the septic tank. These include its location, when it was installed and when it was last serviced. Warranties and indemnities relating to the construction and maintenance of the septic tank should also be verified.

Your solicitor should also find out if the septic tank is shared with other properties.

“Shared septic tanks add complexity to property transactions due to the need for a detailed agreement which outlines responsibilities, management protocols, and financial arrangements,” says Lucy Hawkins, senior associate director at Strutt & Parker. “These documents are usually called Shared Septic Tank Agreements and while such agreements may slow a sale down, they are vital. There are even some benefits to having a shared tank rather than having sole responsibility, including lower individual costs and collective oversight for maintenance and repairs."

They will also check necessary planning permissions and building regulations approval have been obtained. In January 2020, new laws were introduced to prevent septic tanks causing pollution, particularly relating to watercourses and land, see p.2 below.

2. The specialist survey

Usually called a septic tank home survey or a septic tank inspection, this is a service carried out by a specialist firm to identify any problems and check that the tank complies with current legislation.

The surveyor will check the following; the exterior of the tank for cracks, corrosion and any other structural damage, that the size is suitable for the number of people living in the property, for the presence of leaks or blockages and that the tank is not discharging into a water course or surrounding land.

During the survey, the septic tank will be emptied thoroughly to check the flow works properly. Many surveyors now use CCTV to help their investigations.

In England, the surveyor will also find out if the septic tank is lawful, meeting the General Binding Rules for small sewage discharges (SSDs), which protect rivers and streams from pollution caused by septic tanks and other small-scale sewage treatment plants. The rules are quite complex and depend on the date the system was installed. Separate legislation applies in Scotland, Wales and Northern Ireland.

“Problems which may be incurred by an old septic tank include it going into the water course, which is a big no-no, or if the pipes are old, cracked or damaged, they will need replacing,” says Paddy Pritchard-Gordon, director of buying agency Prime Purchase.

“To replace a septic tank will cost anything from £10,000 to £15,000 so it’s well worth paying on top of the standard survey, so you know what you are dealing with.”

Prices for a septic tank survey range from £250 to £300, with the average at £275, according to Checkatrade.

3. A possible asking price reduction

Armed with your survey results, there might be scope for asking the sellers to drop the asking price. “There can be a lot of environmental issues created by septic tanks and if there is a problem with the one you are buying, you should get the cost of rectifying the situation deducted from the purchase price,” says Paddy.

“Another option is for the vendor to do the necessary work themselves. But if you are about to exchange contracts, there is a limited timeframe for such works. More realistically, the cost of repairing or replacing the tank should come off the purchase price, with the work done by the buyer.”

4. Is access good?

It is really important for a septic tank to have good access because it will need regular emptying, the sludge removing and any maintenance attended to. You’ll need to be sure that there is plenty of space for the pumping vehicle to operate efficiently, or you may have problems finding a company to carry out the job.

5. How often does it need emptying?

The frequency of septic tank emptying depends on the type and size of tank, as well as its usage, but typically, for most households it should be emptied annually. “For a standard 1,000-gallon septic tank, expect to pay around £200 per emptying,” says Lucy Hawkins. “Regular maintenance not only prevents costly repairs but also ensures the system operates efficiently, protecting both the property and the surrounding environment."

6. The benefits of having a septic tank

Septic tanks, properly maintained, are eco-friendly as they don’t generally use any form of chemical to filter waste. They may include an electric pump to conduct the wastewater to the drainage field, but apart from that, require no energy.

“Another key benefit is their cost-efficiency as homeowners avoid paying monthly sewer fees in their water bill,” says Lucy Hawkins. “Septic tanks also provide a level of independence, allowing homeowners to avoid reliance on the public infrastructure, which can be especially beneficial in remote or rural locations.

Modern septic tanks are highly durable and, with regular care, can last for several decades, Lucy adds: “This makes them a reliable and long-term solution for waste management.”

7. The disadvantages

“The regular maintenance, including emptying and inspections, can add up in costs over time, but it’s vital to stay on top of it, as any type of repair is expensive,” says Lucy Hawkins. “The capacity of a septic tank can also be limited, which means overloading the system or disposing of waste incorrectly can lead to blockages, leaks, or even system failure.

Bear in mind too, that a septic tank demands sufficient space for both the tank itself and the accompanying drainage field. If you’re buying a property which you wish to extend, or develop the garden, this can be a prohibitive factor.

8. Future problems

Septic tanks do require vigilance. The sludge in the bottom needs to be removed regularly to prevent clogs and blockages in the soakaway.

The household also needs to be reminded that putting certain items, including disposable nappies, feminine hygiene products, wipes, coffee grounds and cat litter down the WC, or sink, can cause clogs.

Structural issues can also occur. The tank may crack or even collapse, causing serious leakage and allowing groundwater in, which will contaminate the system.

Buying a property with a septic tank can bring challenges, but it’s often part and parcel of living in a rural location and is not uncommon. It might also be worth taking a look at off-grid heating options as well as other off grid drainage types.

A rare and unusual property is turning heads in Needham Market – a former mortuary is set to go under the hammer with a guide price of just £60,000.

Steeped in history, this intriguing building plot offers a unique opportunity for buyers looking to transform an unconventional space.

Whether repurposed into a distinctive home, a quirky business, or a specialist commercial venture, the property’s potential is as fascinating as its past.

A property with a story to tell

Located near the heart of Needham Market, this former mortuary stands as a reminder of the town’s rich history.

Though originally built for solemn purposes, the building is structurally sound and open for renovation. Featuring two rooms with double doors leading to an outdoor parking area, the layout, although small, offers room for redevelopment (subject to planning permission).

With freehold tenure, the property is an open canvas waiting for a new chapter.

Potential for a hauntingly good transformation

For those with a flair for the extraordinary, the property presents a variety of opportunities.

It could be transformed into a characterful residence for those unafraid of its past, repurposed into a specialist funeral-related business, or converted into an office or studio space.

With the growing popularity of themed stays, some investors may even consider turning it into an Airbnb-style holiday rental for travelers drawn to unusual accommodations.

Andrew Wilcox, a property expert specialising in unique spaces, says: “Quirky properties like this are rare finds. With the right vision, this former mortuary could become a one-of-a-kind business or home. It’s all about embracing its character.”

Auction details & open house viewings

The former mortuary will be auctioned on March 26, 2025, with an affordable guide price of £60,000, making it an accessible opportunity for creative investors.

Open house viewings are scheduled on multiple dates in March, allowing interested buyers to explore this unusual, one-of-a-kind property.

For more details, visit the official auction listing or visit the Plotfinder website.

Would you dare to own a piece of Needham Market’s history?

A mortgage in principle (MIP) – also known as an agreement in principle (AIP) or decision in principle (DIP) – is well worth getting before you start viewing homes for sale. But it’s crucial to be aware of how long a mortgage in principle lasts as there’s a limited period in which it’s valid.

While a mortgage in principle isn’t essential when you’re buying a house, because it shows what you could afford to borrow on a mortgage, it is advisable to apply for one. Once you have it, estate agents and sellers know you’re a serious buyer who can afford the property you want to make an offer on.

Apply for a mortgage in principle and it’s vital to know how long it might last, and what you can do if it runs out before you’ve found the home you want to buy and we asked the experts to provide the knowhow you need.

Why apply for a mortgage in principle?

Obtaining a mortgage in principle is recommended so that the offer you make when you’ve found a home you’d like to buy is taken seriously.

Applying for a mortgage in principle requires you to supply details like your name, address and date of birth along with financial information, including income, outgoings and any credit agreements such as credit cards or for car finance.

Once you have assembled the details you need, the application can be made speedily and the response should also be quick. However, you should be aware that an MIP has a limited life.

How long does a mortgage in principle last?

A mortgage in principle lasts for a set amount of time.

“Technically speaking, the decision in principle is only valid for a second once you’ve clicked submit and get your DIP response,” says Mark Harris, chief executive of mortgage broker SPF Private Clients. “Should the lender who you did the DIP with change policy, then the DIP is invalid – the lender won’t stand by the DIP result.

“However, more realistically, the DIP typically has a validity period which varies between 30 to 90 days,” he explains.

The variation is between different lenders. “All lenders have their own rules, so it’s worth speaking to them or your broker for guidance,” advises Paul Blaking, mortgage sales manager at Suffolk Building Society.

What if the agreement in principle expires before you’ve found a house?

If you haven’t found the right house before the expiration of the agreement in principle, renewal is a possibility.

“Depending on the lender, you may be able to extend a decision in principle if it expires,” says Paul Blaking.

“Usually this is straightforward if none of your circumstances have changed. It will simply involve the lender running another credit search. If your circumstances have changed, however, you’ll have to re-apply for a mortgage in principle,” he adds.

Can you have more than one agreement in principle?

You are not limited to just one agreement in principle when you’re searching for a house to buy.

“If you’re shopping around for the best mortgage rate you may have a mortgage in principle from more than one provider at the same time,” says Paul Blaking.

But be aware of the potential impact of applying for more than one. “It’s important to note, that while most lenders will offer a ‘soft’ credit search for a mortgage in principle, some will complete a ‘hard’ search,” Paul explains. “Hard searches will be visible to other potential credit companies. Multiple hard searches can have a negative impact on your credit record.”

You can do some investigation, though. “The lender’s website FAQs might tell you which type of search they’ll do,” says Paul.

Remember that a mortgage in principle is not a guarantee

Always keep in mind that a mortgage in principle does not make getting a mortgage offer a certainty.

“While a DIP is useful in demonstrating to an estate agent and a seller that you have started the process of obtaining a mortgage, it is not a guarantee of a mortgage offer,” says Mark Harris. “The lender will use the information as part of the full underwrite once a full application is submitted.

“When a full mortgage application is submitted, a hard search would be run.”

You can apply for a mortgage in principle from a bank or building society or through a broker. Using a broker can give you access to a larger range of mortgages and help you find the best deal around.

A building survey is a crucial part of the housebuying process, and it’s something you‘ll organise after your offer is accepted. But if a survey reveals concerns that are going to be costly to put right, you may want to negotiate a house price reduction rather than walk away.

The offer you made when buying a house should have accounted for remedying any issues of which you were aware. But when the survey reveals the property is in need of work you didn’t know about, renegotiation can prevent you overpaying.

Reducing an offer after a survey is likely to require an evidence-based approach to be successful, though, and here we’ve put together the expert knowhow you need to do so.

1. Study the survey

You should organise a survey when buying a house and experts advise that buying a house without a survey isn’t a good idea. Issues that might be identified by the surveyor, however, could be lesser or more severe.

“When you receive your house survey, you’ll likely see a mix of minor and more significant issues, and it’s important to distinguish between expected wear and tear – things like ageing boilers or tired décor – and defects that could have a serious financial or structural impact,” explains property expert Andrew Boast, founder of SAM Conveyancing.

“Common issues surveys flag include damp, outdated electrics, roof wear and tear, or minor cracks in walls,” he explains. “In many cases, these are manageable and shouldn’t necessarily raise alarm bells or mean you should pull out of the purchase. However, more significant defects, like subsidence, major damp penetration, structural movement, or asbestos, can be extremely costly to resolve and are a valid reason to reassess your offer.

“Issues with drainage, pest infestations, or evidence of poor past renovations can also be problematic, particularly if they indicate deeper faults with the property,” he adds.

2. Assess if renegotiation of the price is reasonable

You’ll need to assess whether reducing your offer is a sensible strategy once you’ve digested what the survey says.

“A good rule of thumb is this: if an issue is unexpected, affects the structural integrity, or would cost thousands to put right, it’s reasonable to renegotiate,” Andrew Boast explains. “For example, if a survey flags subsidence, you could be looking at tens of thousands in repair costs. Likewise, damp might seem minor, but if it’s linked to a failing damp-proof course or structural problems, it could become a much bigger issue down the line.

