There’s something incredibly exciting about being the first people to live somewhere - to walk into a property that’s been designed to the latest standards, and finished with high specification appliances and fittings.

For many people the appeal of modern design, and the convenience of knowing exactly what you’re getting, makes purchasing a new build home particularly appealing.

But, is a new-build home the right choice for you?

In this article we look into the reasons people decide to move to new properties, and answer some of the most frequently asked questions.

### Why do home movers choose new builds?

**Convenience**

Perhaps the main reason many people are attracted to new build homes is the convenience.

Because the property has just been built, it has to meet certain specifications for space, quality, and efficiency. You also don’t have to worry about things like: whether a property will be left in a good, clean condition; if there are any hidden structural issues; or whether you’ll need to do any renovations or repairs once you move in.

New build homes often come with a 10 year National House Building Council warranty, which can provide extra protection against any structural issues that might arise.

Logistically too, this is a benefit. For example, where you might want to get extensive structural surveys completed when buying a period property, you’ll likely only need what’s called a ‘snagging’ survey for a new build. This type of survey looks at the quality of a house builders work, from structure to finishings - and is often much cheaper than more intrusive investigations.

Moreover, because no one has to move out of the property before you can move in, you’ll have the reassurance of having no ‘upward chain’.

**Energy Efficiency**

New properties have to be built with various minimum standards in mind. This includes energy efficiency.

Most new build properties come with insulated walls, roofs, and doors, as well as double (and sometimes even triple) glazed windows. All these features mean that new build homes are often much more energy efficient than their older equivalents, which were built to different standards.

Other than being better for the environment, this also means lower energy bills.

**Amenities & Community**

Many new build flats, and some houses, are part of larger developments which include other facilities like swimming pools, gyms, chill-out spaces, gardens, and even restaurants.

These types of spaces offer extra areas to relax, work, and escape, without really having to leave your home. If you’re spending more time working at home, for example, having this extra space can make a huge difference to your wellbeing.

**Incentives**

There are also a range of financial incentives for those looking to move to a new build home.

Perhaps the greatest incentive is the Help to Buy equity loan. This scheme offers those buying new build properties a loan for up to 20% of the property price (or 40% in London). The loan remains interest free for 5 years.

Unlike the Help to Buy ISA, which was only available for first time buyers, the Help to Buy equity loan is for home movers too. The only restriction is that the loan must be used towards a new build home.

The scheme is ending on 31st March 2021, so if you want to take advantage you’ll have to have completed your home sale by that date. (This is the same day that the stamp duty holiday ends too.)

On top of the loan, many developers will offer other incentives too. It's quite common for house builders to offer to pay your stamp duty, or legal fees. Others might include brand new appliances as part of the home sale.

### Frequently asked questions and concerns about new build homes

### Will my home be built on time?

There are a few options when it comes to purchasing a new build property. You can:

* Purchase the finished apartment or house

* Purchase the property after visiting a show apartment

* Purchase the property before construction begins

If you decide to buy your new home 'off-plan' (before it’s finished being built), there’ll be a bit of uncertainty about when the property will actually be ready for you to move in.

When buying off-plan, you will receive a ‘short-stop’ and a ‘long-stop’ date. The ‘short-stop’ date is the day that the developer plans for your home to be finished. The ‘long-stop’ date is the day that your home legally *has* to be ready.

Most mortgage lenders will have a time limit of about 6 months on their offers. The provision of these dates is designed to ensure that your mortgage lender holds your loan offer open for enough time for the building to be completed.

However, according to research by New Homes Review, over 40% of new-build homes aren't ready by the original deadline. If your new home is one of these, this can be difficult financially. It will be at your bank’s discretion whether to keep your offer for a mortgage available for longer.

Delays to building works can also cause issues if you’re selling a home as well as buying. You may need to find temporary accommodation whilst you're waiting for building works to be completed.

Enlisting the help of a good conveyancer is incredibly useful here. They will keep both you and your mortgage lender up to date throughout the process. They'll also be there to help navigate whatever roadblocks you might encounter.

### Is it better to buy a freehold or a leasehold?

If you choose to purchase a new build home, it’s likely that it will be a leasehold.

A ‘leasehold’, is essentially a long term tenancy agreement. You’re allowed to reside in the property for a set number of years, but there are restrictions in how you can use or alter the property.

You may also have to pay a range of fees each year, such as a ‘service charge’, or ‘ground rent’. These costs are used to maintain the communal areas of the building, and any gardens.

Before you decide whether to purchase a new-build, ask to inspect the lease for any unusual conditions. You may wish to have a lawyer look over the document too.

Things to look out for:

* **Lease length & start date**

The first thing to check is the length of the lease. Generally leases for new homes are somewhere between 99 years and 999 years. The longer the lease the better. It can be very difficult to sell a home if there are less than 80 years left on the lease.

You should also check when the lease begins. In some cases it will be from when building starts - rather than when you move in.

* **Restrictions in use**

Check if there are specific restrictions included in the lease. These can vary from restrictions on pets, to a ban on extensions.

* **Permission fees**

In some cases, you will be able to do certain 'restricted' things if you pay a designated ‘permission fee’. Check that these fees are reasonable, and that they do not include any unusual conditions.

* **Ground rents**

It’s normal for a lease to include a provision for ground rents. In some cases this will be a ‘peppercorn’, which in practice means you don’t have to pay anything.

However, in recent years, many developers have taken advantage of the ground rents provision to earn extra income. The worst offenders include a clause that doubles the amount due in rent every 10 years. So, if your ground rent is currently £250 a year, in 10 years it would be £500 a year, and in 20 it would be £1000. If the lease includes this, walk in the opposite direction.

* **Service charges** 

Service charges are often also included as part of the leasehold agreement. This money is used to maintain the communal areas of the building - such as the entranceway, stairwells, and gardens. Make sure that the service charges are reasonable, and that you can afford these costs on top of your monthly mortgage payments. 

Many flats in the UK are leaseholds (new build or old), and many people live happily in them. But lease conditions can vary hugely, so before you commit, make sure you clearly understand all of the terms that you’re agreeing to. If you're unsure, discuss the lease thoroughly with your conveyancer.

Read more about leaseholds on our blog. [Head there now](https://www.getagent.co.uk/blog/properties/is-it-hard-to-sell-leasehold).

### Do new builds lose value?

In many cases, new build homes come at a premium. 

This is because, as the buyer of a new build, you'll be the first person to live and use the space - including all the appliances. You'll benefit from a building that's been constructed to the latest building and energy efficiency standards which also means you'll pay less in upkeep and bills in the first few years of living there. 

Unfortunately, when you move in, the property will no longer be classed as a 'new build', so when it comes time to sell, you won't be able to sell at the new build premium price. If you sell your property within a few years of purchasing it, it's possible that 'second hand' house prices in your area won't have grown enough to get your money back. 

