Does a fresh lick of paint in the kitchen increase the value of the house? Or a heated towel rail in the bathroom? Or an attractive water feature at the back of the garden?

We learned this week that the government is planning to appoint teams of inspectors to visit people's homes, and decide whether the owner has to pay the new “mansion tax”.

An extra levy will be imposed on homes worth more than £2 million, on a sliding scale going up to beyond £5 million.

It is meant to come into force in April 2028, but it is already proving a lot trickier than ministers seem to have realised.

Earlier this year, HMRC said it was hiring hundreds of inspectors to help with the valuation of everyone's home.

They will all have powers to enter a property to assess what it might be worth.

We can see what the authorities are getting at. If you simply rely on previous sale prices, it takes no account of how a house might have been improved, and lots of homes may well slip through the net.

There is a catch, however. It illustrates that while a mansion tax might appeal to the class warriors on the Labour backbenches, it is going to be very difficult to implement in practice.

There are three big problems. Firstly, going through a large house and trying to figure out how much each “improvement” or “feature” has added to its value is a huge task, and one that will take several years, at a minimum, of training before the “value police” are ready to start work.

It is a huge undertaking, from a state machine that can't build a new railway, or reservoir, or any extra houses. It is hard to believe it is all actually going to happen, and even if it does there will be years of delays as there is with every other government project.

A mansion tax could create a legal quagmire

Next, many of the valuations, quite rightly, will be taken to court.

The Office for Budget Responsibility (OBR) gave us a glimpse into the legal train wreck heading towards us earlier this year with a forecast that 20% of valuations would be challenged in court and that 40% of the legal cases would be successful.

The courts are going to be clogged up for years deciding how much individual homes are worth, creating huge backlogs and crowding out time that should be spent on far more serious issues.

Even worse, the top end of the British housing market is now in freefall, in part because of the looming mansion tax.

In Westminster, prices are down by 25%; in Kensington and Chelsea, 15%. Those falls are starting to ripple out into other boroughs and into the leafy commuter suburbs as well.

With those kinds of price declines, homes are going to drop below the £2 million threshold in huge numbers. The inspectors will have to change valuations constantly, and some owners are going to be heading back to court every year to try and get the tax removed.

Finally, the tax will only raise tiny sums anyway. The OBR has already downgraded its forecasts for the amount of revenue it will raise from £400 million in its first year, rising to £435 million by 2030-2031.

But it also warned that revenue would fall by £370 million before April 2028 because of reduced stamp duty, capital gains tax and inheritance tax receipts as households sold or downsized.

In other words, once all the costs are taken into account, the mansion tax may not end up raising any money at all.

All those expensive inspectors, with generous holiday allowances and gold-plated public-sector pensions that will stay on the government's books forever, will have been employed for absolutely nothing.

Those are just the practical details. The government still needs to deal with the moral issues.

What will it do about elderly homeowners, for example, who might not be able to sell a big house, but also can't afford to pay the extra tax on it?

Will it be able to face down the inevitable political backlash?

And given that the top 10% of earners already pay 60% of all the income tax collected in Britain, how can it justify yet more taxes on people who are already paying for most of what the state does?

And if the tax does cost more to implement than it raises in revenues, as it almost certainly will, how can it justify the drain on public finances at a time when the deficit is already soaring out of control?

The tax has not come into force yet. But it is already turning into a disaster.

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The Old Mill, Linztford, Rowlands Gill, County Durham

A Grade II-listed former paper mill on the banks of the River Derwent. It has exposed stonework, wood floors, a wood-burning stove and a large kitchen with an Aga. 3 bedrooms, 2 bathrooms, reception, double garage, studio, riverside terrace, gardens, 0.34 acre.

Price: £700,000 Finest Properties 0330-111 2266

The Stack, Trelyon, Truro, Cornwall

A five-storey, Grade II-listed former engine house dating from the 1800s overlooking a valley. It has granite walls with arched doorways and a wood-burning stove. 3 bedrooms, 2 bathrooms, dining kitchen, reception, terrace, workshop, studio, gardens, 0.6 acres.