“However, not every survey issue needs to be a dealbreaker,” he adds. “The key is to determine whether the issues uncovered were already factored into the asking price. If a property is advertised as a fixer-upper, then a survey highlighting an ageing boiler or tired décor isn’t cause for renegotiation. However, if the property was marketed as being in excellent condition, but the survey uncovers major defects that weren’t disclosed, then you have a strong case to request a price adjustment.”

Think house value when assessing. “Focus on whether the issues identified materially impact the value of the property and the cost of future repairs – a small crack in the plaster isn’t the same as evidence of structural movement,” says Andrew. “The most important step is to understand which problems are merely cosmetic and which could lead to significant financial costs later on.”

3. Speak to your surveyor

It’s well worthwhile talking to your surveyor about the report. “Some reports will flag problems but recommend further investigation to assess severity,” says Andrew Boast. “Having a conversation can clarify whether an issue is minor or if it requires immediate attention.

“A key question to ask is how serious the issue is and whether it requires urgent repair,” he continues. “If the problem is significant, find out whether it could impact the mortgage lender’s valuation of the property. If a survey identifies serious structural concerns, lenders may down-value the home or even refuse to lend until remedial work is carried out. In such cases, renegotiating the price isn’t just a preference – it may be necessary to keep the purchase viable.

“The surveyor can also provide insight into whether the issue is common for the type of property,” says Andrew. “Older homes naturally come with quirks, and not every flagged issue is a reason to panic. However, if the problem is unusual or particularly expensive to fix, it’s reasonable to expect an adjustment in the purchase price.”

4. Get further information

You are highly like to need evidence if you want to reduce your offer, so once you’ve spoken to the surveyor, arm yourself with further information as necessary.

Although it will cost more money, a second survey can add weight to your case. As well as giving you peace of mind that the first survey results were accurate, it also gives the seller less opportunity to dispute what has been discovered.

In addition, if the first survey has raised questions regarding issues such as damp or subsidence, organising a specialist survey to delay with that those specific problems could be beneficial too.

5. Decide how much to reduce the offer

It’s vital to use your evidence when renegotiating. “Generally, buyers can negotiate a five to 10 per cent reduction after a survey highlights issues, but the actual figure will depend on the severity of the problems,” says Andrew Boast.

“Minor repairs costing a few thousand pounds may not warrant a significant adjustment, but if remedial work is extensive and could cost tens of thousands, a larger reduction is justified. In cases where the issues impact the property’s mortgageability – such as major structural defects – a price reduction may be essential to keeping the purchase viable.”

6. Contact the estate agent

If you want to reduce the offer, go back to the estate agent marketing the house. It can be preferable to visit the branch in person although that won’t always be feasible.

Andrew Boast recommends writing a letter that lists the defects and the estimated costs of remediation. “Give them the choice to remedy the issues or adjust the price by a specific amount to reflect the total costs (you may want to include a reasonable amount if you will have to live with disruptive construction works for a significant length of time),” he suggests.

You should also provide a date by which you expect a response, he says.

7. Be pragmatic

The seller of a home might refuse to reduce the price, of course. If so? “You should consider whether the cost of repairs still makes the purchase worthwhile or if it’s time to walk away,” says Andrew Boast.

“In some cases, particularly with significant defects, walking away from the purchase may be the most sensible option. While renegotiation is an important tool, it’s ultimately about ensuring the property remains a sound investment rather than simply securing a discount.”

With good evidence a house price reduction can be negotiable. “When making a best and final offer, make it clear this is your last offer and it expires on a specific deadline, and remind the seller that refusing your reasonable reduction will mean starting the process again with a new buyer, and will most likely halt at the same hurdle eight to 12 weeks later,” says Andrew Boast.

EDITOR’S NOTE: An earlier version of this article included a quote from a purported expert whose credentials we have not been able to verify. The quote has been removed. We regret this lapse in our verification process and have updated our internal protocols to reduce the risk of recurrence.

Buying a house to renovate and sell is a project that significantly differs from purchasing a property that’s going to be your own home. If you’re renovating to sell, get things wrong and you could end up losing out when you want to make a profit.

Of course, both buying a house that meets your own needs and purchasing a doer-upper you’ll then put on the market need careful assessment. But buy to sell and there are additional criteria to bear in mind to make a success of your investment.

To help you pick the right property to renovate and sell, we’ve put together advice from the experts that’ll allow you to assess its merits before making an offer.

1. Build relationships with estate agents

Your search for a house that’s worth renovating and selling needs to be effective. “Building strong relationships with local estate agents is key,” says Amy Reynolds, head of sales at Richmond estate agency Antony Roberts. “Let them know exactly what you’re looking for – price range, preferred property type, and your intended level of renovation. Agents will often have knowledge of upcoming listings before they hit the market, giving you an advantage.

“Be professional in your approach,” she recommends. “If you’re serious about purchasing, demonstrate that you have financing in place and can move quickly. Estate agents are more likely to tip you off about opportunities if they know you’re a reliable buyer who won’t waste time.”

2. Research before viewing

So that you don’t squander time on houses that aren’t suitable, you need to investigate the type of home that will prove popular once renovated.

“Before viewing a property, it’s crucial to understand local market dynamics,” says Amy Reynolds. “Research recent sale prices of similar properties in the area, particularly those in renovated condition, to gauge the potential resale value.

“Look at the typical homeowner profile: are buyers in the area first-time buyers, families, or downsizers? This will influence the type of renovations that add the most value. Check the demand for specific property types: for example, in some areas, three-bedroom houses sell far faster than two-beds.”

You should bear in mind the viability of renovating, too. “Consider planning restrictions as certain areas, particularly conservation areas, may limit what you can alter,” advises Amy.

3. Focus on what’s popular and what isn’t

Homes from particular periods can be attractive to buyers. “Victorian and Edwardian homes tend to be perennially popular due to their character features, high ceilings, and solid construction,” says Amy Reynolds. “They also often have good potential for extension or reconfiguration. Post-war properties can also offer good opportunities, especially if they are well-located and can be modernised efficiently.”

But some houses don’t offer good renovate-and-sell potential. “Homes to be cautious of are those you can make considerably bigger but perhaps have no outside space – meaning you create something for a family, but the demand for that property is for a professional couple – who don’t need the extra space you have built,” says Amy.

4. Assess the work required

If you’re thinking that a house needs to be in need of major work to make renovating then selling worthwhile, you might be surprised.

Sometimes, a house that only needs cosmetic upgrades can be enough to make the purchase worthwhile. You don't always have to alter the layout dramatically to reap rewards. Simply renovating a kitchen, upgrading the bathrooms and decorating everywhere can be enough – as long as you've checked of course that there is no major electrical, plumbing or structural work required.

What matters is setting your priorities, sticking to your budget and upgrading it for potential buyers – not for yourself. Blank canvases with fresh kitchens and bathrooms can still make you a return on your investment.

5. Weigh up renovation costs

How much you’ll need to spend on renovation versus the price you might achieve when you sell is crucial to the project.

We noted above that it’s vital to investigate sale prices in the area, the type of properties that sell most quickly, and the sort of buyers it attracts, and it’s this information that will allow you to plan the budget for the work.

After all, there's no point spending more than you'll get back from the sale. And, if what you’ll need to spend on renovations exceeds the prices similar homes are achieving, then you’ll know that a particular property isn’t a sensible buy.

6. Focus on target buyers

While we saw above that some rooms are always worth attention, consider the needs of specific buyers when you’re buying a house to flip.

It's something Sarah Harley, the assistant editor of the Homebuilding & Renovating website has always adhered to when buying and selling homes.

"Renovating to sell is entirely different from renovating a house you want to live in, but is a common mistake people make when starting out," she confirms. "It's all to easy to start choosing fixtures and fittings, or layouts that you love, or will work for you. But, the chances are, you're not the same as the potential buyer.

"I've always tried to put myself in the mind of the target market, before making any decisions about what to buy or change in houses. One example was a property in Kent which had already been renovated when we purchased it, but still had potential to flip for more in the future.

"Adding a small extension to create a master en-suite and larger living room, and building a double garage with a room above wasn't a low budget renovation, but made it more suited to the strong family market in the area. It certainly reaped its rewards when we sold.

"Always get the basics right, your kerb appeal strong and if in doubt, stick to neutrality – unless you're purposely taking on a luxury high-end renovation in which case your buyers will expect plenty of finishes to match," she says.

7. Think about extending

The idea of extending a home as part of a house-flipping project is tempting, especially when work can be done without the need to apply for planning permission under the permitted development regime. But is it a good strategy?

"It really depends on the ceiling prices of properties in your area and whether you will get back the money you may spend," says Sarah Harley.

"Will the extension add enough value to still make a profit, and will it potentially sell quicker? Again, assess the fundamentals such as kitchens, bathrooms and bedrooms. Would increasing their size increase the house value?" she says.

"Speak to agents and figured out what there is demand for in the area. For example, if the general market consists of first or second time buyers, then adding an extension to make it more suitable for a family might not be needed.

"Instead, look at options such as knocking down internal walls to create a more modern, open-plan layout that will appeal to younger buyers. Or, perhaps you could find space to squeeze in an en-suite or divide two rooms into one," she suggests.

"Always be guided by the market and what sells well. Don't extend for the sake of it, as if there isn't a lot of homes with extensions in the area, there's usually a reason why," Sarah notes.

Finding a house to renovate and sell shares some steps with buying your own home, such as introducing yourself to estate agents and sorting out your finances. But if you’re not staying put when the work is over, assessing house renovation costs is crucial, as is thinking of your target buyer rather than your own tastes.

EDITOR’S NOTE: An earlier version of this article included a quote from a purported expert whose credentials we have not been able to verify. The quote has been removed. We regret this lapse in our verification process and have updated our internal protocols to reduce the risk of recurrence.

The Government has announced sweeping changes to homeownership, taking a step toward banning new leaseholds in England and Wales.

The move, aimed at replacing the controversial system with commonhold ownership, promises to give homeowners greater control over their properties while addressing mounting complaints over spiraling service charges.

These reforms could transform the way people manage and buy their homes by bringing flat ownership in line with buying a freehold house.

What is a leasehold and why is it so controversial?

Under the leasehold system, homeowners do not own their property outright.

Instead, they purchase the right to live in a flat for a fixed period, often decades or even centuries, while the building itself remains owned by a freeholder. Leaseholders must pay service charges, ground rent and other fees dictated by the freeholder, often with little transparency or control over rising costs.

Critics argue that leasehold creates an unfair power imbalance. Freeholders and their managing agents control essential maintenance and repairs, yet leaseholders are forced to pay for them – sometimes at inflated prices.

Disputes over unexpected charges, poor maintenance, and difficulties in selling leasehold properties have made the system increasingly unpopular.

The government’s proposed shift to commonhold would put an end to this model, allowing flat owners to co-own their buildings and directly manage costs and maintenance decisions.

Government’s grand plan: A future without leaseholds

Housing Minister Matthew Pennycook has called the current leasehold system “inherently unfair,” stating that the Government’s new reforms will put power back in homeowners' hands.

Under commonhold, residents will co-own their building and control costs - deciding on maintenance budgets and appointing managing agents without interference from freeholders.

While the ban on new leasehold flats is a clear step forward, the government is still working on a solution for millions of existing leaseholders. Ministers are promising an “easy” pathway for leaseholders to convert to commonhold, but details remain unclear.

The upcoming Leasehold and Commonhold Reform Bill, set to be published later this year, will lay out the transition framework.

Will commonhold deliver real change?

Despite optimism, critics warn that the transition to commonhold could create new financial and legal burdens for homeowners, especially in larger developments.

Some industry experts argue that leasehold is still the most efficient way to manage complex buildings, while others worry that mortgage lenders may be hesitant to embrace the new model.

The National Leasehold Campaign (NLC) has welcomed the reforms but insists that existing leaseholders must not be forgotten. “We need a clear and fair mechanism for conversion,” said NLC founder Katie Kendrick. “People trapped in the leasehold system deserve an escape route.”

