Press Round Up February 2024

Wed 10 Apr 2024

A beautiful Hampstead property that once belonged to plastic surgeon Sir Harold Gillies, has gone on sale for £19.95m with a blue plaque. Jeremy Leaf, principal of Jeremy Leaf & Co, told Mail Online: “Not all blue plaques are equal - some are considered more ‘valuable’ than others because the person who lived there was particularly famous, notorious or iconic, and that may add considerable value to the property, while increasing saleability. If you are considering buying a house with a blue plaque, try to disassociate it from the plaque. How much are you paying for the property and does the blue plaque add a justifiable premium? When you come to sell it on, will other potential buyers appreciate its value in the same way?"

House prices rose in January for the fourth consecutive month, according to the Halifax. Jeremy Leaf told City AM: “So far this year we have seen an increase in buying and selling activity but although improving, the property market remains sensitive and fragile. The question borrowers are weighing up is whether the recent reduction in mortgage rates is just the beginning, or should they wait longer before taking the plunge.” He added in This is Money that it had certainly helped activity in the short term: “In our offices, more valuations, listings and especially viewings, has been the result."

What next for first-time buyers in particular this year? Jeremy Leaf told The Express: “It could be a good time to be a first-time buyer than has been the case for a while, depending on what you are paying, where in the country you are buying and what you are looking for. If you have been paying very high rent, as mortgage rates start to come down you may be better off becoming a homeowner, assuming you can raise a deposit. Much depends on your individual circumstances, so you should run the numbers and seek advice from a whole-of-market mortgage broker. It is not just the purchase price to consider but running costs, service charge (if relevant) and what needs to be done to the property."

Younger buyers are turning to bungalows for cheaper family properties but they have traditionally been more popular with older downsizers. Jeremy Leaf told The Daily Mail “There’s a strong aspiration to buy a bungalow from those downsizing because a two-or-more storey house may not suit their lifestyle, yet they’re not ready to live in a flat. A bungalow is a halfway house."

How do you go about buying your first home if you are not sure where to start? Jeremy Leaf told Mail Online: “There are many things to consider. Timing is one of those: what is the latest comfortable date for moving in, as this will determine when and where you start. Then, you need to consider the accommodation you require and location – where would suit your commute if you have one, your work and lifestyle? If you work from home at least some of the time, you may need a home office. If you work in an office or at a different location for at least part of the week, how convenient is it to get there? Also, what about family life, do you want or need to live close to family and friends? Then you need to consider cost and affordability, which is clearly just as important as all of the above."