However, if you’re planning to live there for a number of years, it’s likely you won’t notice this small drop in value. Like all financial investments, the value of a property can go up *or* down, but if you take a long term approach you can usually ride out any significant ‘losses’. 

The most important way to protect yourself is to make sure you’re not overpaying in the first place. Before making an offer on a new build property, do your research. What sort of price are similar older homes in the area selling for? How much more expensive is a new build?  How have house prices in general grown in the area over the past few years?

[If you're curious about property price trends in your area, head here, for our local property market tracker.](https://www.getagent.co.uk/house-prices) 

You could also think about what trends are currently driving value growth in the property market. For example, at the moment, more people are looking for larger homes, with gardens or home offices. These types of homes are seeing much faster value growth than smaller properties with less space (a category which unfortunately many new builds fall into). 

Luckily, if you're taking a longer term view, trends like this might not have too much of an impact. For example, new builds have the benefit of being more energy efficient, making them cheaper to run, and more environmentally friendly. These are all things that are moving higher up the priority list for many buyers at the moment. 

If you're unsure, getting an [online valuation](https://www.getagent.co.uk/how-much-is-my-house-worth), or [talking to a local estate agent](https://www.getagent.co.uk/vendor) can give you a sense of the ‘true’ value of property in the area.

**Remember:** New build asking prices aren’t set in stone. Make sure to negotiate to get the best price.

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### How lease terms can affect value

Before committing to a sale, it’s also important to consider whether value might be lost by any issues in your lease, too. For example, ground rent clauses can make a property more difficult to sell in the future.

Luckily your conveyancer should be able to help here. They'll review the conditions of the lease in detail, and should let you know of any problematic elements before you sign the sale contract.

Some banks will also help. Many of the larger mortgage lenders, such as Nationwide, will refuse to lend money against new build properties with lease conditions they consider unfair, or unaffordable.

These checks can help you avoid getting trapped with a poor value - or worse, unsellable - property.

[For more information about owning, and selling, a leasehold property head here.](https://www.getagent.co.uk/blog/first-time-sellers/is-it-hard-to-sell-leasehold)

### What about homes bought with the Help to Buy equity loan?

The Help to Buy equity scheme allows buyers to purchase homes with a smaller mortgage, supported by a loan from the government. The scheme limits buyers to certain new build properties, sold by certain developers. Because buyers using the scheme are limited in the properties they are eligible to buy, they have less negotiating power when it comes to the price of the properties. 

According to research by [Which?](https://www.which.co.uk/news/2020/06/exclusive-one-in-seven-help-to-buy-homes-lose-value-despite-local-house-prices-soaring/) between April 2013 , and the end of 2019, the average price paid by for a new build home increased by 39%. In contrast, the average amount paid by first time buyers using Help to Buy grew by a huge 51%. This suggests that on top of the standard 'new build premium', there is also a 'Help to Buy premium'. 

Which? also found that around 1 in 7 homes bought through the scheme decreased in value when they were sold or remortgaged - despite local house prices growing. According to their research there were 26 local authorities that saw losses from Help to Buy properties. Worryingly, 21 of these 26 areas saw the prices of other homes rise by more than 10% in the same period. 

This suggests that many properties sold through the Help to Buy scheme are being priced at levels significantly higher than the actual value of the property. Once these properties become 'second hand', they see an even more dramatic loss in value than other new builds. 

### Are new builds safe?

If you’ve been researching new properties online, it’s likely that you’ve come across news stories about ‘cladding’.

Cladding is used on buildings to insulate and provide resistance against the weather. There have been some cases where developers have used cladding that is not fire resistant, because it was cheaper, and this has compromised the safety of the entire building.

Since being discovered, a number of mortgage lenders require extra reassurance before they will lend on certain new build developments. Buildings taller than 18 stories now require an EWS1 (External Wall Fire Review) certificate before many lenders will consider offering a mortgage.

Your mortgage provider may have other specific safety conditions that new builds must fulfil in order to meet their criteria. If you’re unsure, talk to your provider - or an independent broker - to see what specifics they need.

Many newer developers are conscious of these restrictions, and developments are produced to a much higher standard. However, these extra hoops to be jumped through can delay home purchases by a number of months.

If you are able to purchase in cash, it is still worth ensuring that the building meets fire safety regulations. This will both be reassuring for your own safety - and will make the property easier to sell in the future.

If ensuring the safety of your new home is a priority for you, ensure that you get the help of a [conveyancer with significant experience](https://www.getagent.co.uk/guide/conveyancing/choosing-the-right-conveyancer) with new developments. They’ll be able to thoroughly check the planning permission, and the local building regulations to make sure that everything is in order.

### Pros of older properties

In many cases, the positives that come with buying an older home are simply the other side of the new build coin.

For example, it’s easier to qualify for a mortgage if you’re purchasing an older home. In part this is because it is simpler to assess an older property’s value.

Secondly, older homes are usually larger than new build homes - particularly in cities. Over the past few years, space standards have reduced to cater for the need for quick and densely built property. It’s much more common for a new build to be a one or two bed flat in a tall building, than a detached 5 bedroom family home.

According to [Which](https://www.which.co.uk/news/2018/04/shrinking-homes-the-average-british-house-20-smaller-than-in-1970s/) the size of new homes are now 20% smaller than in the 1970s. In fact after comparing the size of homes from every decade from the 1930s to now, [LABC](https://www.labc.co.uk/news/what-average-house-size-uk) states that homes now have ‘never been smaller’.

And, where those in new build properties develop a sense of community from living in close quarters and sharing facilities, older properties tend to be part of more established areas and communities.

### Conclusion

Ultimately whether you choose to move to a new build property, or opt for an older home will be down to your personal preference and circumstances. Weigh up the pros of each, along with information about their price, location, size, and all the other factors that are important to your decision. This should help you decide whether a move to a new build is the right next step for you.


Man sits on sofa in new build flat with large windows and house plants

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Is a new build home the right choice for you? We look into the reasons people decide to move to new properties, and answer some of the most frequently asked questions.

Should I buy a new build property?

Is a new build home the right choice for you? We look into the reasons people decide to move to new properties, and answer some of the most frequently asked questions.


The pros and cons of moving to a new build

### What is a 'new build'?

'New build' is a term used to refer to properties that have never been lived in before. It usually refers to properties built by developers, but can also be used to mean homes built by individuals (also know as: ['self builds'](https://www.getagent.co.uk/cheaper-to-build-or-buy)). 

After someone moves into a new build home it's technically becomes 'second hand'. However, there are some significant differences between owning and selling a property that you bought as a 'new build', and owning and selling a 'second hand' property. 

In this article we'll take a look at what makes new builds different, and how you can increase the value of your property and get the best price when you sell. 

### How much is my new build property worth now?

In order to make an informed decision about how to improve the value of your new build home, it's important to find out how much it's currently worth. 

To figure out how much a house is worth, you have to take into account a variety of factors. These include: 

* **The condition of the house**

How long have you lived in the property? Are you still within the National House Building Council warranty period? Have you kept the property well-maintained, or done any renovations?