Price: £895,000 Rohrs & Rowe 01872-306360

Lakeland Cottage, Spark Bridge, The Lake District

This converted 1850s bobbin mill was originally one of the oldest continuously operating industrial sites in the country. The gardens include a pond and a bridge over the river that leads to a pavilion. 4 bedrooms, 3 bathrooms, 3 receptions, study, orangery, dining kitchen, balconies, garages, gym, greenhouse, outbuildings, workshop, private riverside jetty, grounds.

Price: £1.995 million Fine & Country 01539-733500

Rhydlewis, Llandysul, Ceredigion

A mid 17th-century mill in west Wales that was rebuilt in 1811. The former mill has solid stone walls and a full-height living area with a vaulted ceiling with exposed wooden rafters, timber panelling, a Danish wood-burning stove and large glass doors that open onto a substantial balcony that overlooks the garden. 2 bedrooms, bathroom, open-plan kitchen/living area, mezzanine, parking, gardens, grounds.

Price: £350,000 Savills 0292036-8915

The Old Foundry, Panxworth, Norfolk

A former iron foundry and smithy dating from 1869 on the edge of a village. It has double-height ceilings with a mezzanine, exposed beams and a large fitted kitchen. 4 bedrooms, 3 bathrooms, reception, study, office, roof terrace, gardens.

Price: £550,000 Sowerbys 01603-761441

Royal Mint Street, London E1

A penthouse apartment in a converted Victorian factory originally constructed in 1890 for the tobacco manufacturers Thomas Bear & Sons. It has a dual-aspect kitchen and reception with double-height vaulted ceilings, exposed brickwork, the original cast-iron columns, timber floors and Crittal windows. 3 bedrooms, 2 bathrooms, office/bedroom 4, open-plan kitchen/dining room, share of freehold.

Price: £2.25 million Knight Frank 0203-597 7687

The Old Fire Station, Worcester

A top-floor apartment in the award-winning Old Fire Station development in the centre of Worcester. The flat has an open-plan interior with wood floors and modern fittings. It comes with its own private balcony that commands views over Worcester Cathedral and also has access to a communal roof garden. 2 bedrooms, bathroom, open-plan kitchen/ living area, parking.

Price: £260,000 Allan Morris 01905-612266

The Wheelhouse, Canterbury, Kent

A Grade II-listed former industrial building dating from the 18th century just outside the city walls in the Nunnery Fields conservation area. It has a 32ft vaulted drawing room with a log-burning stove and a 36ft sitting room with a vaulted ceiling, exposed timber beams and a Juliet balcony. 6 bedrooms, 3 bathrooms, 4 receptions, study, conservatory, breakfast kitchen, greenhouse, garage, courtyard garden.

Price: £900,000 Strutt & Parker 01227-473700

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

Average asking prices for homes in Glasgow and Manchester’s commuter hubs have soared in the past year, new research shows.

Property portal Rightmove analysed asking price growth in commuter towns linked to six of Britain's largest cities: London, Manchester, Birmingham, Bristol, Glasgow and Cardiff.

Of the cities analysed, the strongest asking price growth is concentrated in commuter locations by Glasgow and Manchester, with 10 of the top 15 fastest-growing hotspots located here.

Asking prices are rising fastest in more affordable commuter areas, Rightmove said, but falling in some higher-priced locations.

Colleen Babcock, property expert at Rightmove said the research shows two very different stories playing out in the UK’s commuter markets.

“In the more affordable locations around Glasgow and Manchester, asking prices are rising strongly as buyers look for value within reach of major cities,” she said.

“Meanwhile, some of the more expensive commuter hotspots are seeing prices ease, which could create opportunities for buyers who may previously have been priced out.

“For anyone considering a move, it's a reminder that looking a little further beyond the main city locations can often open up more options and better value for money."

Glasgow and the North dominate list of commuter hotspots with the fastest rising asking prices

Asking prices for homes in Falkirk, a commuter town of Glasgow, had the highest annual change among the cities listed, with growth of 13.5%.

