Latest news with #JeremyLeaf
Scottish Sun
a day ago
- Business
- Scottish Sun
Four red flags for buyers to avoid a moneypit home – or face forking out £25k in repairs
Read below for the best tips to get on the housing ladder GOOD FOUNDATIONS Four red flags for buyers to avoid a moneypit home – or face forking out £25k in repairs Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) HOUSE hunters who fail to notice a handful of red flags on a property could end up forking out nearly £26,000 in repairs. Trying to get on the property ladder is already costly enough, with buyers expected to save for a deposit, pay stamp duty charges and solicitors fees. 1 Jeremy Leaf shares tips for buying a home But prospective owners who fail to spot issues like mould, or faulty plumbing could end up forking out more in repairs. The Sun spoke to Jeremy Leaf, north London estate agent, who said buyers should go into property viewing with their "eyes open". "When you're buying a house, it's a big commitment and you're going to get some nasty surprises," he shares. The expert has shared the four biggest red flags buyers should look out for to avoid paying up to £25,700 in repairs. Japanese knotweed - up to £20,000 When viewing a property, Jeremy said wannabe homeowners should keep their eyes peeled for Japanese knotweed. This plant grows quickly and can cause damage to buildings, plus it's extremely difficult to eradicate. Japanese knotweed, which was introduced to the UK as an ornamental plant in the nineteenth century, can only be removed with costly specialist treatment. Our home is so mouldy mushrooms and flies infest walls - it's making us sick The plant can be identified from its distinct features, such as large, heart-shaped leaves, hollow bamboo-like stems that have a zig-zag growth pattern. So if you suspect the plant may be present in the home you should ask the seller or estate agent. That's because the issue could cost up to £20,000 to fix depending on the severity of the issue. Alex Peters, author of Checkatrade cost guides, said: "There are numerous ways to remove Japanese knotweed with average removal costs at £1,750 but this can range from £950 - £20,000 depending on the scale of the problem. "Methods include domestic herbicide treatment, full excavation & removal, sifting and screening and on-site relocation." Asbestos - up to £3,750 Abestos was commonly used to insulate homes, but was banned in the UK 26 years ago because it was discovered to be a health hazard. It can be identified by its fluffy texture when found in buildings. Jeremy said that sellers can try and obscure it and make it difficult for a buyer to find. In some instances, the property expert said that people looking to shift their home have parked old cars in front of walls in the garage to cover up the substance. "People can go to great lengths to obscure defects and properties, if they want to," he said. To have asbestos removed, you will need a qualified surveyor to carry out an inspection, Alex from Checkatrade. "This costs in the region of £200-£1,000 and they will identify the type of asbestos in your home and any associated risks." He added: "Average removal costs can range from £950 - £3,750." Electrical and plumbing deficiencies Buying a house with electric and plumbing deficiencies could end up costing you up to £750. Jeremy said house hunters should closely examine plugs and switches in the home they are considering buying to see if they work correctly. It may also be worth running taps and the shower to see if everything is working as it should be. Alex said the best way to check out any problems is with an electrical safety check. This is a sort of MOT for the electric systems in your home. He said: "The average cost of an electrical safety check roughly starts at £100 - £250. "It is wise to have an electrical safety check every 5-10 years and this should always be completed by a qualified electrician." Alex said that if you require extra work to be conducted by an electrician such as adding new wiring or mending broken electrical equipment, electricians could charge £55 per hour or £400 per day. Meanwhile, the cost to repair a burst or leaking pipe could cost up to between £50 to £350 per day. Mould - £1,200 Fixing mould in your new property could end up costing you £1,200. So it may be worth keeping your eyes peeled for the substance to avoid forking out for repairs once you move in. Alex said buyers should "always be on the lookout for mould" as it loves to appear in hidden areas. The fungus is often found in areas that are damp, dark, and not easily visible. These spots can include behind furniture, in loft spaces, beneath carpets or floors, behind curtains, and inside toilet tanks. It is also worth checking out windows and cupboards where condensation and moisture builds quickly. You can also ask the seller or estate agent if the property has experienced issues with mould in the past and if they have been resolved. Alex said issues caused by mould are "numerous" and it is always "better to remove the problem as soon as possible to stop it from spreading and causing damage".