* **The property's unique features**

Your home's unique features can also have an impact on how valuable it is. Do you have a south facing garden? Do you have integrated smart appliances? Things like these can add value because they make your house more appealing to potential buyers. 

* **The local market**

Unfortunately, not all of the things that impact the value of your home are within your control. How well the property market is doing can also be key. To get a sense of what's going on, think about the following questions: are there lots of people interested in buying a home in your area? How many other properties are on the market? What price are they selling for? (Or, check out our real-time data on your area here.)[https://www.getagent.co.uk/house-prices] 

If you're interested in the value of your home because you're looking to sell, it's also useful to consider how much you paid for it originally. 

The best way to do this is to compare the price you originally paid, with 'second hand' properties on the market. Compare both price, and size to get a sense of how your property compares. 

If you're unsure, talk to an estate agent. They will be able to provide the most accurate estimate of how much your property would sell for if you put it up for sale right now. 

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Curious about how much your home is worth? [Try out this free, online valuation tool.](https://www.getagent.co.uk/how-much-is-my-house-worth) It uses information about your property & the market in your area, to give you an estimate of how much your home is worth right now. [Try it now.](https://www.getagent.co.uk/how-much-is-my-house-worth) 

### The new build premium

If you haven't lived in your new build very long, you may find that your home is now worth less than you bought it for. 

This is because new builds are usually sold at a premium price to reflect the fact that no one else has lived in it before. New builds are also generally built to a specific high standard, meaning they are more energy efficient (and therefore cheaper to run) than older homes. 

According to the [Land Registry](https://landregistry.data.gov.uk/app/ukhpi), in December 2020, new build properties in the UK sold for an average of £297,104. Previously owned properties sold for £247,203 - almost £50,000 less. 

In order to recoup this cost, you'll either need to:

* Keep your new build property until house prices rise enough to cover the difference

*Or*

* Make some value-boosting changes to your property. 

### Ways to add value to a new build property

Before getting out your toolbox, or picking up your paintbrush, take a moment to think about your end goal. *Why* do you want to add value to your property? Are you looking to sell now? Or, are you hoping to future-proof your property?

If you're looking to sell soon, focus on value-boosting upgrades that improve the wow factor and kerb appeal of your home. But, remember, return on investment is key: there's no point spending thousands of pounds on large upgrades like a loft conversion, if you're not going to make the money back. 

Luckily, you're unlikely to have any large structural issues with a recently built property. This means you have much more control over how much you decide to spend on property upgrades. 

If you do have any [structural issues](https://www.getagent.co.uk/blog/first-time-sellers/house-survey-problems-home-sale), and you bought your property off a developer (rather than building it yourself), make sure to report these before the end of your warranty period. This will usually be around 2 years after completion. If your claim is upheld, the developer or builder will then be required to rectify the issue within a certain time frame. 

### Ways to boost the value of your home before selling

When it comes to adding value to a property that you're about to sell the key is to spend less money than you'll get back when you sell. This can be a tricky balance, but there are a few easy places to start:

* **Fix** 

This might seem very obvious, but the first thing you should do is fix any issues with the property. This could be large things (like a leak), or smaller things (like a broken tile or a door that sticks in its frame). It can be useful to have a friend or estate agent [look round your home](https://www.getagent.co.uk/blog/diy/are-you-hemmablind) first and let you know what stands out. Often the smaller issues are things you'll no longer even think about, but will stick in the mind of a potential buyer as another extra cost. Research has shown that people tend to overestimate how much things will cost to repair, and will offer less for properties that they think need work. Fixing as much as you can is a cost effective way to make sure you get the best price. 

* **Declutter**

New build properties - particularly those built in the past 5 years - [tend to be smaller than their older counterparts](https://www.labc.co.uk/news/what-average-house-size-uk).  Having lots of things out on show suggests to potential buyers that you have limited storage space. Decluttering is an easy way to make the space look bigger and lighter.

* **Add storage options** 

Go one step further, and invest in improving your storage situation. Adding shelves is a cost effective way to make use of any 'dead' space, or consider getting a shed for the garden. Common places to add storage include: either side of a chimney breast, shelves under the stairs, or simply adding a bookshelf along a section of unused wall space.  

* **Clean**

Just as people are attracted to new builds because they have never been lived in before, buyers find homes that are well looked after the most appealing. Estimates suggest a clean home can add up to 5% on the amount potential buyers offer.

* **Garden**

A nice garden, balcony, or other outdoor space can massively improve the value of a property. Research by property portal [Rightmove](https://www.rightmove.co.uk/) found that access to a garden was a priority for over 60% of buyers looking for a new home. 

If you have an outdoor space, take the time to show it off for potential buyers. To get the most value out of the space we'd recommend staging it like you would any other room in your house. Make sure the space is clean and well-maintained, then add features like seating or plants. This will help buyers imagine how they could use the space themselves. 

[For more tips on making the most of your garden, head here.](https://www.getagent.co.uk/blog/diy/does-garden-increase-property-value) 

**Remember:** Every house has what's called a 'ceiling value'. This is the maximum price a buyer will spend on a house before they would be more likely to purchase something 'better'. Usually this means something bigger, with more land attached, or in a more desirable location. 

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### Should I renovate before I sell my house?

It can often be tempting to make big upgrades to a property before you sell in the hope that it'll encourage higher offers from buyers. However, there is always a risk that you'll end up spending more on renovations than you gain in value. 

Renovating new builds also comes with additional considerations. 

If you bought your new build home from a developer or house builder in the last 10 years it's likely that it's still covered by the [National House Building Council (NHBC) warranty](https://www.nhbc.co.uk/homeowners). This warranty is essentially an insurance policy that covers new build home owners against any problems with the builder's work. 

Unfortunately this policy won't cover anything that's done to the property by anyone other than the builder, or that 'exceeds the original specification for the home'. Therefore doing large-scale renovations during the policy period (usually 10 years), you may end up invalidating the warranty, making it more difficult to claim if issues with the builder's work do arise. 

This doesn't mean it isn't worth making some upgrades in order to boost the value of your property. Small things, like refreshing the paint, or updating dated fixtures can have a big impact on the attractiveness of your property.

### Renovations to avoid if you're looking to sell soon

* **Extensions & conversions**

Large scale renovations like a loft conversion, basement conversion, or an extension, are great if you need extra space. However, conversions and extensions can cost thousands of pounds, and be incredibly disruptive during the build process. You may also need to apply for [planning permission](https://www.getagent.co.uk/blog/diy/convert-garage-to-room). It's therefore unlikely that you'll see a good return on investment if you do these upgrades just before you sell. 