The average asking price for home in the town is now £183,596, just lower than the average asking price in Scotland of £199,888, according to Rightmove in August.

Clark Gillespie, director at Forth and Clyde Property, an estate agent in Falkirk, said the city is “an attractive choice for buyers because it offers a combination of affordability, strong transport links and excellent family amenities”.

The town has good transport connections to nearby hubs like Edinburgh and Stirling too, meaning “it's a practical option for commuters who want to stay connected to major cities while getting more for their money”.

Beyond Falkirk, towns near Glasgow dominate the list of commuter hotspots with the fastest-growing asking prices, with six locations earning a place in the top 15.

Several of Manchester’s commuter towns have also seen strong asking prices growth, with four ranking in the top 15.

Asking prices for homes in Rochdale have grown by 8.7% in the past year, the second-fastest of those analysed, bringing the average to £238,115. The suburb has asking prices lower than the average for the North West, which stood at £273,421 according to Rightmove in August.

Other notable Manchester commuter towns with fast-growing asking prices are St Helens (7.8%), Wigan (6.2%), and Stalybridge (5.6%).

Source: Rightmove, 24 August

London’s commuter hubs dominate list of asking price falls

Average asking prices in many towns serving London have fallen, representing 11 of the bottom 15 commuter towns.

Haywards Heath in West Sussex, a commuter town for the capital, has seen the biggest price fall of 4.8% since last year, Rightmove’s analysis found. Here, the average asking price is now £461,066, just below the average of £469,604 in the South East of England.

Meanwhile, asking prices in Maidenhead, Berkshire have fallen by 3.9% in the past year, bringing them to £571,686.

London does have one commuter town that bucks this trend. Broxbourne in Hertfordshire had the third-strongest asking price growth at 8.1%.

Some of Bristol’s commuter hubs have also seen asking prices fall. Asking prices for homes in Bath fell by 3.8% in the past year, while those in Yate, a suburb of the city, fell by 2.3%.

Source: Rightmove, 24 August

When you’re planning your retirement, one of the key decisions you’ll need to make is what your residential status will be: especially, will you live in your own home throughout your golden years, or spend your retirement renting?

The latter is not a cheap option. Renting in retirement will now cost an average of £419,000 as rents are expected to more than double in the next 20 years, according to new research from retirement specialist Standard Life.

While data from the Office for National Statistics (ONS) shows rents are an average of £1,160 today, this could climb to £2,350 by 2046 if they continue to grow by an average of 3.8% a year, the research shows.

The high cost means those who plan to rent into their retirement will need to ensure their pension pots support that choice.

But ONS data shows the average pension wealth for someone aged 65 to 74 was just £145,900 in 2022 – much less than the rental costs over a 20 year retirement.

It means pensioners are at risk of not having enough to pay for their housing costs if they do not own a house and plan to rent when they retire.

Pete Cowell, head of annuities at Standard Life said: “For a growing number of people, housing costs could be the single biggest expense they face in later life, adding many thousands of pounds a year to the income needed to maintain a minimum standard of living.

“While support is available for those on the lowest incomes, many retirees will still need to plan for how ongoing housing costs will be met over the long term.”

Although it is expensive, more people are now renting in retirement. Data from the government’s Pensions Commission shows the proportion of households renting privately in retirement has more than doubled in the last 20 years.

Cowell added: “As renting in later life becomes more common, planning how those costs will be met is likely to become one of the most important financial decisions people make.

“Whether through savings, guaranteed retirement income products or a combination of both, having a clear plan for meeting those costs can make a significant difference to long-term financial security.”

The true cost of renting in retirement where you are

If you are planning to rent during your retirement, you will need to take a careful look at your pension pot and work out if you can afford to do so where you are as prices vary wildly across the UK.

The most expensive place to rent as a pensioner is London, where the average price of a year’s rent is £28,520.

That works out to £859,000 when over the course of a standard 20-year retirement, factoring in rental price growth.

The region with the second-highest expected renting cost is the South East, where the average for a year is £17,610 or £531,000 over 20 years – much lower than the price in the capital, but still far more than in cheaper regions of the UK.