The Sun
a day ago
- Business
- The Sun
Four red flags for buyers to avoid a moneypit home – or face forking out £25k in repairs
HOUSE hunters who fail to notice a handful of red flags on a property could end up forking out nearly £26,000 in repairs. Trying to get on the property ladder is already costly enough, with buyers expected to save for a deposit, pay stamp duty charges and solicitors fees. But prospective owners who fail to spot issues like mould, or faulty plumbing could end up forking out more in repairs. The Sun spoke to Jeremy Leaf, north London estate agent, who said buyers should go into property viewing with their "eyes open". "When you're buying a house, it's a big commitment and you're going to get some nasty surprises," he shares. The expert has shared the four biggest red flags buyers should look out for to avoid paying up to £25,700 in repairs. Japanese knotweed - up to £20,000 When viewing a property, Jeremy said wannabe homeowners should keep their eyes peeled for Japanese knotweed. This plant grows quickly and can cause damage to buildings, plus it's extremely difficult to eradicate. Japanese knotweed, which was introduced to the UK as an ornamental plant in the nineteenth century, can only be removed with costly specialist treatment. The plant can be identified from its distinct features, such as large, heart-shaped leaves, hollow bamboo-like stems that have a zig-zag growth pattern. So if you suspect the plant may be present in the home you should ask the seller or estate agent. That's because the issue could cost up to £20,000 to fix depending on the severity of the issue. Alex Peters, author of Checkatrade cost guides, said: "There are numerous ways to remove Japanese knotweed with average removal costs at £1,750 but this can range from £950 - £20,000 depending on the scale of the problem. "Methods include domestic herbicide treatment, full excavation & removal, sifting and screening and on-site relocation." Asbestos - up to £3,750 Abestos was commonly used to insulate homes, but was banned in the UK 26 years ago because it was discovered to be a health hazard. It can be identified by its fluffy texture when found in buildings. Jeremy said that sellers can try and obscure it and make it difficult for a buyer to find. In some instances, the property expert said that people looking to shift their home have parked old cars in front of walls in the garage to cover up the substance. "People can go to great lengths to obscure defects and properties, if they want to," he said. To have asbestos removed, you will need a qualified surveyor to carry out an inspection, Alex from Checkatrade. "This costs in the region of £200-£1,000 and they will identify the type of asbestos in your home and any associated risks." He added: "Average removal costs can range from £950 - £3,750." Electrical and plumbing deficiencies Buying a house with electric and plumbing deficiencies could end up costing you up to £750. Jeremy said house hunters should closely examine plugs and switches in the home they are considering buying to see if they work correctly. It may also be worth running taps and the shower to see if everything is working as it should be. Alex said the best way to check out any problems is with an electrical safety check. This is a sort of MOT for the electric systems in your home. He said: "The average cost of an electrical safety check roughly starts at £100 - £250. "It is wise to have an electrical safety check every 5-10 years and this should always be completed by a qualified electrician." Alex said that if you require extra work to be conducted by an electrician such as adding new wiring or mending broken electrical equipment, electricians could charge £55 per hour or £400 per day. Meanwhile, the cost to repair a burst or leaking pipe could cost up to between £50 to £350 per day. Mould - £1,200 Fixing mould in your new property could end up costing you £1,200. So it may be worth keeping your eyes peeled for the substance to avoid forking out for repairs once you move in. Alex said buyers should "always be on the lookout for mould" as it loves to appear in hidden areas. The fungus is often found in areas that are damp, dark, and not easily visible. These spots can include behind furniture, in loft spaces, beneath carpets or floors, behind curtains, and inside toilet tanks. It is also worth checking out windows and cupboards where condensation and moisture builds quickly. You can also ask the seller or estate agent if the property has experienced issues with mould in the past and if they have been resolved. Alex said issues caused by mould are "numerous" and it is always "better to remove the problem as soon as possible to stop it from spreading and causing damage". 5 Tips to Get on The Property Ladder Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers. 1. Cut back on luxuries and start saving Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out - holidays, new clothes, weekly takeaway. Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month. 2. Have a realistic property search Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it? 3. Research Help To Buy and Shared Ownership schemes The government has introduced a few ways to help first-time-buyers get on the property ladder and they're great for those on lower incomes or to buy a property in more expensive areas like London. 4. Consider buying with another person Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner. You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven't already. 5. Talk to a mortgage broker and get your documents in order A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs.