* **New kitchen**

It's pretty common that potential sellers are told that a new kitchen will add value to their home. In reality, however, a new kitchen rarely pays for itself. Many buyers will want to tailor a kitchen to their own tastes, and although a well-maintained and attractive kitchen can make a home more appealing, it's unlikely to add enough value to your home to make a full-scale kitchen redo worth it. To give your kitchen a cheaper refresh, consider repainting your cupboards, or updating individual appliances. 

[To read more about which renovations are worth it (or not) if you're selling soon, head here.](https://www.getagent.co.uk/blog/diy/should-i-renovate-house-before-selling)

**Tip:** If you do decide to make some larger changes, consider your target audience. Is your property more likely to attract young professionals, or families? Or is it more suitable for those downsizing in retirement? Use this information to guide your home improvements. For example, young professionals are more likely to find a home office more appealing than an extra bedroom. Those later in life might prefer a downstairs bathroom to extra living space in the loft. 

### Other things to consider when selling a new build 

Even though your property isn't technically still a 'new build' once you've lived in it, there are some particular issues that impact this type of property, and should be taken into consideration if you decide to sell. 

* **Leasehold** 

If you buy a new build property (rather than self-building), it's quite likely that it'll be a leasehold. This means that you are effectively 'renting' the land from the freeholder for a set amount of time (usually between 99 and 999 years). 

Unfortunately there are a number of issues that can come as part of owning a leasehold, which can make it more difficult to sell. These include: unfair ground rent clauses, and high service charges. Some buyers will be put off if your contract includes a term that allows the freeholder to increase these charges over time. 

Luckily if you apply to renew your lease, these terms can be removed. This can, however, be very expensive. Weigh up the potential increase in value, with the amount you'll need to spend to extend your lease. 

[For more information about selling a leasehold, head here.](https://www.getagent.co.uk/blog/first-time-sellers/is-it-hard-to-sell-leasehold) 

* **Cladding** 

There's also been a lot of discussion recently about the impact of the cladding scandal on those that own new build properties. Many new build flats have safe cladding, but until they are tested - and have a certificate demonstrating their safety - many mortgage lenders are reluctant to lend to those who want to buy them. Because of this, if your flat is impacted, you may find it difficult to attract buyers that need a mortgage. 

[For more information about selling a flat impacted by the cladding scandal, head here.](https://www.getagent.co.uk/blog/property-news/selling-flat-cladding) 

a couple pose with paint rollers and a ladder after painting the wall of their new build flat 

how-to-add-value-to-a-new-build

In this article we'll take a look at what makes new builds different when it comes to selling, and how you can increase the value of your property and get the best price when you sell. 

How to add value to a new build property 

In this article we'll take a look at what makes new builds different, and how you can increase the value of your property and get the best price when you sell. 

How to add value to a new build

It’s something no new homeowner wants to encounter: they’ve bought a new home, only to discover problems with the house that weren’t disclosed prior to the sale.

What happens now? Who’s responsible? And can the buyer seek compensation from the seller?

This article will cover what you need to know about undisclosed problems with your new home, from what to look out for before you complete your purchase, to what happens when you discover a fault, and finally to when -- and how -- to seek compensation.

### The buyer’s responsibilities during conveyancing

During the conveyancing stage -- spanning from when the offer is accepted to when the buyer receives the keys -- it’s crucial for the buyer to uncover any problems and ensure the house is up to their standard.

Normally that’s achieved through the commissioning of a survey, which buyers typically arrange for after their offer has been accepted but before all legal details have been negotiated and contracts exchanged.

[Surveying involves hiring a chartered surveyor](https://www.getagent.co.uk/blog/properties/house-survey-costs-types) to carefully inspect the property for any possible problems. Surveys are not technically required but are strongly recommended because they can offer the buyer some peace of mind. By having an independent professional evaluate the property for problems, buyers can feel assured their new house won’t give them any unwelcome surprises. Plus, buyers can make claims against surveyors who fail to identify defects present when the survey was undertaken.

[Read more on our blog: Can I do my own conveyancing?](https://www.getagent.co.uk/blog/conveyancing/diy-conveyancing)

Common issues that surveyors search for include:

* Structural risk such as subsidence (when the ground beneath the property sinks)

* Potential health and safety issues, such as asbestos or radon gas

* Damp, dry rot or pest infestations such as woodworm or beetles

* Electrical issues

* Faults with drains or roofing

* Poor insulation

Although a surveyor may make note of smaller issues, such as a dripping shower head or an ill-fitting cupboard door, they aren’t usually worth pursuing with the seller because they don’t negatively affect the value of the house.

Your licensed conveyancer (or conveyancing solicitor) should help you navigate this process. It’s their job to help you through the legal and financial implications of your survey.

For more information on how to find the best conveyancer in your area, check out our [guide to conveyancing](https://www.getagent.co.uk/guide/conveyancing/how-much-does-conveyancing-cost).

### The risk of skipping the survey

Buying a new home is expensive, so it may be tempting to skip the homebuyers’ survey. As many as four of five homebuyers have said they didn’t have a survey done, according to [news reports](https://www.thisismoney.co.uk/money/mortgageshome/article-2681685/Four-five-buyers-dont-bother-home-survey.html), but many have later regretted it.

It’s very risky not to have a survey done and we strongly recommend that you arrange for one. Here’s why.

The lack of a thorough survey for defects means that a buyer is less likely to discover problems that aren’t necessarily visible to the untrained eye, such as dry rot or subsidence. These are costly problems to address. A few hundred pounds spent now to locate a potential problem could save you thousands (or tens of thousands) in future repair costs.

While a seller has responsibilities regarding basic truthfulness, a thorough survey improves the buyer’s position both in negotiating the sale price and if an unreported problem appears after the sale is completed. A negative survey report, for instance, can help a buyer negotiate a lower price with the seller. Surveys are also official documents and as such their findings can be used in legal proceedings if the buyer ends up seeking compensation from the seller for undisclosed problems.

**Note:** a survey is different from a mortgage valuation, which your lender (if you’re buying with a mortgage) will require. Whereas a property survey is intended to search for defects and provide expert commentary on the house, the mortgage valuation is meant to assess how much a property is worth. As a result, even if you’re a cash buyer, the property survey will provide a much deeper inspection of the house.

This advice on surveys pertains to home buying in England, Northern Ireland and Wales. In Scotland, by contrast, surveys are the responsibility of the seller.

### The seller’s responsibility during conveyancing

While there’s a common notion that the rule of caveat emptor -- ‘buyer beware’ -- reigns supreme in the UK residential property market, in reality both sides of a house sale bear some responsibilities.

On the seller’s side, they’re legally restricted from providing any misleading information to the buyer. They also must answer truthfully any of the buyer’s queries.

Sellers must also disclose vital information that could affect the value of the house on the [Seller’s Property Information Form](https://www.lawsociety.org.uk/topics/property/transaction-forms) (‘TA6’ is its technical name) during the conveyancing process. While completing the Seller’s Property Information Form isn’t mandatory, it’s in the best interests of both buyer and seller to have all questions fully and honestly answered before the sale.