With millions of homeowners desperate for change, the success of this ambitious overhaul will depend on how smoothly the government can deliver its vision. For now, the leasehold system remains intact – but its days could be numbered.

Thousands of new homes planned for construction in the Oxford-Cambridge growth corridor could face serious subsidence risks, potentially leaving future homeowners with uninsurable properties, experts have warned.

The Government’s plan to build 4,500 homes in the region, part of a wider drive to tackle the housing crisis, is now under scrutiny as geological concerns come to light.

Analysis of British Geological Survey data suggests that areas within the corridor are highly susceptible to ground movement due to the presence of gault clay, a soil type notorious for its expansion and contraction in response to seasonal weather changes.

What is the Oxford-Cambridge growth corridor?

The Oxford-Cambridge Growth Corridor is a Government-backed initiative aimed at boosting economic growth between the university cities of Oxford and Cambridge.

The plan focuses on improving infrastructure, including new housing developments, transport links like the East-West Rail, and business hubs to support science, technology, and AI industries.

The goal, according to the government, is to transform the area into "Europe's Silicon Valley", leveraging the world-class research and innovation from both universities.

Climate change driving increased subsidence risk

However, these plans are at risk, experts warn, as longer dry spells in summer followed by heavy rainfall in winter are exacerbating soil instability, leading to unsound foundations in homes.

Adding to these concerns, new analysis by home insurer Aviva reveals that one in thirteen (8%) new homes built in England in the last ten years are in a flood zone, the equivalent of almost 110,000 homes. The insurer also found:

• Three in five (59%) new build residents think their home is at risk from flooding.
• Half (50%) of new build residents believe climate change will impact their home in the next year, rising to 71% in the next ten years.
• A fifth (19%) are concerned the location of their home is unsuitable due to potential flooding.
• Only a quarter (26%) of new build residents have no concerns about the quality of the build.

Freya Chapman, from ground engineering firm Mainmark, highlights the issue, noting that some loss adjusters already refuse to cover certain postcodes due to subsidence risks. "The ongoing wet weather we’ve experienced following last year's record heat will have had a profound effect on ground saturation and the frequency of floods. The resulting washout and foundation movement is expected to cause cases of subsidence to peak, with central regions such as Bedfordshire and Oxfordshire, which saw record rainfall in 2024, at a more significant risk."

She added: “We can expect to see a peak in subsidence cases in coming months, and due to the lengthy process, from surveying to payout, which can take upwards of six months, we most likely won't see these claims come to fruition until late 2025 or early 2026."

The growing cost of subsidence

Subsidence-related home insurance claims have surged in recent years, with the Association of British Insurers (ABI) reporting a 61% increase in payouts in the third quarter of 2024 compared to the same period in 2023.

Some homeowners with existing subsidence claims have seen their insurance premiums rise by as much as 40% year on year.

The wider insurance industry is also facing pressure to address the rising costs. Louise Clark, a policy adviser at the ABI, acknowledges the strain on household budgets and calls for greater government action.

“More investment in flood defences and surface water management is crucial,” she says. “Equally, we must stop building on land highly vulnerable to subsidence and other environmental risks.”

Will the Government rethink its housing strategy?

The Oxford-Cambridge growth corridor has been identified as a key driver of economic expansion, with potential benefits estimated at £78 billion over the next decade. However, the subsidence concerns highlight the need for a more cautious approach to large-scale development.

A spokesperson from HM Treasury stated that infrastructure concerns are under review but emphasised that the UK’s home insurance market remains competitive and regulated by the Financial Conduct Authority (FCA). Yet, as subsidence risks increase, the cost and availability of insurance could become a major barrier for future homeowners.

With the Government’s housebuilding strategy aiming to deliver 1.5 million new homes in the next five years, industry experts are calling for stricter planning regulations, enhanced ground building surveys and greater awareness of the risks associated with building on unstable land.

As subsidence claims rise, ensuring new developments are resilient to climate change and soil movement is becoming an urgent priority for builders, buyers and policymakers alike.

If you want to be the owner of a home, auctions can be an attractive alternative to the conventional housebuying process. But there’s plenty you need to know when buying a house at auction because the steps to ownership are somewhat different.

Unlike buying a house in the usual way, buy at auction and you’re committed to the purchase if yours is the winning bid. But while its speed is appealing, becoming a homeowner this way means you need to be completely prepared before the auction and on the day.

Understanding the process and what you need to do is vital, and this guide has the details you need to be ready to bid at a traditional auction. Note that you can also buy via the modern method of auction, but this works in a different way.

Why you need to prepare to buy a house at auction

Buy a home in the conventional way and you’ll be some way into the purchase before you exchange contracts and pay a deposit. Buy at auction and you’ll have to do these things on the day of the sale, and then complete 28 days later.

The speed of the auction process avoids the uncertainty that homebuying brings before exchange of contracts, but it means it’s essential to be ready to commit to an auction purchase and have payment ready.

As well as getting your finances in order, you must understand the legal implications of the purchase, and have assured yourself about the structure of the property. Below are the details on what to do.

1. Auction sites aren't the only place to find properties

There are different ways to find houses for sale by auction. The first is via property portals such as Rightmove or Zoopla as well as Homebuilding & Renovating's sister site Plotfinder.net, which have auction filters.

Search via auction houses in the area where you want to buy as well as looking on the property portals. Find these via sites such as Essential Information Group or UK Auction List.

Check the auctioneer’s site for information on registering for bidding, and the information you will need to provide.

2. Organise finance ahead of time

Preparation is essential when it comes to financing a home bought at auction.

"An auction purchase is different from a standard purchase due to the time constraints as you typically only have four weeks to complete," says Amadeus Wilson, head of short-term finance at mortgage broker SPF Private Clients. "This is often not enough time to arrange a traditional mortgage if you haven’t already started the process so if you need to borrow to cover the balance of the funds, you will need to consider another option.

"It is worth getting an agreement in principle before the auction, which will normally be subject to valuation, legals and standard due diligence," he continues. "Often properties being purchased at auction do not meet mortgage lenders’ criteria as they are uninhabitable and may not have a working kitchen and/or bathroom for example. In this scenario, you may need to use a bridging loan to complete on the purchase, complete the required refurbishment works, and then refinance onto a mortgage.

"The 20-working day turnaround is restrictive for mortgage lenders and they aren’t always able to meet these time frames, unless you have started an application and ideally have a mortgage offer," he says. "Where mortgage lenders are unable to complete within the time frames, bridging finance can be used for speed. You will then be able to refinance as soon as you have completed on the purchase.

"A bridging loan should be arranged via an experienced mortgage broker who understands the market and process involved with buying at auction," he explains.

Pay attention to the details in the legal pack (see below). "Watch out for any clauses which could create a problem with getting a loan on the property or selling it in future," says Amadeus. Your solicitor’s review of the legal pack should confirm there is nothing which would prevent a lender from registering their charge against the title, he says. "If the solicitor flags any issues, it may be possible for your broker to resolve these with the lender ahead of the auction with sufficient preparation time" he notes.

3. You can still view property

You should arrange viewings for properties in which you are interested, and you can do so via the auctioneers. Unless you have expertise, it is advisable to take someone with you who can assess the amount a property might need to have spent on it so you can tailor your bid appropriately. A builder, architect or surveyor can help, but bear in mind the cost of their time.

4. Getting a survey is possible too

Getting a survey done on a property you plan to bid on at auction is a step you shouldn’t miss.

While you will have spent money if you subsequently decide not to bid or, in the event that you do and are unsuccessful, this is a relatively small outlay compared to buying a property with serious issues. The results should help inform your maximum bid.

5. Examining the legal pack is essential

Auctioneers provide what’s called a legal pack for properties and it’s crucial to examine the pack of a property on which you propose to bid. However, it is highly recommended that you employ a conveyancing professional to review it, too.

"Properties being sold at auction often have more complex legal issues," says Natalie Skinner, partner and head of the residential property team at Gullands Solicitors, "so a solicitor will check: title and ownership of the property or land, the results of any searches provided with the legal pack, the position with regards to any required planning permission or building regulation consent, positive and restrictive covenants, supply of services, easements, wayleave and third-party agreements including rights of way and tenancy checks if the property is being let. They will also carry out all the usual conveyancing checks.

"Having a full understanding of the legal issues and how they can be overcome is important as it could prevent you from using the property or land in the way you hoped to and cost you a significant amount of money to put right," she adds. "It could also mean the property is worth less than what you would have been prepared to bid for it."

6. Be realistic with your budget

It’s important to think about what you are prepared to pay once you have viewed the property, had a survey and your conveyancing professional has reported back to you.

Auction properties have a guide price, but you should also look at sold prices in the area and consider what your maximum bid would be. "The guide is often within 10 per cent or so of the value, but at an auction, anything can happen – it just takes two bidders to push the price sky-high," says property professional Jonathan Rolande.

It’s important to note that the reserve price is not the same as the guide price. If the bidding doesn’t reach the reserve (known by the seller and auctioneer) the property isn’t sold at the auction, but it may still be sold afterwards.

7. Don't get carried away when putting a bid in

It’s worth attending auctions at which you’re not going to bid to see the process in action beforehand. On the day you intend to bid, be sure about the maximum you are prepared to spend.

"Don't get carried away – be prepared to walk away even if you have spent money and time on the property – another usually comes along. It’s better than over-bidding," says Jonathan Rolande.

8. You need to pay quickly if you make the winning bid

Rapid action is required if yours is the winning bid. "On purchasing the property on the day of the auction you are automatically required to pay a 10 per cent deposit based on the sale price, entering into a legally binding contract with the vendor," says Amadeus Wilson. "The balance of the funds are then due within 20 working days.

"If you are unable to complete by the auction deadline, your 10 per cent deposit is at risk so it’s very important to seek advice before the auction," he cautions.

Don’t forget that stamp duty can still be due, depending on the price of the house. That you have bought at auction makes no difference to liability. Typically, your conveyancing professional will make the payment to HMRC, but always budget for these additional house buying costs.

"And don’t forget the fees, there is usually a buyer's premium to pay so yet another reason to check the small print," says Jonathan Rolande.

Remember that once you’ve exchanged contracts you are responsible for the house, so get buildings insurance right away.

Buying at auction has plenty of plus points including the speed with which a property will be yours, but you do need to accept that if you don’t win you will have spent money on a survey and legal work. But don’t give up hope if a property doesn’t meet its reserve price on the day as you may get the chance to put in another bid afterwards.

Homebuying has many stages you need to go through between making the decision to purchase and holding the keys in your hand, so it’s probably no surprise to hear that it takes time. But what can make the process a little less daunting is understanding how long this might be.

Individual factors matter when you’re buying a house so it’s true that every case will vary. However, typically you might expect the process to be anything from around three to six months if you’re buying with a mortgage, and quicker for a buyer with cash.

Here, we examine how long the stages of the process can take in the current market, including organising a survey, conveyancing, and getting a mortgage, so you can go into housebuying prepared for its duration.

Finding a property

How long this part of the housebuying process takes can be anything from a week or so to many months. It will be influenced by factors outside your control such as availability of the type of home you want and can afford, as well as how much time you have available to look online but also to talk to local estate agents and even leaflet a particular area or knock on doors to find out if local homes might be coming up for sale, as well as actually view homes.

Once you have found a home and put in an offer, having it accepted might happen in a single day but if there’s back and forth between you and the seller, or bids have been invited for a popular property, the time frame could be longer.

Conveyancing

Conveyancing takes a number of weeks. “Right now, the conveyancing process typically takes between eight and 12 weeks, but it’s not unusual for it to stretch beyond 16 weeks, depending on various factors,” explains property expert Andrew Boast, founder of SAM Conveyancing.

“The speed of a transaction largely depends on the complexity of the purchase, whether there’s a chain involved, and how efficiently different parties – solicitors, lenders, local authorities – work together. A straightforward, chain-free purchase, particularly for cash buyers, can be completed in as little as six weeks if everything moves smoothly. However, most transactions involve mortgage approvals, property searches, and legal enquiries, which all add time. Add in a long chain and delays in just one part of the process can hold up everyone involved.

