Latest news with #JeremyLeaf
Yahoo
3 days ago
- Business
- Yahoo
New homes discounts and incentives: the best and worst in London
Cash gifts! Free sofas! Celebrity interior designers to help you style up your home! House builders have long handed out great-sounding freebies to encourage buyers to take the plunge. But with sales flagging the great giveaway bonanza has reached new heights in 2025. Buyers are being offered tens of thousands of pounds worth of handouts if they agree to buy a new home. Cynics may suggest that the generosity of the freebies is linked to a recent collapse in sale numbers, and experts urge buyers to think carefully about whether the offers are actually a great deal or just sound good. According to Savills, between 2013 and 2015 some 20,000 new homes changed hands each year in the capital, in a market where interest rates were rock bottom, buy to let was a highly profitable endeavour, and international buyers were keen to invest. Last year sale numbers plunged to just 7,500, an 11 per cent decline compared to 2023, as the industry grappled with the loss of the Help to Buy scheme (in 2022) which gave buyers with small deposits and modest borrowing power the chance to get onto the ladder by way of a Government equity loan. 'As the market softens there are more offers and goodies available,' agrees Jeremy Leaf, principal of Jeremy Leaf estate agents in north west London. 'Developers need to sell so they can pay off their loans. They are prepared to be perhaps more flexible than owner occupiers – they have to be. It is a buyers' market and they have to bend over backwards to sell.' Most of the deals out there centre on cutting upfront costs, by contributing to buyers' deposits or stamp duty and, certainly, it can get you onto the ladder. Without enough savings to cover a deposit Jayson Masaya, 32, and his wife Irish, 30, both nurses, believed home ownership was out of reach — until they heard about a deposit contribution scheme on offer to key workers. The scheme allowed them to buy at Sterling Place, a Barratt London development in New Malden, where one-bedroom flats start at £409,000 ( They bought off plan, putting down a five per cent deposit. Barratt contributed another five per cent, and they moved in in December, having saved another five per cent while waiting for the flat to be completed. 'A real draw for us was how spread out the deposit payments are,' says Irish. Different developers offer different variations on the theme. At the £8bn Brent Cross Town project in north-west London, for example, developer Related Argent will pay stamp duty for incoming buyers of studios, one, two, and three-bedroom homes (up to £41,250, providing they are UK residents buying a main home). Prices start at £420,000 ( And Barratt has a whole range of incentives depending on your circumstances. If you are a key worker and buy a home at Hayes Village, a reboot of the former Nestle Factory with 1,500 you'd get a £15,000 contribution towards your deposit if you buy either a £355,00,000 one-bedroom flat or a £432,500 two-bedroom flat. If you already have a ten per cent deposit saved up, Barratt will give you another five per cent at several of its sites, upping your deposit to 15 per cent which will give you access to lower interest rates when you go mortgage shopping. This offer is in play at Bermondsey Heights, a 26-storey tower at the heart of regeneration of the under-utilized swathe of south London around the Old Kent Road. Prices start from £449,000 for a one-bedroom flat, which means you will need a deposit of almost £50,000 to qualify (ouch) but will get a 'free' almost £25,000 in return. If location is more important to you than size then Pocket Living's Forest Road E17 gives you a chance to buy a small slice of real estate in fashionable Walthamstow ( Prices start at £300,000 for a one-bedroom flat measuring 453 sq ft. First-time buyers don't pay stamp duty on purchases of £300,000 or less, but for those buying a more expensive £325,000 property the developer will pay the £1,400 stamp duty bill. And all buyers can book a style consultation with Banjo Beale, interior designer and winner of BBC's Interior Design Masters 2022, to advise you on colour schemes and finishes. Pocket says this assist is worth another £500. For those considering the shared ownership route, buyers who reserve an apartment at SO Resi Wembley Way, just around the corner from the stadium, this summer will be given a five per cent deposit contribution. Prices start at £87,000 for a 25 per cent share of a one-bedroom apartment, which means that if buyers put down a five per cent £4,350 deposit they will be gifted another £4,350 ( Monthly costs, including mortgage, rent, and service charge will tot up to just under £1,200pcm. Broadly speaking the bigger your budget the more headline grabbing the freebies. At The 1840 St George's Gardens, the redevelopment of a Grade II listed Victorian hospital building in Tooting, The Old Dormitory, a two-bedroom duplex apartment with double height living room, a study, utility room, and two bathrooms, is on sale for £875,000. Interested? Then the developer will pay your £33,750 stamp duty and furniture and accessories worth up to £32,291, adding up to a freebie total of just over £66,000, or some 7.5 per cent of the sale price. But buying agent Nina Harrison, of Haringtons, advises buyers to avoid getting over excited about designer furnishings and styling, and concentrate on cash benefits. 'At high-end developments there's often a big song and dance about bespoke interiors – everything from choosing your own marble to working with their in-house designer,' she says. 'It's a way to make buyers feel they're getting something truly one-of-a-kind, but rarely does it come with the kind of financial sweeteners you see in other parts of the market.' Leaf agrees that 'goodies' should be treated with caution. 