Examples of information that could be listed on the Seller’s Property Information Form include:

* Property boundaries

* Details of any disputes with neighbours

* Notices of development or planning permission of nearby properties or public works, such as a major roadway

* Details of any work or alterations **ever**completed on the property

* Buildings insurance information

* Car parking rights

If the seller is not truthful about the property, they risk a potential claim against them for misrepresentation.

### What should you do if you discover a problem with the property before completion?

As a buyer, if your searches uncover a problem that could affect the value of the house prior to the completion of the sale, you have three basic options.

You can:

* withdraw completely from the sale

* demand the seller cut the price in light of the problem

* demand that the seller pays to fix the problem

Of course, either party can still walk away without penalty until the contracts are exchanged. That’s important for the buyer to remember if the seller proves unwilling or unable to resolve major problems.

Buyers may feel frustrated if they’ve lost time on an ultimately failed translation, but that’s much better than being stuck with a massive investment in a deeply flawed property.

### Can you sue the seller over an undisclosed problem?

The discovery of an undisclosed problem with a new house is not just stressful, but could have a significant detrimental impact on the value of the house. In such cases, a buyer could turn to the courts to seek compensation.

For instance, a new homeowner could sue after buying a house if they feel the seller misrepresented, wilfully or not, the condition of the house during the sales process.

Most UK property contracts include the [Law Society’s Standard Conditions of Sale](https://www.lawsociety.org.uk/en/topics/property/standard-conditions-of-sale), which provide that a buyer can claim damages if there’s a material difference between the description or value of a property and its contents as they are represented versus how they actually are.

To make a claim against the seller, the buyer would need to prove:

* the issue existed at the exchange of contracts stage

* the defect is genuine and not merely a matter of opinion

* the problem negatively affects the value of the house

If the buyer’s claim is successful, the amount awarded will likely be roughly the difference between the amount paid for the house and what the property is actually worth in light of the damages. This is known as ‘diminution of value’.

In other cases, the buyer’s complaint could be with the conveyancer rather than the seller -- for instance, if an issue with the property was missed or misinterpreted.

In such cases, the buyer could launch a professional negligence claim against the conveyancer.

Buyers usually have a six-year window in which to bring the claim. In some circumstances, the timeframe may be three years from the date the buyer becomes aware of the problem.

Regardless, we recommend you seek independent legal advice if you think your seller may have misled you.

### Complaining to the estate agent about an undisclosed problem

Estate agents also have [legal obligations](https://www.gov.uk/buy-sell-your-home/estate-agents) to buyers. If you feel that the estate agent was negligent or deceptive about undisclosed problems with your new house then it’s within your rights to seek redress.

You must first contact the estate agent directly to give them a chance to respond. But if your complaint still isn’t addressed, ask them which of the following two government schemes they belong to:

[The Property Ombudsman](https://www.tpos.co.uk/)

[Property Redress Scheme](https://www.theprs.co.uk/)

Estate agents by law must belong to one of the schemes, which are meant to help people lodge complaints without going directly to the courts if they feel they’ve been let down during a property transaction.

### Final points

In sum, buyers should be extremely thorough in their searches during conveyancing to ensure that no unpleasant surprises crop up after they’ve completed the sale and taken possession of the property.

While sellers have a legal responsibility to disclose any issues with the property, ultimately the burden of addressing the problem will fall most heavily on the new homeowner.

The law in the UK is on the buyer’s side in the event of an undisclosed problem, but court proceedings tend to be lengthy, complex and expensive. The preferable outcome would be to never get to that point at all.


A selection of tools and a ladder in an empty room ready for someone to do repairs

bought-a-house-with-problems-not-disclosed-uk

It’s something no UK homeowner wants to encounter: they’ve bought a new property, only to discover problems with the house that weren’t disclosed prior to the sale.

Bought a house & found problems not disclosed? What to do

Bought a home with undisclosed problems? What to do

Moving house can be one of life’s most stressful and challenging events, so most people rely on insurance to offer peace of mind. 

The clearest way to ensure you’re covered during your move is to book with a professional removals company, let the movers pack up and physically move your belongings, and check your possessions immediately upon arrival for any damages.

But not all home insurance policies cover your possessions while in transit. As a result, home movers need to understand what their existing coverage does and does not cover, and whether they need additional moving house insurance to protect their belongings in the event of damage or theft.

### Make sure you've got moving home cover in place before you move in

You should plan to have your buildings and contents insurance in place before you move in -- preferably from the day you exchange contracts.

That’s because you’re responsible for your new home once you’ve exchanged contracts, regardless of whether you’ve actually moved in.

And by making sure your contents are insured before the move itself, you will protect against any damages or theft that might occur in transit.

[Read more about the conveyancing process here.](https://www.getagent.co.uk/blog/conveyancing/how-long-to-buy-house)

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### Choose the right type of home insurance policy for your move

The most important coverage you’ll need is a contents insurance policy that includes coverage for moving home.

You should look for whether policies cover:

* scuffs, scratches, and dents caused by the move

* official financial documents, such as bonds and deeds

* cover for high-value items, including money	

long delays caused by bad weather or other unplanned factors

In order to retain your coverage, you’ll probably need to use a professional, licensed removals company. DIY movers, including the proverbial ‘man with a van’, will likely invalidate your coverage.

In fact, some house moving insurance policies will only cover damages if your boxes have been professionally packed, so look for a removal company that offers a packing service. Discuss your needs with your removal firm because it could be the difference between having your claim accepted or rejected.

You should also check how long your contents cover will last. Moving house insurance typically only lasts a few days, so you may need to extend your policy if, for example, you’re planning to put your possessions in storage for a long period.

Many home removal companies will exclude specific items, such as cash, jewellery and, in certain cases, documents. For the move, you may wish to physically transport these items yourself, though in the longer term it will be worthwhile to look into specialised policies that cover these things.

Only select a home insurance policy once you’re certain you’ve gone through and understood the details, including what is and is not covered, and what the amount of your excess is. If you’re uncertain, ask your insurance provider.

### Home insurance vs moving house insurance

Some home insurance policies will cover the move to your new home while others don’t. According to [one estimate](https://www.moneysupermarket.com/home-insurance/moving-insurance/), 42% of insurers won’t cover your move at all.

But it depends on your specific coverage, so you’ll need to check the details of your existing policy for rules or restrictions. Look over your policy documents and, just to be sure, phone your insurance firm and ask if your possessions will be covered for your move.

Many insurance policies include a cap on the value of any items you’re going to move, so at the very least you may need to seek supplemental coverage.

[Read more on our blog: Who do you need to tell when you move house?](https://www.getagent.co.uk/blog/first-time-sellers/who-to-inform-moving-house-checklist)

To that end, a number of insurers offer existing policyholders the opportunity to add on moving house insurance, sometimes referred to as ‘contents in transit’.