“If structural works have been carried out on the property, your solicitor will flag if necessary building regulations certificates are missing. This can delay the conveyancing process by weeks as an intrusive survey may be required to ascertain whether the work was compliant; retrospective regularisation can take weeks; the seller may be unwilling to notify the local authority of unauthorised works, and negotiations may be required to adjust the purchase price accordingly.

“Leasehold properties also tend to take longer due to the additional legal checks required. One of the biggest causes of delays during the conveyancing process is obtaining the leasehold management pack, which provides key details about service charges, ground rent, and building maintenance. It can take anywhere from three to seven weeks for a seller to receive this from their managing agent, and if there are issues or missing information, it can delay things further.”

Where you’re buying can influence how long conveyancing takes. “Searches are one of the biggest variables in the conveyancing process, with turnaround times varying significantly across the country,” says Andrew. “On average, they take two to four weeks, but in some areas where local councils are under pressure, it can take as long as six to eight weeks to get results.”

Applying for a mortgage

If you need a mortgage to buy a house, it’s important to get an agreement in principle before you start searching. However, even with this, the process of getting a mortgage on your chosen home takes some time.

“From keying the application (post-agreement in principle) the initial assessment is taking between one and three days,” says Mark Harris, chief executive of mortgage broker SPF Private Clients. “After that, the time to offer is seven to 12 days.

“It can be possible, subject to certain variables (borrowing less than £1 million, a low loan-to-value, existing property data allowing for AVM (automated valuation model), employed rather than self-employed, for example) for offers to be ready within 72 hours,” he says.

“Unfortunately, to have those ducks lined up in a row is rare. The case may be more complicated with additional queries asked and documentation requested. Every time this happens, several days could easily be added to the timeline.

“Finally, you should allow approximately one week from exchange to completion for final lender checks, requesting of funds etc although exchange and completion can happen on the same day.”

Getting a mortgage valuation

A mortgage valuation is carried out for the lender’s benefit. It assesses whether the property offers sufficient security for its loan. Generally, this doesn’t take long.

“Most mortgage valuations are completed within one to two weeks after the lender instructs the surveyor, but this depends on demand and the type of property being purchased,” says Andrew Boast.

“For example, in high demand areas, it can take longer to secure a surveyor appointment, particularly if a physical inspection is required. Nowadays, lenders increasingly use automated or desktop valuations, which rely on data rather than an in-person visit. The benefit of these is that they can be processed in just a few days, speeding up the mortgage approval process. However, if a property is unusual, of high value, or has undergone significant modifications, a full physical valuation is often needed, which takes longer.”

Getting a survey

Buying a house without a survey isn’t a good idea, according to property experts, because it provides you with crucial information about the property’s condition. Its arrangement, the survey itself, the writing of the report and your receiving it might take around two to four weeks altogether.

“You can book the survey in as soon as your offer is accepted to get ahead on the process,” says Andrew Boast.

Arranging home insurance

Buildings insurance should be in place from exchange of contracts as you will then be responsible for the property. You should compare quotes and be sure to have the rebuild cost from the survey to hand.

This part of the process shouldn’t take long. Think a little while spent on comparison sites rather than anything lengthy.

Exchange to completion

The time between exchange and completion is typically one to four weeks although it can be shorter or longer. The period has to be agreed by all the parties in a chain, and may need to accommodate circumstances such as someone in the chain giving notice on a rented property.

When you’re buying a house a number of the stages will be running concurrently but, despite this, from start to finish, the process can be a lengthy one. Playing your own part efficiently can help whether it’s form filling, arranging a survey, or getting buildings insurance.

A mortgage price war has erupted among major UK lenders, with Santander, Barclays, and Nationwide all launching deals below 4% for the first time since November.

The rate cuts come as the Bank of England’s recent decision to lower the base rate to 4.5% fuels competition among lenders as more people look to secure cheaper mortgages when buying a house.

However, experts caution that global economic uncertainty and upcoming inflation data could influence how long these deals will remain available.

Sub 4% mortgage rates return

Santander has led the charge, cutting rates to 3.99% for both two-year and five-year fixed mortgages. Barclays and Nationwide have followed suit, offering competitive deals in a bid to attract homebuyers and those remortgaging.

The return of these lower mortgage rates is largely driven by the Bank of England’s recent 0.5 percentage point cut to the base rate, which now stands at 4.5%. This move has encouraged lenders to pass savings on to borrowers, with swap rates - a key indicator of future mortgage pricing - also falling.

These reductions come as good news for borrowers, especially as the average two-year fixed mortgage rate currently sits at 5.48%, with five-year fixes averaging 5.29%, according to Moneyfacts data.

Spring surge in mortgage demand

The rate war coincides with growing signs of renewed momentum in the housing market. According to Rightmove, the number of people applying for a mortgage in principle hit a record high in January 2025, marking a 49% increase compared to the same period last year.

Rightmove’s Colleen Babcock highlighted that the return of lower mortgage rates, combined with buyers rushing to beat the stamp duty deadline, has driven market activity.

“For those in higher-priced areas of England like London, the additional stamp duty charges can be significant and difficult to afford when already stretched to the max,” Babcock said. “The lengthy and frustrating completion process means that the average mover has had to have one eye on the clock since November to ensure that they complete before the stamp duty deadline. Beyond the deadline, agents report that underlying market activity remains positive, and that they don’t expect a major drop-off in activity from April.”

Should borrowers lock in now?

Mortgage brokers are urging borrowers to move quickly before rates rise again.

“We’ve now had the first Bank Rate cut of the year, and current forecasts suggest there are still two or potentially three more cuts to come, which could see us closing out the year with a Base Rate of 4% or lower,” said a mortgage expert from Trinity Financial.

“The response from the market has been positive, and mortgage rates have trickled downwards since the announcement. We hope this is the beginning of a sustained period of rates slowly heading downwards, and while we’re unlikely to see major falls across the board, we’ve already seen the first sub-4% rates of 2025.”

However, with global economic uncertainty and potential shifts in inflation and earnings data, there is no guarantee these deals and we could see a return to mortgage rate increases in the near future meaning now could be the best time to buy a house.

As the UK moves towards green energy, pylons carrying overhead electrical cables are a hot topic, with the government planning thousands of miles of new roll-out by 2030 to connect wind farms and renewable energy power stations to the National Grid.

As well as the visual impact, especially on rural landscapes, pylons have long raised concerns regarding the effects of their electromagnetic fields (EMFs) on health and noise pollution.

In the late 1920s, when the national electrical grid was first developed in Britain, economist John Maynard Keynes and poet Rudyard Kipling reportedly wrote to the Times newspaper, describing the impact of pylons on the Sussex downs as “the permanent disfigurement of a familiar feature of the English landscape”.

We’ve learned to live with them over the years, but if you’re looking at buying a house near a pylon, or worried about the prospect of future pylons, it pays to understand what you’re dealing with.

Weighing up whether to buy a house near a pylon

Around four million homes in the UK are located close to power lines or pylons.

According to estimates from the National Grid, approximately 46,000 UK homes lie within 100m of pylons. This figure increases to 600,000 homes (2.7 per cent of all homes) within 500m, and up to 3.1m homes at 1.2km (0.74m) from a pylon.

The National Grid currently has 22,000 pylons and 4,500 miles of cable across England and Wales. With Scotland and Northern Ireland also included, there are 600,000 miles of cable and 90,000 pylons across the UK.

You must be honest with yourself, says Toby Leek, president of NAEA Propertymark, the professional body for the property sector. “You need to be comfortable and confident in your purchase’s proximity to a pylon. This should involve doing your own research concerning living near pylons and perhaps commissioning a specialist electromagnetic fields (EMF) survey.”

Estate agents are legally obliged to make you aware of all key aspects of a property, including the proximity of any pylons. If they fail in this, they could break the Consumer Protection from Unfair Trading Regulations 2008. “All buyers deserve to know if a pylon might be outside and be able to make a call for themselves if they are happy to proceed on the property,” Toby adds.

The science behind health fears

Pylons generate EMFs due to the high-voltage power lines they carry.

“While EMFs are non-ionizing radiation, less harmful than ionizing types such as X-rays, there have been concerns about potential links to health issues,” says Atanas Petkov director of EMF Inspections, a company that conducts EMF surveys. “The primary fear is that prolonged exposure to high magnetic fields could increase the risk of health problems, including cancer.”

A number of studies over the years have linked EMFs emitted from high voltage cables to various health conditions such as childhood leukaemia (Wertheimer and Leeper, 1979; Feychting and Alhbom, 1993), various forms of adult cancers (Feychting and Ahlbom, 1994; Elliott et al., 2013), suicide and depression (Baris and Armstrong, 1990), heart disease (Sorahan and Nichols, 2004) and neurodegenerative disorders (Sobel et al., 1995; Savitz et al., 1998).

However, the evidence on health effects is inconclusive and often contradictory.

Types of pylons

Pylons vary based on their function, Atanas Petkov explains:

Transmission Pylons: Carry high-voltage electricity over long distances, often between 50-400 kV. They are taller (up to 50m) and spaced further apart (200-400m).

Distribution Pylons: Operate at lower voltages (11-33 kV), are shorter (around 10-15m), and are closer together (50-100m).

There are number of different designs of pylons; this is because of varying geographic and technical needs.

Despite concerns over living close to pylons, there are no mandatory restrictions on how close a home can be to one. The case is the same for underground cables or electricity substations.

However, developers are encouraged to consider EMF exposure when planning new housing. The UK follows guidelines set by the International Commission on Non-Ionizing Radiation Protection (ICNIRP), a non-profit organisation that aims to protect people and the environment against adverse effects of non-ionizing radiation (NIR).

Pros of buying a house near a pylon

“You may well find you get more house for your money, in relation to other areas close by,” says Toby Leek. “This is because people will be deterred by the possibility of living near a pylon and the demand for such properties is potentially lower.”

Many properties near pylons can have stunning views, Toby adds, as pylons tend to be built on high ground in the countryside, to ensure that they can transmit electricity over long distances.

Pylons are often found in remote areas with few other properties around. So you may have plenty of space to yourself, with no need to worry about neighbours.

Cons of buying a house near a pylon

The health concerns. People who live near pylons may find themselves affected by health issues caused by EMF exposure, Toby Leek points out: “However, further long-term research is needed to fully understand potential longer term affects.”

Other cons include:

1. Mortgage companies may be less willing to lend on a property close to a pylon, or want to do their own due diligence, says Toby. This could be a problem when you come to sell. You may end up only being able to sell to someone buying a house with cash only.

2. Insurers may charge a premium for being close to a pylon, in case of high winds/extreme weather, although experts argue the potential for danger from damaged structure/lines is minimal.

3. If you are close enough to a pylon, you might also hear a hum from the high voltage lines. This could also make any future sale more of a challenge.

4. Pylons are not the most attractive structures; many people find them unsightly, again making a future sale challenging.

Pylons and property values

A pioneering study for the London School of Economics (LSE) published by academics Steve Gibbons and Cheng Keat Tang in September 2023, looked for the first time at the potential effect of pylons on house prices.

The study, ‘Are friends electric? Valuing the social costs of power lines using house prices’, found that the proximity of pylons within 1.2km (0.74 miles) of a property reduces its value by an average of 3.6 per cent. With the UK’s average house price of £293,000 (August 2024), that would mean a reduction of £10,548.

However, properties within 300 metres of new pylons sell for 10 per cent less, on average, than those more than 1.5km (0.93 miles) away, the study found, so that would mean a reduction of around £29,300.

Factors influencing property values near pylons

It depends what else is around, says Toby Leek. If the property is also close to a motorway, industry and mobile phone masts, the addition of a pylon will add to the other devaluing factors.

However, if the property is close to a pylon, but also near transport links, attractive facilities and shops, green space and good schools, its presence will be less of an issue.