'Look at the bigger picture,' he says. 'How does the development itself compare? Is it overpriced? What would its rental value be if plans change and you needed to move to a new area? 'There is a lot of information and misinformation out there.' A major issue buyers of new homes need to consider is the ongoing cost of annual service charges, which can quickly wipe out any early cash advantages. At Kew Bridge Rise, for example, you will pay £2,777pa for a one-bedroom flat and £3,756pa if you buy a two-bedroom flat, while at Hayes Village the bill for a one-bedroom flat is £2,100pa, rising to £2,465 for a two-bedroom flat. The buyer of The Old Dormitory will pay just over £4,000pa. And some offers are so convoluted it is easy to lose sight of what you are actually saving. At the 150-acre, £8.4m Greenwich Peninsula scheme taking shape next to the O2, developer Knight Dragon is offering a 'rent to buy' scheme. Put really, really simply you put down a five per cent deposit on a flat, move in, then spend a year leasing the property and paying monthly rent in order to amass another five per cent. Twelve months later you are free to buy the flat with your ten per cent deposit. To use a real time example, currently for sale at Greenwich Peninsula is a one-bedroom, 564 sq ft flat, priced at £570,000. Your initial five per cent deposit would be £28,500, and you would then pay a hefty £2,375pcm rent for a year. At the end of the year you would have £57,000 to put down and officially buy the flat. Although the scheme does give you some breathing space to save, ultimately the only cash benefit you are getting here is that you won't have to pay service charge or ground rent that first year. For the one-bedroom flat comes in at around £5,200. You can also claim up to £1,500 for legal costs. And there you have your real cash saving – less than two per cent of the asking price. You might think that developer prices are fixed – but you would be wrong. The reality is that many firms will discuss lowering the sale price as well as offering incentives to buyers. 'If it was me I would not hesitate to offer 15 per cent below the asking price,' says Marc Schneiderman, sales director at Arlington Residential. 'Saying that, if you manage to get 10 per cent off I'd say you are doing very well.' You are more likely to get a cut price home if you are ready to buy immediately, and are able to buy off plan – because buying early means you are helping a builder with their cash flow while they are still on site. Year end is another good time to haggle hard as firms want to hit their sale targets. Check with Companies House when your builder's end of the financial year is. For Harrison getting in early is the best strategy. 'Developers want to secure early adopters to build momentum and create the illusion of demand,' she says. 'Once that critical mass is in place, the tone shifts. Suddenly, it's 'we're nearly sold out' and 'there are only a handful left' – and at that point, any talk of incentives disappears. The window for negotiation shuts quickly.' And even if a developer shuts down your pleas for a discount Schneiderman suggests a Plan B. 'Sometimes developers will not negotiate on price because they don't want it in the public domain that they are discounting,' he says. 'That would open the floodgates. But they will give very good incentives that are not necessarily advertised, like paying stamp duty or giving you a store room or a parking space.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-06-2025
- Business
- Yahoo
Average London property prices unexpectedly jumped by more than £14,000 in April
Average London house prices unexpectedly jumped more than £14,000 in April to their highest levels in more than two years. Latest data from the Land Registry showed the average cost of a home in the capital rose 2.6% during the month from £552,402 to £566,614 . That boosted the annual rate of house price inflation in London from 0.9% to 3.3%. The leap in London prices bucked the national trend in April. Across England as a whole average prices fell 3.7% to £286,327. That dragged the annual rate of house price inflation down from 7% in March to 3.5% in April. Prices were expected to ease in April after a rush to beat the deadline for new higher stamp duty rates for first time buyers on March 31. However, the discounted rates, which meant debut buyers paid no stamp duty on purchases up to £425,000, was seen as less of a benefit in London where prices are much higher. The highest average price ever recorded in London according to the Land Registry measure was the £581,320 reached in August 2022 but since then the London market has flatlined at best. It was last higher than April's figure in January 2023. But north London estate agent and a former RICS residential chairman Jeremy Leaf, said: 'It might seem as though this data shows considerable housing market resilience but it doesn't tell the whole story. "Although the most comprehensive of all the surveys as it includes cash and mortgaged transactions, the results reflect what was happening over the last few months. Since then stock levels have continued to rise, resulting in more balance between supply and demand so softening prices and lengthening transactions. "Looking forward, values are likely to continue to reduce a little inevitably as interest rates will not fall as far and as fast as many had expected as inflation stays stubbornly high despite today's small dip.' The figures show there has been a particularly big rise in prices for new build properties in London over recent months. In February, the latest month for which data is available, the average cost of a new build home in the capital leaped 19.1% to a record £595,659.
Scottish Sun
14-06-2025
- 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
14-06-2025
- 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.'