Similarly, some removal firms offer insurance policies, though they may only cover around £40-50 in damages. Check with the removal company about what’s included in your contract with them and in what circumstances you’ll need to pay extra for coverage.

To that end, you should plan to complete a detailed inventory of all your possessions, including their values, before you move. 

Your insurer will usually set limits on total coverage for damages. But you may wish to notify them if any item you’re moving exceeds what’s known as a ‘single item limit’, which is frequently around £1500.

### Should you keep the same home insurance provider once you've moved house?

Although there’s no guarantee your price will remain the same, your insurer may be able to transfer your existing policy to your new house.

But home insurance premiums are based on a number of risk factors, including local crime rates, weather conditions, and the type of area (countryside vs. city, for instance) in which the home is located, so quite a bit may change between your old and new homes.

Even if you stick with the same insurance provider, they’ll need to re-evaluate your coverage once you’ve settled into your new home.

Regardless, speak to your insurer about how your move could affect your rates and then shop around for other options.

Family label home moving boxes in kitchen whilst young child sits inside one of the boxes

moving-house-insurance

Moving house can be one of life’s most stressful and challenging events, so most people rely on insurance to offer peace of mind. The most important coverage you’ll need is a contents insurance policy that includes coverage for moving home.

Moving house insurance: How to get it right

### What is 'no sale no fee' conveyancing?

'No sale no fee' is a product option offered by some conveyancing firms. The idea is like that of other 'no win no fee' legal services, where you only pay if you win a legal case. With 'no sale no fee' conveyancing you only pay once your property sale or purchase is successful. 

Conveyancing costs can be quite expensive - around £600 - £2000. So, a 'no sale no fee' guarantee gives buyers and sellers some financial security, in case their transaction fails. 

The reality is slightly more complicated. Property sales often involve third party fees that a law firm can't control, like searches & surveys. If the sale falls through, you'll usually still have to pay these third party charges - even if you have a 'no sale no fee' guarantee. 

So while you won't need to pay for the work your lawyer has done if your transaction doesn't complete, there will still be some fees to pay. 

**Important:** a 'no sale no fee' conveyancer is not the same as a 'fixed fee' conveyancer. Make sure you agree upfront with the conveyancer how much they will charge. Check your conveyancing quote includes the costs of any disbursements and third party fees, *as well as* the standard legal fee, so you aren't hit by any surprisingly large bills when it comes to completion. 

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### What third party costs could you have to pay?

If you decide to work with a no sale no fee conveyancer you'll usually have to pay a small amount upfront as a deposit for any legal work, and to cover third party costs. If your sale or purchase falls through you won't get this money back. 

**If you're a buyer and your purchase falls through you may have to pay the following:**

* **Conveyancing solicitor deposit**

Some conveyancing firms will ask you to pay a small deposit if you choose their 'no move no fee' option. This is to compensate for any legal work that may go unpaid if your transaction fails. You should expect this to be a small percentage of the total fee - around £150. 

* **ID & finance checks**

ID checks are part of the basic checks that go into the conveyancing process. Often conveyancing solicitors will use a third party identification verification service to confirm your identity. These will normally charge a small fee. 

* **Surveys**

Surveys are an in-depth look at a property's condition. Most people get one of these before they buy to make sure there aren't any expensive-to-fix structural issues, or long term problems that could impact the value or safety of the property. [For more information on surveys, head here.](https://www.getagent.co.uk/blog/properties/house-survey-costs-types) 

* **Searches**

Searches are enquiries made to various authorities (such as the local council). The results of these searches will give you information about the property, the land its on, and anything that might affect the property - such as planned infrastructure works. The results will highlight any problems with the property that might impact whether you want to go ahead with the sale or not. To apply for each of these searches your conveyancer will have to pay a non-refundable fee. If your purchase falls through, you won't be able to claim this money back. 

**If you're selling your home and the transaction falls through you may have to pay the following:** 

* **Conveyancing firm deposit**

Some conveyancing firms will ask you to pay a small deposit if you choose the 'no move no fee' option. This is to compensate for any legal work that may go unpaid if your transaction fails. You should expect this to be a small percentage of the total fee - around £150. 

* **ID checks**

ID checks are one of the basic elements carried out by conveyancers. Often conveyancing solicitors will use a third party identification verification service to confirm your identity. These will normally charge a small fee. 

* **Land Registry Fees**

The Land Registry charges a fee for obtaining copies of your property title, which you'll need for the pre-contract stage of the sale. 

* **Leasehold Information Pack**

If your property is a leasehold, your conveyancer will have to obtain a leasehold information pack from your freeholder. Your freeholder will usually charge a fee to arrange this. [You can read more about Leasehold Information Packs here.](https://www.getagent.co.uk/blog/conveyancing/leasehold-information-pack) 

In some cases, you'll be able to transfer these checks and documents to another sale, if your transaction doesn't go through the first time. 

[Read more about how much conveyancing should cost here.](https://www.getagent.co.uk/guide/conveyancing/how-much-does-conveyancing-cost) 

### Do all conveyancers offer a 'no sale no fee' option?

While 'no sale no fee' options used to be the reserve of online conveyancers, many traditional and independent firms have decided to offer this option now too, in order to remain competitive. You're therefore likely to have plenty of choice when it comes to selecting a conveyancer if you're specifically looking for a 'no sale no fee' option. 

**Note:** 'No sale, no fee' options might also be called: 'no move, no fee' or 'no completion, no fee'.

If you decide you would prefer to work with a solicitor rather than a conveyancer, you may find it more difficult to find a 'no sale no fee' option. Solicitors tend to work with more traditional fee structures - though you may find the occasional exception. 

### Is 'no sale no fee' conveyancing more expensive?

Many conveyancers in the UK offer a 'no sale no fee' option, and while generally prices are in line with the average rate for conveyancing, you may find that if a firm offers *both* a 'no sale no fee', *and* a 'traditional' option, the 'no sale no fee' option will be slightly more expensive. This is to compensate for the extra risk that the firm is taking on by doing work that could result in no payment. 

When you're considering firms, weigh up whether the added protection of the 'no completion no fee' option is worth the extra money, or whether you're happy with the risk. This will depend in part on the type of property you're buying, or who you're selling the property to. For example, the success of a transaction may depend more upon the outcome of a survey if you're interested in buying an old [listed property](https://www.getagent.co.uk/blog/first-time-sellers/listed-buildings), than if you're purchasing a new build. Or you might find you're not too worried about the risk of a transaction falling through if both parties are chain free. 

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### Pros and cons of 'no sale no fee' conveyancing

**Pros**

While not for everyone, there are a number of reasons why people choose a no sale no fee conveyancing option. 

* **Reduces the risk of financial loss if the transaction falls through** 

According to research by the [HomeOwners Alliance](https://hoa.org.uk/2018/05/selling-pain-points/) almost 300,000 property transactions a year fail in the UK. This can be for a wide variety of reasons: inability to get finance in place, a break in the chain, or something unexpected comes up in the survey. 