With the UK-wide housing shortage, Toby thinks buyers will continue to consider properties close to pylons, especially as both pylons and new homes are set to proliferate in coming years: “Though electricity pylons might be classed as potentially unsightly, any associated issues might become less of a problem when people are keen to complete a purchase on a property that ticks all their desired requirements.”

Does being able to see pylons make a difference to house prices?

Probably, yes. “The value of a property may inevitably be considerably different if a pylon is at the end of the garden or behind trees, rather than directly in view or immediately next to your door where you can potentially hear it, especially in wet weather,” says Toby Leek.

“The sight of pylons can be classed as unattractive and undesirable by some and may pose potential health issues,” says Toby. “Although more long-term research is needed on this front to fully prove and understand any long-term effects they may cause.”

There are no quick fixes with pylon screening attempts, such as planting large trees, which will take years to grow.

Pylons and safety laws

The minimum safety distance

There are no legal limits on how close a property can be to power lines. Official policy recommends only that properties are located no less than 50 metres from power lines, substations and other energy structures. But this is a guideline, not a direct prohibition. There is no law that defines when a property is considered to be ‘near’ pylons.

What an EMF survey will involve

What is an EMF survey?

When considering purchasing a home near a pylon, it is crucial to assess potential EMF exposure. The way to do this is by conduct a professional EMF survey.

This will measure the levels of EMFs within the property and its surroundings. EMF levels decrease significantly with distance from pylons, so such an assessment will help determine whether exposure is within safe limits as per UK guidelines.

During an EMF survey, an entire property is assessed, Atanas Petkov explains, as EMF levels can vary significantly across different rooms. Measurements are taken in each room to provide a comprehensive analysis of exposure levels.

An EMF survey typically lasts 30 to 60 minutes, depending on the property's size and the complexity of its EMF environment. “During the process, the measured levels are explained, and any questions about EMF exposure are addressed,” Atanas says.

Following the survey, a detailed report is prepared, summarising key findings, comparing measurements to UK guidelines and offering tailored recommendations for reducing EMF exposure. This report, which typically takes one to two days to complete, helps to assess potential risks and suggests practical mitigation strategies.

According to the government’s UK Health Security Agency, homes near to large power lines tend to have higher than average magnetic fields because the lines carry large electric currents and magnetic fields are not easily shielded. However, the government says fields produced by power lines do not reach indoors, because buildings screen electric fields very effectively.

For homeowners, UKHSA (UK Health Security Agency) considers only no-cost or low-cost measures to reduce exposure to be justified. For example, for homes very close – within a few metres – of large power lines, UKHSA suggests locating bedrooms and living areas further away from the power line.

How much does an EMF survey cost?

EMF Inspections, for example, charges £149 for a Low Frequency EMF Survey on a standard two, three and four bedroom house in the London area within M25, which will measure levels of EMF exposure in a residential property.

FAQs

Do pylons really make noise?

Power lines do generate noise pollution. This comes in two main forms; corona noise (crackle or hum) emitted when air around electric cables is ionised, particularly on wet days, and aeolian noise. Aeolian noise is generated from vibrations when strong winds blow against the cables and pylons. “The bigger the transmission lines, the greater the noise from both sources,” Atanas Petkov says.

Are pylons dangerous in high winds?

Strong winds and natural disasters can topple power lines, causing fire to break out. However, this risk is negligible in the UK due to safety cut-out features, the LSE report points out.

Do I get money for living near a pylon?

In November 2023, it was reported that the Conservative government was considering offering households living close to new pylons and electricity substations up to £1,000 a year off their energy bills for a decade. This was to persuade homeowners to support new roll-outs to the National Grid to enable more power for electric car charging points.

A statement from DESNZ (the Department for Energy, Security and Net Zero) issued in December 2024, on behalf of the Labour government says: “It is important we take people with us and are considering ways to ensure communities who live near new clean energy infrastructure can see the benefits of this, and we will provide an update in due course.”

There have been cases of homeowners awarded compensation, under the Electricity Act 1989, for high voltage electricity power lines crossing their actual land. Always seek legal advice on such matters.

Some homeowners – and landowners – may also receive an annual cash payment from what’s known as a ‘wayleave’ an agreement allowing the electricity company onto land to install and maintain pylons and equipment.

What is the lifespan of a pylon?

The average lifespan of a pylon is approximately 50 to 80 years, depending on environmental conditions and maintenance, says Atanas Petkov.

Can living near power lines cause headaches?

While some individuals report headaches and other symptoms attributed to EMFs, a number of studies over the years have not established a direct causal link. There could be an alternative explanation, Atanas Petkov says: “Symptoms may be related to ‘electrohypersensitivity’, a condition where people feel they are sensitive to EMFs, though no physiological mechanism has been confirmed.”

Whether you’re already living near, thinking about buying a home close to a pylon, or are anxious that pylons will be built nearby in future, there are important considerations to bear in mind. So make sure you are aware of the potential risks – and rewards.

The same applies if you are looking at a building plot and figuring out how to assess its potential. Be sure to find out if there are any future plans for pylons or other utility works nearby before you agree to purchasing.

A game-changing High Court ruling has shaken up the property market, altering the long-standing "buyer beware" rule and setting new expectations for sellers.

In the case of Iya Patarkatsishvili and Dr Yevhen Hunyak versus property developer William Woodward-Fisher, the court ruled that sellers must provide complete and truthful information about known defects.

This case, involving a £32.5 million mansion plagued by a severe moth infestation, underscores the growing legal responsibility for sellers.

For those buying a house, it’s now more important than ever to ensure that sellers fully disclose any issues, as the courts are placing greater emphasis on transparency and honesty in property transactions.

The case that changed the rules

Patarkatsishvili and Hunyak purchased Horbury Villa, a £32.5 million Victorian mansion in Notting Hill, only to discover soon after moving in that a severe moth infestation plagued it.

Despite multiple visits to the property before purchase, the couple argued that the infestation was not disclosed properly. The High Court ruled in their favour, ordering the developer to refund the purchase price (minus £6 million for use of the property) and to pay an additional £4 million in damages, including £3.7 million for stamp duty and £15,000 for ruined clothing and even ruined antique bottles of wine.

The ruling hinged on Woodward-Fisher’s failure to provide honest responses to pre-contract enquiries. While he acknowledged some moth issues, he failed to disclose the full extent of the problem, despite having received pest control reports warning of a serious infestation requiring major insulation removal.

In his ruling, Judge Justice Fancourt stated: “The Defendant did not honestly believe the truth of his replies.”

He further explained that Woodward-Fisher had received reports about the infestation and knew “there was or may have been a serious infestation of moths requiring removal of all the natural insulation in the house.”

Caveat emptor no more?

The doctrine of caveat emptor traditionally places the burden of due diligence on the buyer. However, this case demonstrates that sellers cannot simply rely on “buyer beware” when responding to pre-sale enquiries.

The judgment reinforces that sellers must provide truthful and complete information in Property Information Forms (TA6) - especially when defects are known and documented.

This ruling aligns with a growing trend in property law, where courts are increasingly holding sellers accountable for misrepresentations.

Although sellers are not yet legally required to volunteer information about all defects, they can no longer provide misleading or incomplete responses without facing serious financial repercussions.

Legal and industry implications

For real estate developers and sellers, this case raises critical questions about disclosure obligations:

• Increased transparency: Sellers may need to adopt a more cautious approach when answering pre-contract enquiries, ensuring they do not omit material defects.
• Due diligence responsibilities: While buyers must still conduct thorough inspections, they now have stronger legal grounds to challenge misleading or incomplete disclosures.
• Potential regulatory changes: This ruling may prompt legal reforms aimed at tightening disclosure laws in high-value property transactions.

Tara Jones, Property Litigation Solicitor at Lester Aldridge, stated: "Buyers and sellers beware! The case highlights the importance of transparency in property transactions and serves as a cautionary tale for sellers regarding the potential consequences of failing to disclose known issues and the importance of completing the property information form to the best of your knowledge."

She also claimed buyers may become more confident in challenging misleading seller representations, potentially leading to an increase in litigation over property defects in the future.

What’s next for UK property law?

While this case focused on a luxury home, the principles established could trickle down to the broader property market.

If courts continue to prioritise seller honesty over buyer responsibility, the UK could see legislative reforms requiring more stringent disclosure rules. In countries like the United States, sellers are already required to provide detailed property condition reports - could the UK be heading in the same direction?

For now, property sellers should take note: failing to disclose known defects is no longer a risk-free strategy. As this case shows, the financial consequences can be severe, and the legal landscape is shifting from “buyer beware” to “seller beware.”

Mortgage rates in the UK are trending downward, with two-year fixed rate deals now approaching 3.5%, the lowest levels seen in several years.

Falling inflation and declining interest rates have created stability in the housing market, giving homeowners and buyers more confidence in their decisions.

Whether you are buying your first home or looking for a self-build mortgage or renovation mortgage, now is a time to pay attention to how rates are moving.

How mortgage rates are going down

At the start of 2026, major high street banks have reduced mortgage rates:

• Barclays offers a two-year fixed mortgage at 3.57% with an £899 product fee for buyers with a 40% deposit, and 3.78% for remortgagers with 25% equity (£999 fee).
• HSBC matches the 3.78% two-year fix for remortgagers, with a £1,008 fee.
• Halifax has reduced rates by up to 0.16 percentage points for homebuyers.

These reductions reflect active competition between lenders and a market environment favourable to borrowers.

What experts predict for 2026

Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, highlights the market outlook: "The economy in 2025 ended up being tougher than many predicted. With inflation easing and interest rates declining, homeowners now have some breathing room. This stability makes a big difference when it comes to decision-making."

On what 2026 might hold for interest rates, Geddes says: "We expect interest rates to continue falling, with the Bank of England base rate possibly reaching 3.25%–3.5% during the year. Many historically low fixed-rate deals will expire in 2026, so now is a strong time for homeowners and buyers to seek mortgage advice."

Tim Foreman, Managing Director of Land and New Homes, explains the potential impact on the housing market: "In the last few years, only those who had to move were active. As borrowing costs ease, discretionary buyers will return, chains will lengthen, and stock will turn more quickly. Even a modest reduction in interest rates could create a noticeably stronger market in early 2026."

Supporting buyers and special markets

The fall in mortgage rates, combined with initiatives such as the Mortgage Guarantee Scheme, is providing added support for self-builders and home renovators, helping them access financing at competitive rates.

With rate cuts easing borrowing costs, concerns about mortgage rate rises have lessened, giving buyers more confidence to plan projects or move home.

Stabilising rates, alongside modest changes in house prices and clearer rules on stamp duty, are creating an environment where more people can afford to enter the housing market or upgrade their homes.

What the falling rates mean for buyers and the market

The decline in mortgage rates is creating opportunities for a wider range of buyers. Rachel Geddes points out that lower interest rates and easing inflation give homeowners more stability, making it easier to plan purchases or remortgages.

Tim Foreman notes that falling borrowing costs could encourage buyers who were previously waiting for better conditions to re-enter the market.

This return of discretionary buyers could strengthen property chains, reduce delays, and make the overall housing market feel less fragile. Even small reductions in interest rates early in 2026 could stimulate more activity, supporting a healthier property market.

Early signs indicate mortgage rates are going down in early 2026, with lenders actively competing to offer low fixed-rate deals.

The combination of historically low rates set to expire, falling interest rates, and improving market stability makes this a strong window for buyers and remortgagers to take advantage of competitive pricing and improved affordability.

Buying a house with a private water supply could seem to be a shrewd move – especially if you’re currently in a home with a water meter. But there’s plenty you should know before committing to a home like this to ensure it’s the right buy.

Encountering private water supplies when you’re buying a house happens relatively rarely. In England and Wales just 1 per cent of homes have them; they provide drinking water to 3 per cent of Scotland’s population; and in Northern Ireland less than 1 per cent of water comes from private supplies, says the Chartered Institution of Water and Environmental Management.