Western Telegraph
21-05-2025
- Business
- Western Telegraph
UK house price growth accelerated as buyers rushed to beat stamp duty deadline
This took the average UK house price in March to £271,000, the Office for National Statistics (ONS) said. The ending of a stamp duty holiday from April onwards sparked a stampede of home-buyers in the run-up. Stamp duty applies in England and Northern Ireland. £271,000 Average UK house price in March Office for National Statistics The figures were released as statistics showed UK inflation surged to its highest level for more than a year last month. Households have been clobbered by a raft of 'awful April' bill increases. Consumer Prices Index (CPI) inflation reached 3.5% in April, up from 2.6% in March and the highest level since January 2024. This was higher than some economists had been predicting, with a rise of 3.3% having been expected. Andrew Montlake, chief executive at Coreco mortgage brokers, said: 'With inflation edging up sharply this morning, and mortgage rates likely to follow as expectations of further base rate cuts reduce, this could see average values start to retreat again. If prices do start to ease, they will only go so far as there is a fundamental lack of supply.' Consumer Price Index (CPI) rose by 3.5% in the 12 months to April 2025, up from 2.6% in March 2025. Read the full article ➡️ — Office for National Statistics (ONS) (@ONS) May 21, 2025 Jonathan Handford, managing director at estate agent group Fine & Country, said: 'In the months ahead, inflation and still-elevated borrowing costs are likely to weigh on demand, particularly as affordability remains stretched across much of the country. 'That said, a period of softer or stabilising house prices may offer a welcome opportunity for first-time buyers who have been priced out in some areas of the country.' Sarah Coles, head of personal finance at Hargreaves Lansdown, said the 'rush to seal a deal' before the end of the stamp duty holiday provided some extra impetus for the housing market. She added: 'This may well slow again in the next set of figures, which is the usual pattern in the aftermath of a stamp duty holiday. However, we're unlikely to see anything too dramatic. 'This period has been marked by robust price growth rather than stellar leaps, so the hangover from the property party is likely to be less painful. 'Lower mortgage rates should also help support prices. However, with buyer numbers likely to have dropped off fairly sharply, there's going to be some room for negotiation.' The recent cut in mortgage rates has restored some confidence but April's sharp rise in inflation will not help Estate agent Jeremy Leaf Nick Leeming, chairman of estate agent Jackson-Stops, said: 'Encouragingly, across the Jackson-Stops network we are seeing robust activity levels, with demand outpacing supply in popular markets. In April alone, an average of five potential buyers were competing for every new listing, underscoring borrowers' continued commitment.' Jeremy Leaf, a north London estate agent, said some potential buyers and sellers are 'sitting on their hands', adding: 'The recent cut in mortgage rates has restored some confidence but April's sharp rise in inflation will not help.' Average house prices increased to £296,000 (6.7% annual growth) in England, £208,000 (3.6%) in Wales, and £186,000 (4.6%) in Scotland, in the 12 months to March, according to the ONS. The average house price in Northern Ireland was £185,000 in the first quarter of 2025 – a 9.5% annual increase. Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'We cannot ignore the subdued economic backdrop and ongoing geopolitical uncertainties which will likely ensure a more measured pace of growth for the remainder of the year.' Richard Harrison, head of mortgages at Atom bank, said: 'Lenders have been incredibly active in reducing rates.' We continue to witness, on average, around 10 applicants for every property available to rent Nathan Emerson, Propertymark The ONS also said average UK monthly private rents increased by 7.4%, to £1,335, in the year to April. The annual growth rate eased from 7.7% in March. Average rents increased to £1,390 per month (7.5% annual growth) in England, £795 (8.7%) in Wales, and £999 (5.1%) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8% annual growth) in the 12 months to February, the report said. Within England, annual inflation in private rents was highest in the North East region (9.4%) and lowest in Yorkshire and the Humber (4.0%), in April. Nathan Emerson, chief executive of property professionals' body Propertymark, said: 'Overwhelming demand within the rental sector continues to influence price increases for those who rent. We continue to witness, on average, around 10 applicants for every property available to rent and this is a situation that has broadly remained stagnated across the last five years. 'It is imperative that rental supply rises to meet the challenges of demand.'