Using a no sale no fee conveyancer means you won't have to pay the full legal fee if your transaction fails, potentially saving you hundreds of pounds. 

* **Offered by both online and local conveyancers**

If you're keen to have the no sale no fee guarantee, you'll still have a wide choice of firms to pick from.

* **Potentially motivating for the conveyancer**

Some people believe that because the conveyancer is not paid until the transaction is complete, they are more motivated to ensure all the legal work is done efficiently. 

**Cons**

On the other hand, some people prefer a more traditional approach to the conveyancing approach. They choose not to work with a no sale no fee conveyancer because they're: 

* **Potentially more expensive**

In some cases, conveyancing solicitors charge more for their 'no sale no fee' option. This is to compensate for the risk that comes with taking on legal work they may not end up getting paid for. 

* **Not as commonly available from solicitors**

While 'no sale no fee' is fairly common among conveyancing firms it is less commonly offered by solicitors. If you need to use a solicitor for your home sale (perhaps you're selling as part of a larger legal situation such as a divorce), you may find the best option does not offer a 'no sale no fee' guarantee. 

* **Potentially demoralising for the conveyancer** 

While some people think that payment on completion is motivating for a conveyancer, some believe that the possibility of no payment can be demoralising, or even encourage poor quality work.  Make sure to check reviews carefully before you decide who to work with. [Read more about how to find a good conveyancer here.](https://www.getagent.co.uk/guide/conveyancing/choosing-the-right-conveyancer) 

### Are there any ways to prevent your property transaction from falling through?

While no option is foolproof, if you're worried about your property transaction falling through, there are some ways you can mitigate the risk. Consider:

* **Requesting a deposit at the offer stage** 

A deposit at the offer stage can reduce the risk of [gazumping](https://www.getagent.co.uk/blog/first-time-sellers/gazumping-meaning-what-can-do) or [gazundering](https://www.getagent.co.uk/blog/first-time-sellers/gazundering), and reduces the risk of either party changing their mind about continuing with the transaction. 

* **Strengthening your own position as much as possible** 

Making sure you're in the best position possible will reduce the risk of anything going wrong at your end. For example, ensuring you have a mortgage in principle before putting in an offer can reduce the risk of having to pull out because of lack of finance later on. 

two happy children and a parent sit at table smiling, with flowers and papers around them

no-sale-no-free-conveyancing

With 'no sale no fee' conveyancing you only pay once your property sale or purchase is successful. A 'no sale no fee' guarantee gives buyers and sellers some financial security, in case their transaction fails. 

'No sale no fee' conveyancing: Everything you need to know

Knowing whether it's a good or bad time to buy a house isn't an exact art. However, there are some ways you can get a general impression of whether the market is likely to be in your favour. 

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. We'll also make some tentative predictions about the way the housing market will go in the future to help you decide whether to buy now, or wait for more favourable conditions.

### How do you know if it's a good or bad time to buy a house?

If you're in the early stages of your home buying journey, there are a few things you can check out to see whether the market is currently in your favour. Being armed with this information will help you decide whether to take the leap, or to wait until you can get a better deal. 

We'd recommend starting with the following questions: 

**Can you find homes you like on the market?**

When you look on online portals, do you see the sort of property you're looking for regularly, or do they only come up every so often? 

Asking [estate agents](https://www.getagent.co.uk/estate-agents) is another good way to gauge how often you'll find properties that fit your criteria come up on the market. 

Of course there are some houses that are always in short supply - like detached homes in central London, or studio flats in Colne - but checking out what's available is a good way to see whether you'll actually be able to find what you're looking for when you're ready to put in an offer. 

[Buying and selling at the same time? Read more about how to juggle the process here.](https://www.getagent.co.uk/blog/first-time-sellers/buy-and-sell-at-the-same-time)

**Are house prices going up or down?**

If house prices are going up its generally a sign that the market is currently working in favour of sellers rather than buyers. House prices tend to go up when there's not enough homes to meet demand and competition between buyers drives up the price. 

Remember there's usually a fair amount of local variation when it comes to property prices. Big cities like London and Edinburgh are often among the most expensive for those looking to buy a home. Whereas smaller, rural communities tend to have lower property prices. Each area will experience house price fluctuations depending on what's going on nearby, for example: a large infrastructure project, or investment into local employment. 

Our house prices page compiles data from various trusted sources to give you an accurate view of what property prices are doing at a national, and a local level. [Check it out here.](https://www.getagent.co.uk/house-prices) 

**How's the mortgage market?**

The mortgage market and property market are intimately intertwined. When interest rates are low buyers are more likely to be active, because borrowing money is more affordable. On the other hand, when there are few mortgage products available - or interest rates increase - it becomes more expensive for people to borrow money, so fewer people look to buy. 

Affordable mortgage rates can be a double-edged sword. They can make it easier to buy a home, but can also cause greater competition because other buyers also want to take advantage of the favourable rates.

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### So, how are things looking for buyers, right now?

### Housing supply

One of the biggest issues facing property buyers in the UK at the moment is a lack of properties on the market. According to property portal [Rightmove](https://www.rightmove.co.uk/news/house-price-index/), 2 in every 3 properties currently 'on the market' have been sold subject to contract. They also found that in the first three months of 2021, there were 14% fewer new properties put on the market than during the same period last year. This suggests that a significant group of would-be homesellers are reluctant to start the process currently.

However this issue of supply is worse for particular types of properties. Many buyers are looking for family homes, or properties with gardens. But, where Rightmove found 14% fewer new listings in general, there were around ***30% fewer*** new listings of 3- or 4- bedroom detached properties - the current most popular property type for UK buyers. 

Rural and suburban areas are also the focus of buyer demand. Newquay in Cornwall for example is a particular hotspot: more than 8 in every 10 houses put up for sale this year are already 'Sold Subject to Contract'.

However, those looking to buy a property in a city centre are likely to have more choice. Central [London](https://www.getagent.co.uk/area/London), for example, is one of the few areas where ***more properties*** are being put on the market than normal. Many speculate that this is a result of more people moving out of the City to areas where houses are generally cheaper and larger. 

### Why are fewer sellers putting their property on the market right now? 

There are a number of reasons why people are a bit more reluctant to sell their properties right now. These include:

* **The pandemic**

The home selling process involves a lot of contact with potential buyers coming for viewings. Many home owners have been reluctant to start marketing their property because of the potential risk of transmission. However, with the easing of restrictions, and significant proportions of the population being vaccinated, it's likely more people will be happy to have potential buyers over for viewings again soon. 

* **Stamp duty holiday deadline**

While many buyers are keen to take advantage of the Stamp Duty Holiday, some sellers are cautious about marketing their property too close to the deadline. [Some sales will not complete in time](https://www.estateagenttoday.co.uk/breaking-news/2021/3/stamp-duty-surge-adds-weeks-to-time-it-takes-to-complete?source=newsticker) to take advantage in the savings, and this could lead to transaction fall throughs if a buyer can't pay the upfront stamp duty cost.