However, mostly if you’re searching in a rural, remote location, you might view homes that aren’t on mains water, so it’s vital to know the issues private water brings and we’ve put together this guide to help.

What types of private water supply are there?

Private water supplies can come from a well, borehole, spring, stream, river or lake/loch or other sources such as reservoirs, springs and canals. The supply might be for a single home, but it could be shared between a number of properties.

Taking water is called abstraction and, for England, “the basic rule is all abstraction requires an abstraction licence – unless the amount taken is less 20 cubic metres a day,” says Tristan Ward, partner, Broadfield. You can find more details via the Environment Agency as well as links to the rules for other UK nations.

“Anyone considering using a private water supply must ensure they have the legal authority to take the water they will need,” he adds. “If there is an abstraction licence, buyers should ensure it remains valid, review the conditions and ensure the licence is transferred to them at completion.”

Be mindful that as well as private water supplies there are private suppliers. “Some rural properties take water from private suppliers – often a historic estate,” Tristan continues. “As well as asking questions about quality and quantity of water, buyers should check there are enforceable rights to use the water supply system, and appropriate obligations on the supplier to maintain the system. Many of these systems are very old and pipes leak: cost of maintenance – even when shared between all users – can be very significant. Sometimes the user will be obliged to pay for water in line with the costs of water of the statutory authority – where ancient pipes leak this can turn out to be very expensive.

“It is common for deeds dealing with the rights to take water from an estate supply system to provide that the supplier does not guarantee either the quality or the sufficiency of the supply,” he continues. “However, the Water Industry Act 1991 gives the local authority power to require the supplier to ensure a wholesome and sufficient supply of water to a domestic property. It is worth buyers checking whether the local authority is aware of the system. If it is not, the supplier might in the future be required to install costly equipment guarding against the risk of contamination – the cost of which may be passed on to users.”

For a private water supply whether the source and pipes are on the land you are buying or someone else’s is crucial for a buyer. If it’s the latter, you will need to ensure you are legally able to gain access for maintenance, inspection and repair. This should also be discussed with your conveyancer.

What maintenance does a private water supply require?

The water from a private water supply has to be treated so that it’s safe. Disinfection treatment kills harmful bacteria, and it may need filters to take dirt and solids from the water. It can also need pH correction treatment.

A private water supply other than that for a single house may need regular risk assessment and testing by the local authority. Exactly which supplies need this depends on which country of the UK the house is located in. However, whether or not a supply is subject to risk assessment and testing, regular testing is recommended to ensure it remains safe to drink.

If you were to buy a home with private water, you should also be prepared for the maintenance of water treatments, which can involve tasks such as cleaning UV filters and replacing bulbs, and replacing filters.

You will also need to ensure the water tank is protected from contamination and that pipes are protected.

Can you get a mortgage on a home with a private water supply?

Getting a mortgage on a home with a private water supply can be less straightforward than for one with mains water.

“It should be possible to get a mortgage on a home with a private water supply as long as certain conditions are met but it may take longer as such applications can be considered on a case-by-case basis,” says Mark Harris, chief executive of mortgage broker SPF Private Clients. “Much will come down to the surveyor and solicitor comments when the buyer has their mortgage valuation and survey done.

“As long as the valuer and solicitor are happy, lenders appear to be OK with this, although a smaller pool will be prepared to lend than if the water was mains supplied. The solicitor must confirm that the water quality is fine, regularly tested and is comfortable with maintenance of the supply – who is responsible for what, the cost and term of the agreement. If not, the lender may place a retention until this is confirmed to its satisfaction.

“It is very important to have a good solicitor who can handle the enquiries and ideally has some experience of dealing with such a situation before,” he adds.

What should you ask the seller of a home with a private water supply?

It’s a good idea to question the seller of a home with a private water supply or the estate agent when you’re viewing so you have a better idea of its implications were you to make an offer on the property.

Find out if the supply has had local authority risk assessment (see above), when this took place, whether improvement works were required and whether these have been completed, if so. It’s also worth finding out about the results of testing by the local authority and whether these showed any water quality problem. Note that the Drinking Water Inspectorate recommends that a potential buyer should request a risk assessment and testing by the local authority.

Ask, too, about any water treatment at the house and for evidence the system was fitted by a competent installer. It’s a good idea to ask for maintenance records. You should also find out if there have been problems with water quality or with the quantity of the water.

If it’s a shared supply, find out how any necessary maintenance and repairs are arranged and how costs are divided.

A water borehole usually needs a pump so if the water comes from one of these, find out about arrangements for any power cuts. There may be an accumulator that stores pressurised water.

Do you need an additional survey of a home with a private water supply?

If you decide to buy a home with a private water supply make sure you are well informed. “It would make sense to commission a specialist additional survey if you are buying a property with a private water supply so you are aware of all the facts,” says Michael Zucker, surveyor at Jeremy Leaf & Co.

Depending on where you live in the UK, you might avoid receiving a bill if you buy a home with a private water supply. However, even when this is the case, you may well be responsible for other tasks and costs and it’s vital to be aware of these before committing to the home.

Spring is typically the busiest period in the property market and it’s easy to assume that this means it’s the best time to buy a house. But while purchasing then can be a great idea, other seasons offer advantages for buyers.

The seasons of the year have individual pros and cons for purchasers, and getting your timing right when you’re buying a house requires understanding what these are. Circumstances like the changes to stamp duty thresholds can also matter.

To maximise your buying power and help you end up with the best home at the best price, our guide has all you need to know on when might prove the best months of the year for housebuying.

Buy in spring for maximum choice

If you want the biggest range of properties to choose from, spring going into summer offer the most choice for buyers, as 2024’s evidence shows. “May was the most popular month to list a home for sale on Zoopla, followed by April and March,” says Alex Rose, director of sales. The activity peak extended into summer and it proved “the most popular time of year for house viewings and moves," he says.

This was a typical pattern. “Generally, spring and summer see the largest number of properties on the market, and therefore more choice for buyers,” says Luke Saywell, partner at Nottinghamshire family estate agents Gascoines.

The reason why the season is so popular is that it is generally favourable to the homes on sale. “Spring tends to be the busiest time of year for the housing market as most properties appear at their best,” explains Jeremy Leaf, north London estate agent and a former RICS residential chairman.

Downsides of buying in spring

Although spring is busy in the property market, bear in mind that you might miss out on some properties — and this can mean it isn’t the best time to buy a property to renovate, for example.

“Not all properties have an attractive garden or are blessed with good natural light,” says Jeremy Leaf. “Those which need a fair amount of work or are relatively dark and lack natural light might find those flaws exposed by the additional light and sunshine at that time of year, so sensible vendors will be putting these properties on the market away from the peak spring market.”

And while you can expect plenty of homes to be for sale, there will be plenty of other potential buyers, too. “You could find you are competing with many more people for the most desirable properties, which could push up the price,” says Jeremy.

“Other services related to housebuying are also busier, such as conveyancers, valuers, the Land Registry, lenders and removals firms so it can take longer for a transaction to process,” he points out. “You may also end up paying more for services such as removals because there is so much demand.”

Reasons to buy in winter

You might think that winter isn’t a good time to buy a home, but it can bring benefits.

“Estate agents usually advise vendors that December is not the best time to start marketing their property because buyers have other issues on their minds,” says Jeremy Leaf.

“But if you are house hunting in the run-up to Christmas, you will find that the celebrations are a good focal point for concentrating minds to secure an exchange or completion before the big day and can add urgency to the decision-making process on both sides. It may therefore be the right time for you to buy if you are keen to agree a deal and move quickly.”

What’s more, it can give you an opportunity to appreciate aspects of a home you wouldn’t at other times. “During colder weather, you can immediately assess how well the house retains heat and the efficiency of its heating system,” says Luke Saywell. “It’s also a good opportunity to check for issues like drafts, condensation, damp patches, or leaks that might be hidden in other seasons.

“Additionally, winter provides insight into how much natural light the property receives during shorter days and whether outdoor spaces are prone to waterlogging,” he says.

Other good times of the year to buy a house

It’s not just spring and winter that can prove optimal for housebuying.

“Other times of year can be a good time to buy, such as around Valentine’s Day, where couples make decisions and early September with buyers and sellers making additional resolutions which they try to realise before Christmas or the end of the year after returning from holidays, particularly if children are involved,” says Jeremy Leaf.

Timing housebuying to save on stamp duty

There’s a deadline that influences the best time to buy a house in 2025, and that’s because of the changes to stamp duty thresholds.

Stamp duty land tax (SDLT) is payable on house purchases over a certain price in England and Northern Ireland. It’s paid on increasing portions of the price and first-time buyers are able to claim a discount called a relief. In 2022 the government temporarily increased the thresholds at which the different SDLT rates apply, but this ends on 31 March 2025, so that house purchases completed after that are subject to lower thresholds.

This has left little time for buyers to save money and it’s important to realise that a buyer has no influence on how long some of the parts of the housebuying process take, including the time taken for local authority searches. Analysis of their processing times by Mojo Mortgages shows that searches can take from three to 180 days, creating a postcode lottery when it comes to making the deadline.

While spring can seem the best season for housebuying, it’s worth considering the advantages other times of the year can bring. The benefits of less competition and buyers keen to make a deal can make seasons other than spring favourable. Less pleasant weather and shorter days could be the key to seeing a house at it really is and choosing the best buy.

Buying a house to renovate means seeing past its flaws to its potential. Do so, and it presents an opportunity to create the home you want, or one that’s more energy efficient, or that you can make money on.

However, there are issues additional to those that come up when you’re buying a house that doesn’t need extensive work. A doer-upper requires careful assessment from a financial and practical point of view so you can be sure it’s a viable project for you.

To help you weigh up the issues involved in buying to renovate, we‘ve put together a guide with the details you need.

Where to look for renovation opportunities

If you’re looking for a home to renovate, it can be easier to start off with a specialist site like Plotfinder.net. You can also browse the major property portals like Rightmove or Zoopla. Think about what type and size of property you want to renovate as well as where it should be to narrow down the search. You might find a renovation project through buying a house at auction – but in this case bear the differences in the buying process in mind.

It’s also worth visiting estate agents where you want to buy to let them know what type of project you’re looking for.

Why buy to renovate?

There are a number of reasons why you might buy a house to renovate. First, it allows you to make your own choices among kitchens, bathrooms and more without the concern that comes with a renovated home of not getting your money back if you change things.

Alternatively, if the plot allows, it means you can buy a smaller home and expand it to the size you need. Equally, it’s an opportunity to create a home that’s energy efficient. You might also buy in order to sell at a profit, although this depends on careful management of the project from start to finish.

In many cases, it's the allure of a lower price bracket that draws many purchasers in as you can expect to see substantial differences between the price of a potential renovation and a finished home.

However, that does depend on where you live and if your 'guestimates' as to the cost of the work involved are accurate. Plus, there's the risk of prices falling in the future or you uncovering more work once you start renovations. All of which need to be taken into account and why a contingency budget is essential.

Assessing a house to renovate

There are plenty of advantages to buying a house in need or renovation, but it’s not a project to be taken on lightly. Below are the factors you need to think about.

Price and potential costs for renovation

The price you should pay for a house in need of renovation needs careful calculation.

“Start by researching the area to determine the ceiling price for fully renovated homes on the same road or nearby,” says Robin Edwards, partner at Curetons. “Tools like Rightmove, Zoopla and the Land Registry can provide recent sold prices. It’s also important to understand property trends in the area, such as whether prices are rising, static or declining, and consider factors like upcoming developments or improved transport links.

“Next, evaluate the property’s current asking price by comparing it with recent sales of similar unrenovated properties,” he advises. “Look at how long the property has been on the market, as a longer duration could signal an opportunity to negotiate. Calculate an acceptable offer, ensuring you leave room in your budget for unexpected renovation costs.”

Don’t forget to factor in the hidden costs of buying a house, plus rent if you’ll need to do so while renovating.

“To determine the potential profit, subtract your total costs (the purchase price, renovation cost and fees) from the estimated resale value,” explains Robin. “A professional property developer would typically aim for a profit of at least 20 per cent, as this accounts for the time, risk and effort involved. For example, if the ceiling price is £500,000, and your total costs amount to £90,000, you would aim for a purchase price no higher than £330,000 to ensure an adequate profit.”

Calculating the cost of work

Assessing the likely costs is crucial to your calculations. Be thorough when viewing and don’t forget to count in the big-ticket items that bump up costs such as windows, boiler and radiators and electrics.

While you should get a survey, look for structural issues when you view such as big cracks in the walls inside or outside, gaps around windows or doors, and look and smell for signs of damp.

If in doubt, or you are looking for a big project, it's usually worth taking a builder with you to a second viewing. They will have an expert eye that can spot issues you may not recognise. Plus, they'll be able to give you ballpark figures for fixing the problem.

The searches and reports carried out by your conveyancer can also alert you to other costs. Drainage surveys for example may identify the need to replace an old septic tank, or highlight drainage runs that could be problematic if you're considering building an extension.

Electrics may be substandard adding rewiring into the mix, and if you're considering renovating a listed building or buying in a protected are such as a national park or conservation area, this will add in extra restrictions and potential additional costs for traditional materials.

Other costs to consider, “include professional fees for architects or planning permissions, and account for VAT if applicable,” says Robin Edwards. “It’s wise to set aside an additional 10 to 20 per cent of the renovation budget as a contingency fund for unforeseen costs.”

Feasibility and funding

Calling in pros for quotations as well as getting a survey (see below) will allow you to see if your plans are feasible. However, if you will need a mortgage when buying a house to renovate, note that it might be more complicated than for a property that doesn’t need extensive work.

“Most high-street lenders will only lend on properties that are habitable, which usually means having a kitchen and bathroom,” says Amadeus Wilson, head of short-term finance at mortgage broker SPF Private Clients. “With any kind of renovation project, it is almost always the case that you will require specialist funding, such as a self-build mortgage if you are starting from scratch with a plot or site with a derelict building that you plan to knock down, or bridging finance.

“Some specialist mortgage lenders offer renovation mortgages,” he says. “These mortgages work in a similar way to a self-build mortgage with funds released in stages as the work is done and the property increases in value.

“Bridging finance is another option; this is arranged via a specialist broker and you will need a defined exit strategy to repay the sum borrowed. This may be selling the property once it is renovated or remortgaging onto a standard home loan if you plan to live there yourself, or a buy-to-let if you are going to rent it out.”

DIY vs professionals

DIYing is possible if you have the skills but unless renovating is your occupation then it will have to be fitted in around work, slowing the project down and adding to the cost of renting if you need to do so while the work is carried out.

Otherwise you will need to find a builder with the right experience and skills for the project. A building contract is important and should include a date for completion.

Mistakes people make when buying a house to renovate

There are some common mistakes that come up when people buy a house to renovate, including not getting a survey, and taking on too big a project in financial terms but also duration.

Failing to calculate costs carefully can lead to being unable to complete the project and not having a contingency fund is a common error.

Rushing into the renovation can also be a mistake. If the house is habitable, then living in it for a while will really help you to determine how best you can improve the layout and function to meet your needs. What looks good on paper isn't always the same in reality, so take your time before finalising your renovation plans.

FAQ

Why do I still need a survey if I'm renovating?

It’s prudent to get a survey when you’re buying to renovate despite the fact that the property will undergo work. “Assuming that the building work you’re planning will press the reset button on your home’s current condition is risky,” says Charlotte Whincup, a director of Bloom Building Consultancy. “Even if you intend to replace much of the existing fabric with new materials, it’s important to know exactly what state the property is in before you start.”

The most detailed type of survey is worth the cost, according to Charlotte. “A building survey will flag up any issues that a less detailed inspection might miss, but which could impact both your renovation plans and your financial position,” she says.

Understanding the house renovation costs you might face will help you assess whether you want to buy to renovate, and take a look at these expert tips on how to renovate for profit, so you can avoid investing in a money pit.

EDITOR’S NOTE: An earlier version of this article included a quote from a purported expert whose credentials we have not been able to verify. The quote has been removed. We regret this lapse in our verification process and have updated our internal protocols to reduce the risk of recurrence.

Some people relish the cut and thrust of negotiating the price of a home, others hate it, but it’s an unavoidable part of buying a house.

“Whether you love or loathe it, the delicate dance between buyer and seller is an inescapable part of the property market in England and Wales,” says Phil Spencer, property expert and founder of property advice website Move iQ.

To accurately gauge what a property is worth and how you should offer, you must be honest with yourself about how much you can afford to pay, how far you’re prepared to push this figure, and crucially, knowing when to walk away.

“As a buyer, the only ‘right’ price to pay is what you feel the property is worth,” says Phil.

How to establish 'how much to offer' on a house

When deciding on your first offer, remember the asking price is just that – it’s what the seller, and the estate agent, working for the seller, is asking for.

Before you put in an offer, it’s vital to understand how much you can afford. You can use an online mortgage calculator to do this. However, it’s a good idea to speak to a mortgage lender or broker to get a mortgage agreed in principle. This will give you an accurate picture of what the monthly cost of your mortgage might be. It will also make you a more attractive buyer in the eyes of the seller – you’ll look serious.

Consider the seller’s position. “Put the estate agent on the spot by asking them as many questions as you can about the seller, their reason for selling and how long the property has been on the market,” advises Phil Spencer.

“Quiz them on whether there have been other offers; agents have to tell you if so, albeit not the amount they’ve offered, but how many.”

Also establish if the seller is in a hurry – ask where they are moving to and why. “Knowing these things will tell you just how hard you can push on price,” Phil adds. “And you should always put your offer in writing to avoid any confusion down the line.”

The negative effect of putting in a bid too low or too high

Bidding too low may relay that you aren’t serious. If another buyer comes along, you could lose out. “If you’ve really fallen in love with the house, don’t risk your chances by offering too low below the asking price,” says Toby Leek, president of NAEA Propertymark, a national regulatory membership body for estate agents.

Go in too high, and you’ll almost always end up paying over the odds. “Most properties are tremendously overpriced, due to deliberate overvaluation to win the instruction from estate agents,” warns Gavin Brazg, founder and CEO of TheAdvisory, a consumer advice group for home sellers.

Also, be aware that an over-the-top offer may well be challenged when the mortgage valuation survey is conducted. If you’re buying with a mortgage, this means you may have to go back and offer less if your lender refuses to agree.

Factors to consider when deciding how much to offer

The established rule of thumb when making an offer, is to start by offering 10 per cent below the asking price, but many factors should influence the figure you put forward. These include:

• How much your budget is – Absolutely crucial. Decide what you can afford to pay
• How much work the house needs – It’s tempting to gloss over the cost of any improvements needed but be honest. Ask along tradespeople for quotations if possible
• Any problems the house has – Serious structural problems, such as the need and associated costs for a new roof or underpinning, should be considered. Gavin Brazg's top tip is to find a local RICS (Royal Institution of Chartered Surveyors) surveyor and commission a ‘valuation survey’ on the property before even submitting an offer: “This is the best way to find the ‘evidence-based’ value.”
• Other house or land values in the area – You need to play detective, using property portals or the Land Registry (free to access). “Start by identifying the last three comparable properties to have sold in the area,” advises Gavin. “Find out the asking price of the properties and their actual selling prices. Calculate the average difference between the selling price and asking price and then apply that discount when making your offer.”
• Local factors – “To get a fix on what the specific home you’re interested in is really worth, consider other factors like the school catchment area, the local crime rate, broadband speed,” says Phil Spencer. “All this information should be publicly available, but it takes legwork to find it.”
• Other buyers in the frame – A juggling act. You need to establish – as far as possible – their offer status and how quickly they would be able to proceed to purchase
• Cash purchase or mortgage? – Cash purchases are generally favoured by sellers. Mortgages are subject to strict valuation criteria
• Being in a chain – More than one in four (29 per cent) of house sales fell through between July and September this year because ‘chains’ – when three or more people are involved in a move – collapsed, according to property buying firm Quick Move Now. Chain-free buyers are favoured, but it’s no guarantee a sale will go smoothly.
• First-time buyers – FTBS are in a position of strength because they have nothing to sell, but it’s important to be ready to proceed. Mortgage finance should be in place, and a conveyancing solicitor appointed. Also, it’s important for first-timers not to over-offer to secure that all-important first home

If your offer is rejected, what are the next steps?

If your offer is rejected, explain to the estate agent how you came up with your figure. If it’s low, it could be because the home needs work, or your research reveals a local issue - or you can state with confidence (see above) the property is overpriced compared to similar homes.

How long should you wait before re-opening discussions?

Expert opinions vary. “Don’t wait too long,” says Toby Leek. “If not the same day, then certainly the following day I would suggest getting in touch with the agent again.”

But Phil Spencer likes to play a longer game: “Don’t be afraid to take your time, playing hard to get can work in your favour.”

Even if the seller is keen to sell quickly, his argument goes, you have time on your side and can remain interested without actually changing your bid. If you hold your nerve, you can negotiate without actually negotiating.

Should you make a counter offer?

Tread carefully here. The key point is to ask the estate agent if the seller has received any other offers at all. “If they haven’t, increasing your offer would mean you’re effectively bidding against yourself,” cautions Phil Spencer.

How to respond to counter offers

If the estate agent tells you that other prospective buyers have offered more than you, the seller has the winning hand, and can choose the offer most acceptable to them. It’s not just about the figure on the table, but the prospective buyer’s position; are they a cash buyer, do they have anything to sell, are they in a chain?

You should only ever offer more than the asking price if you know someone else has offered this or above, or if the property really is unsurpassable.

FAQs

Can not having your offer accepted be a good thing?

Yes, because it’s expected. “Unless you’ve offered at or close to the asking price, it’s likely your first offer will be rejected,” says Phil Spencer. “However, a first offer rejection is not necessarily a bad sign – it’s just a stage in the negotiation process.”

The key thing is to ask the estate agent why the seller rejected your initial offer. Any information you can gather will help you calibrate whether and how much to increase your offer.

Rule of thumb if you do decide to up your offer – how far should you go?

As far as you can afford. However, deciding how far is a delicate balancing act between affordability and emotion. To help rationalise, look again at the plus points of the property. Does it have ‘added value’ in comparison to similar properties, such as a kitchen extension? Or does it offer clear potential for a future increase in value? For instance, it could be a renovation property in a popular location. Pushing the boat out now financially could reap rewards should you come to sell.

If things don’t go your way when making an offer on a house, don’t panic. There are always other properties out there, so be ready to walk away if the seller isn’t open to negotiation.

But, if you're really struggling to secure the house of your dreams, why not think about renovating or extending instead? It could be that you already have options you've not yet considered. Why not weigh up the pros and cons of extension or loft conversion to see if either could be a suitable alternative to moving home.

On hearing the term 'best and final offer' you might well feel a little disheartened, as though your chances of being the successful bidder on the property you have fallen in love with have suddenly diminished.

However, when buying a house, there is no reason why this method of submitting offers should stand in the way of you and your dream home.

Our expert-led guide explains everything you need to know about best and final offers, from why sellers might choose to take this route, to how to navigate the process and, ultimately, end up as the successful bidder.

What does best and final offers mean?

In some cases it might be stated from the get-go that a property is being sold in this way, while in other cases you won't discover that sellers are inviting best and final offers until you are viewing a house, or come to put in an offer.

"The decision to move to a 'best and final offer' (or 'sealed bid') scenario is guided by the seller, and occurs when there is significant interest in a property and multiple offers are already on the table,' explains Spencer Lawrence, sales and lettings director at Paramount Properties.

"At the seller's request, their estate agent will ask for interested parties’ offers by a certain date, giving all potential buyers a fair opportunity to consider and submit their best offer."

This a process those renovating a house are likely to be familiar with, as properties in need of modernisation are often in high demand and are commonly sold this way.