* **Financial uncertainty**

The [economic impact of coronavirus](https://commonslibrary.parliament.uk/research-briefings/cbp-8866/) has not yet been felt in full. Some people don't want to make large financial decisions until they completely understand their position. 

* **Buyer competition**

Many people who put their homes up for sale are *also* looking to buy. Some people are holding off selling until there's more properties on the market to choose from.

However, sellers that are putting their homes on the market right now, are finding that they sell incredibly quickly, and generally for much higher prices than they anticipated. 

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**Will this change soon?**

Several estate agents and property commentators have predicted that the end of lockdown restrictions will encourage sellers to feel more confident about putting their property on the market, and having people over for viewings. 

There are signs that the situation for people buying a home is already improving - albeit slowly. In the first week of March, Rightmove reported that new listings were only 5% lower than last year. This is a significant improvement from February, where the number of new homes put on the portal was 20% lower than in February 2020. 

The [Royal Institute of Chartered Surveyors (RICS) State of the Market Survey](https://www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/final---march_2021_rics_uk_residential_market_survey.pdf) showed similar results. The RICS survey asks estate agents and surveyors for their views on the property market both nationally and in their local area. They found that 29% more respondents thought that 'appraisals were up on the same period last year'. This is huge leap from a net decrease of -19% the month before. It suggests that more homeowners are interested in selling, so we should see a wave of new properties coming onto the market in the next few months. 

### Competition from other buyers 

Despite there being fewer properties on the market than normal, there are more people looking to buy. 

Estate agent [Hamptons](https://www.hamptons.co.uk/research/articles/stock-shortage-fuels-bidding-wars/) reports that the number of prospective buyers increased by 17% in the first 3 months of this year. This meant that for every new property put on the market there were more than 9 people registering their interest, on average, between January and March this year. 

According to RICS State of the Market survey, 42% of estate agents have seen an increase in new buyer enquiries during March. This is the highest recorded on the survey since September last year. 

Many estate agents also included comments about current levels of buyer demand. Sentiments such as 'Demand for houses at all levels is unprecedented', and 'Lack of choice for buyers... is the main problem at the moment' were common responses from agencies across the country. 

### Why is home buyer demand so high?

Buyer demand has been encouraged throughout the pandemic by a range of things, including:

* **Government incentives**

In order to support the housing market during the periods of lockdown, the Government has introduced a range of incentives to encourage people to move home. The most important of these is the [Stamp Duty Holiday](https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates), which means buyers won't have to pay any upfront property tax on residential property purchases up to £500,000. This gives buyers have the opportunity to save up to £15,000 upfront if they buy before the deadline. 

* **Lockdown**

Lockdown has meant we've all spent more time at home. This has encouraged many to think seriously about what they need from the place they live, and to explore buying a home further away from the office. 

* **Low interest rates**

Interest rates in the UK are currently very low, this makes borrowing money to buy a house much more affordable. 

### House prices

Due to the high levels of demand from buyers, and the low numbers of properties on the market, house prices have grown massively over the past year. 

According to the [Land Registry House Price Index](https://landregistry.data.gov.uk/app/ukhpi/browse?from=2020-02-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Funited-kingdom&to=2021-02-01&lang=en) the average property price in January 2021 hit £249,309. This is 7.5% higher than January 2020 - an increase of just under £20,000. 

[Nationwide](https://www.nationwide.co.uk/-/media/MainSite/documents/about/house-price-index/2021/Mar_Q1_2021.pdf), one of the UK's largest mortgage lenders, commented in their latest house price report that support from the Government in the form of policy (like Stamp Duty, and the new Mortgage Guarantee Scheme) would likely continue to boost house prices, and the market generally, over the next six months. 

They were however, cautious in their longer term outlook. Some believe that once the market begins to stabilise, and the true economic impact of the pandemic is felt (for example when furlough comes to an end) house prices will fall. 

### The mortgage market 

Right now, the mortgage market is pretty favourable for those looking to move house. Interest rates are low, which makes it more affordable to borrow. 

[Moneyfacts.co.uk](https://moneyfacts.co.uk/news/mortgages/the-best-residential-mortgage-rates-090421/), who follow the mortgage market closely, have found rates starting at as low as 1.06% for homemovers who are able to put forward a 40% deposit. Reports also suggest that [rates below 1%](https://www.telegraph.co.uk/property/buy/first-sub-1pc-mortgage-rate-since-covid-launch/) might be available from the end of April - if you can put forward a 40% deposit. 

The mortgage market is, on the whole, less favourable for first time buyers. This is because first time buyers present a greater risk to lenders and tend to have smaller deposit. First time buyer mortgage products are gradually returning to the market, supported by the government's new mortgage guarantee scheme, but they retain a strict affordability criteria.

### So, is now a good time to buy a house?

Currently the UK housing market is much better for property sellers than for property buyers. House prices are high, and there's lots of competition for the best homes. This means it will be hard for many buyers to find the right house, or get the best deal. 

However, that doesn't mean there isn't scope for buyers to take advantage of the situation too. Many home sellers are keen to move quickly to ensure they meet the stamp duty holiday deadline. And, there are some areas - such as city centres - where properties are regularly coming to the market and buyer demand is lower than usual. 

Make sure you're up to date with local and national trends. [Head here to see the best places in the UK to buy and sell property right now, along with a range of other useful statistics about the market.](https://www.getagent.co.uk/house-prices) 

If you're looking to buy a property now, we'd recommend getting independent financial advice before committing to a property or mortgage deal - particularly if you intend to move again in the next few years. They will be able to provide advice tailored to your financial situation, and explain whether there's a risk of ending up in negative equity, should house prices fall.

### Other things to consider

Figuring out what's best for your personal circumstances is often just as important as understanding the property market when it comes to deciding whether now is a good time to buy or not. 

Make sure to assess your circumstances from both an emotional and financial perspective. Two good places to start include:

* **Can you afford the mortgage?**

This isn't as simple as knowing you have the deposit available. You should also consider how you would manage the [repayments](https://www.getagent.co.uk/guide/mortgages/mortgage-short-on-cash) if you lose your job or are furloughed in the future. Consider what other life events might impact your income - for example taking time off work for maternity leave.  

* **What's driving you to move?**

If the reason you're looking to buy is: a new job, an expanding family, or to release equity, then what's going on in the wider market is likely to be less important than finding the right new property to suit your needs. 

Parent and young child wearing warm clothing run excitedly through a park 

is-now-a-good-time-to-buy-house-UK

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. We'll also make some tentative predictions about the future of the housing market to help you decide whether to buy now

Is now a good time to buy a house? April 2021

In this article we look at what makes a 'good' market for a buyer, and examine how the housing market is doing currently. We'll also make some tentative predictions about the way the housing market will go in the future to help you decide whether to buy now, or wait for more favourable conditions.

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