"In the property market, 'best and final offers' often come about in competitive scenarios where multiple buyers are interested in a property," adds Liam Gretton, founder of estate agents Liam Gretton. "It's a sales tactic designed to encourage buyers to submit their highest bid while also creating a sense of urgency and finality."

"The seller invites all interested parties to submit their highest bid, along with any conditions, by a set deadline," further explains Robin Edwards, property consultant at Curetons Property Finders. "This approach isn’t purely about the offer price; it also considers factors like the buyer’s flexibility, financial readiness and overall appeal as a purchaser."

Why do sellers choose this route?

As well as familiarising yourself with a house viewing checklist, it can can be useful, before submitting your offer, to understand why a seller or estate agent may choose to invite offers in this way.

"Best and final offers can help a seller decide quickly which offer to accept," explains Spencer Lawrence. "They can easily compare the value of the offers as well as individual buying positions, such as whether they are first-time buyers, have sold their property already, are in a chain, etc. This method is used to tie-up a sale quickly and efficiently, giving both sellers and buyers the opportunity to move forward with a sale price they are happy with."

Liam Gretton has some more words of wisdom here.

"For sellers, this process helps streamline decision-making, ensuring they receive the best deal while considering the buyer's financial position and commitment, however it is also important to highlight that the highest offer may not be the best buyer," points out Liam. "The phrase 'best and final' can put undue pressure on buyers, making the process unnecessarily stressful."

How do you submit your best and final offer?

Once you find out a property you are interested in is being sold in this way, how should you proceed?

"Always submit your offer verbally to the agent first, then back it up in writing," advises Liam Gretton. "Clearly state your offer amount and reiterate your buying position (e.g., first-time buyer, chain-free, and so on.) Provide context for your offer, such as why the property is important to you or how you’ve arrived at your offer.

"Show the agent and seller you’re serious by attaching all necessary documents, including a copy of your mortgage agreement in principle, proof of deposit (e.g. a PDF from your bank statement), ID documents and contact details for your solicitor and mortgage adviser," adds Liam. "This proactive approach not only builds confidence – it also saves the seller and agent time, ultimately making you a more attractive and serious buyer."

How to decide how much your best and final offer is

If you find yourself in this situation it can be really difficult to know what kind of figure to go in with. You also need to bear in mind the costs of buying a house to ensure you can actually afford what you are offering.

"Agents will not disclose information about other offers, so bidders must be guided by their own affordability, what they are comfortable offering and, ultimately, what the home is worth to them," explains Spencer Lawrence.

"The key to navigating this process is shifting the mindset from stress to clarity," advises Liam Gretton. "Buyers should ask themselves: What is my 'no regret' offer? This means deciding on a figure where, if the property sells for just slightly more, they won’t feel regret for not offering higher. It’s about setting a confident limit based on personal value and affordability."

How to be the successful bidder in a best and final offer scenario

Don't let panic take over here – while it might be tempting to lose your head, there are some keys to 'winning' in the case of best and final offers. It's especially important if you are aiming to renovate for profit, as you don't want to go in with too high a bid.

"To increase your chances of success, it is important to go to the maximum price you are comfortable with," begins Spencer Lawrence. "While the money you offer is incredibly important, sellers will also consider how easy it is for you to proceed with the sale. Sellers don't always accept the highest offer, they may instead decide to go with the person in the best position to move forward, so it is vital to get organised ahead of time.

"We recommend making sure your mortgage is agreed in principle and instructing a solicitor as early as possible," continues Spencer. "If you are in a chain, make sure to keep the agent selling your property informed of your plans so they know who to communicate with, and if you are a cash buyer, make sure you have the funds readily available for a fast and smooth purchase."

"Remember, the highest offer doesn’t always win," highlights Liam Gretton. "I recently had a sale where the sellers agreed to an offer £20,000 below the highest. Often, sellers prioritise buyers who are ready to move quickly or have fewer complications. If you’re chain-free, flexible with timelines, or have cash funds, make this clear. It could tip the scales in your favour."

"Sometimes adding a personal touch, like a short, heartfelt letter explaining why you love the property can help establish an emotional connection with the seller," adds Robin Edwards. "However, professionalism and clarity are equally important, so ensure your offer is well-documented, polite and respectful of the seller’s deadline.

"To increase your chances of success, focus on presenting yourself as an organised and reliable buyer," continues Robin. "Ensure your finances are in order, respond quickly to requests or questions, and demonstrate a clear commitment to the purchase. While the process can feel high-pressure, a strategic and well-prepared approach can position you as the most attractive buyer."

FAQs

Can you submit another offer if you are unsuccessful?

If you find that you are not the 'chosen one' and that the seller has decided to go with someone else's offer, what are your options?

You could contact the estate agents and offer a higher price. There is nothing, legally, to stop the seller changing their mind, even after accepting an offer. That said, it pays to keep a cool head here.

"While it’s tempting to allow emotions take over and offer above and beyond, stay grounded," advises Liam Gretton. "That balance between emotional attachment and financial prudence is vital."

What happens if I change my mind after making a best and final offer?

You are not legally bound by your offer until contracts are exchanged. If you pull out, the sellers will, in most cases, accept the next best offer that was submitted.

"Once an offer is accepted the sale proceeds through the usual legal checks and formalities until contracts are exchanged," adds Robin Edwards.

If you are searching for land on which to build your dream home or a renovation project take a look at Plotfinder.net to find all the latest opportunities.

A barn conversion opportunity has become available in the village of Friskney, near Boston, Lincolnshire.

Priced with a starting bid of £140,000, this unique barn conversion plot is now up for grabs via an online auction and comes complete with planning permission.

Buyers can create a stylish single-storey home complete with modern amenities and extensive grounds and you can view the building plot on Plotfinder to secure your new project for 2025.

What's included with the plot?

The site comprises a collection of traditional brick barns dating back to 1920, arranged around a central courtyard.

The buildings offer approximately 2,500 sq ft of space and feature a pitched slate roof. The grounds also extend to over 1.5 acres, including a raised courtyard and patio.

What is the planning permission for?

The planning permission outlines the creation of a single-storey home featuring modern amenities with a detached open-fronted carport and landscaped grounds.

It includes the conversion, extension, and alteration of the existing barns into a contemporary residential dwelling.

The approved design incorporates a glazed exterior corridor, a spacious kitchen-dining-living area, and a lounge, along with two en-suite bedrooms. Additional planned spaces include an office, gymnasium, utility room, and pantry.

How to buy the plot

The barn conversion is available for purchase via an online auction with a starting bid of £140,000. The auction date and time have not been provided in the listing, so interested buyers should check the auction platform for full details.

Potential buyers are strongly advised to review the complete planning documentation, flood risk assessments, and development plans before placing a bid.

The auction date has not yet been set so make sure to check the Plotfinder website for when the auction begins.

The land sales market in 2025 is poised for significant changes as Labour’s planning and tax reforms take centre stage.

Labour's shifts in agricultural land taxation, pro-development policies towards granting planning permission and the rise of Grey Belt strategies could be set to create new opportunities and challenges for landowners and developers alike.

We spoke with Ian Barnett, National Land Director for land surveyors, Leaders Romans Group (LRG), who explained what he predicts 2025 could bring for the land sales market.

Agricultural landowners face further challenges

Changes to Agricultural Property Relief (APR) on Inheritance Tax, announced in October’s Budget, are predicted to reshape the agricultural land market.

Ian Barnett notes that the new tax implications will likely drive more family farms to sell their land. “From protestors to commentators, the consensus is clear: agricultural landowners may feel forced to sell to mitigate future tax burdens,” Barnett observes.

This shift could result in a surge of agricultural land entering the development market, potentially creating opportunities for developers at more competitive prices, while still intensifying debates around rural land use.

A pro-development planning agenda

Labour’s planning reforms include policies designed to accelerate development in the latest updates to the National Planning Policy Framework.

According to Barnett, reinstating mandatory housing targets and increasing opportunities for Green Belt and brownfield development are critical measures.

“We expect to see significant policy moves, such as Green Belt/Grey Belt releases under specific circumstances and the introduction of ‘Brownfield Passports’ to streamline development on previously used land,” he explains.

Despite these initiatives, under-resourced planning departments remain a bottleneck. “While funding has been committed to hiring more planning officers, delays in planning consent are likely to persist in the short term,” Barnett warns.

He emphasises that issues such as flood risk, highways, and ecological assessments will still require thorough consideration, potentially driving up costs and prolonging timelines.

Compulsory purchase and land value capture

Labour’s controversial land value capture policy is another factor reshaping the market. The proposed law would empower local authorities to acquire land at a reduced price by removing “hope value” – the premium added by potential planning permission.

“This policy has understandably caused concern among landowners,” Barnett says. “While it aims to boost affordable housing supply, it risks discouraging landowners from bringing land to market, creating unintended consequences.”

He urges a balanced approach, stressing that stability in the planning system and taxation policy is essential to meet housing delivery targets.

The rise (and challenges) of the 'Grey Belt'

The concept of the 'Grey Belt' – areas of underutilised land between urban and rural zones – has gained traction as a potential solution to the housing crisis. However, Barnett points out significant limitations to its implementation.

“The requirement for 50% affordable housing on Grey Belt sites has raised concerns about the viability of certain schemes, particularly in areas with lower land values,” he notes. The policy, though promising, needs refinement to ensure it can meaningfully contribute to housing supply goals.

Barnett also highlights the necessity of a broader review of Green Belt land classifications to balance development with sustainability. “Declassifying and reclassifying land is vital to achieving the government’s ambitious target of 1.5 million homes,” he asserts.

A cautiously optimistic outlook

While challenges remain, Barnett sees reasons for optimism in 2025. Labour’s commitment to bold planning reforms and ambitious housing targets signals a pro-development stance that could energise the market.

“Delivering 1.5 million homes this Parliament is a monumental task, but the government’s willingness to tackle long-standing obstacles is encouraging,” he concludes. “Land sales are just one piece of the housing puzzle, but they are critical to unlocking the potential for much-needed residential development.”

As the year unfolds, stakeholders will closely watch how these policies take shape and whether they can overcome the hurdles that have historically slowed progress in the housing sector.

A rare Cold War nuclear bunker in Repps with Bastwick, Norfolk, is set to be auctioned online, offering buyers the chance to own a piece of British post-war history.

Originally built in the 1950s as part of the UK’s network of observation posts, this bunker was designed to house three people during a nuclear attack.

This Cold War-era structure, along with a small surrounding building plot, is now available to new owners through Homebuilding & Renovating's sister site Plotfinder.net. Here's a closer look at what makes this unique property so intriguing.

What’s included with the bunker?

The bunker, located beneath a farmer's field, remains largely as it was originally built. Features include:

• Observation and Survival Amenities: Designed for three personnel, it includes basic facilities like a "bucket and chuck-it" toilet, ventilation shafts, and polystyrene wall insulation.
• Basic Furnishings: The space features a small cupboard and shelves for storage, reflecting its utilitarian origins.
• Ventilation System: A central ventilation shaft provides airflow, crucial for extended stays underground.

While rudimentary, the bunker is a fascinating time capsule of Cold War design, ideal for enthusiasts or those with creative repurposing ideas.

Access and surrounding land

The bunker is located on a small parcel of land near Church Road, easily accessible by car with a roadside entrance and available parking space.

The property also includes a modest strip of land that could accommodate minor additions such as a shed or improved parking.

Prospective buyers should note that significant alterations or repurposing may require planning permission from local planning authorities.

How to bid for the bunker

The property will be sold through a 24-hour online auction starting at 11:00 GMT on 17 December, with a guide price of £10,000 to £20,000.

In addition to the final bid, the buyer will need to pay a 2% auctioneer fee (with a minimum of £3,000 plus VAT) and an administration fee of £1,170 (£975 plus VAT).

This unique property presents an exciting opportunity for history enthusiasts, collectors, or anyone seeking a distinctive purchase. You can find further details on the property on the Plotfinder website.