As with house prices, there is a large North-South divide in rental costs as the North of England and the devolved nations are much cheaper than the South of England.

The cheapest region to rent in retirement is the North East of England, where a year’s rent costs an average of £9,670. This amounts to £291,000 over 20 years.

Meanwhile, the second-cheapest region is Yorkshire and the Humber, where the average rent for a year is £10,650 – or £321,000 over a 20 year retirement.

The interactive map below shows the projected cost of renting during a 20-year retirement.

Should you rent in retirement?

While renting in retirement is expensive, there are also some positive sides to renting rather than owning your own home.

“If you decide to rent, then you have the flexibility to move around without the burden of having to sell a home,” said Helen Morrissey, head of retirement analysis at wealth manager Hargreaves Lansdown.

This may mean you can be closer to your loved ones, or you may choose to move to a cheaper part of the country or one that fits your lifestyle better.

Certain maintenance problems with the home you rent will also be the responsibility of the landlord, meaning you will not need to fork to fix a leaky roof, for example.

Additionally, if you do not expect to pay off your mortgage before the end of your retirement, renting can be a more flexible solution and potentially a cheaper option depending on where you live.

There are of course drawbacks, the main one being that the home you rent is owned by your landlord, so you do not have the final say on what happens to the property.

In the worst-case scenario, you may be evicted from your home, though the new Renters’ Rights Act means this is much more difficult for landlords.

If you own your home instead, you will not need to worry about being evicted or getting approval to make changes to your property. Once you have paid off your mortgage, you will have far lower monthly costs too, meaning you will have more money in your pocket each month.

“Going into retirement owning your own home means your day-to-day expenses will likely be lower,” said Morrissey. “You can also use your home to release money either through equity release, or downsizing, should you need it.”

Ultimately, whether you should rent in retirement is dependent on your lifestyle, whether you already own a house, and whether you can afford it with your pension.

The past few years have been very tough for UK housebuilders and their shareholders, says Jo Rands, a portfolio manager on the UK Equity Income, UK Managers' Focus and UK Rising Dividends strategies at ClearBridge Investment. The government has pledged to build 1.5 million homes in five years, but various headwinds, including cost increases and higher interest rates, have caused UK housebuilders' shares to plunge over the past two years. Yet with Andy Burnham entering No. 10 with talk of building more council houses, and even bringing back a form of Help to Buy, their shares have rallied recently. Will this continue?

Why are UK housebuilders struggling?

At the core of the British housing crisis is the fact that we're simply not building enough housing, either in the public or the private sphere. David Crosthwaite, chief economist of the Building Cost Information Service, notes that housebuilding peaked in 1970, with nearly 400,000 homes completed, of which just under half were council houses. Fast-forward half a century and only 200,000 homes were built last year, of which just 4,000 were council housing. Essentially, “you have a diminishing supply of housing, particularly social housing, at a time when the population is continuing to grow at a strong rate”.

Unsurprisingly, the gap between housebuilding and population increase has created a huge backlog. There are several ways of estimating this unmet demand, says Edward Clarke, an associate director at planning consultancy Lichfields UK. When you take into account what statisticians call “concealed households” – people who would like to start a household, but are currently “sofa surfing”, or living with their friends and parents – then “we really need to build two million more homes”. That might seem like a shockingly large number, but Clarke thinks it could even be an underestimate. Getting the homes-to-population ratio in line with continental Europe would require even more construction – around 2.4 million additional homes.

It isn't just young people, and those on the margins, who are suffering as a result. The shortfall in supply means that houses in the UK are less affordable, in terms of the ratio of prices to incomes, than they are in countries such as France and Germany, as Jeremy Matallah, co-founder of rent-to-own company Keyzy, notes. Just to meet the immediate needs of the market, “we should be building around 300,000 homes a year”, roughly a 50% increase from the 200,000 homes a year that we are building at the moment.

Hoarding land and restrictive planning rules

Most experts agree that the big factor behind the lack of supply is the planning system. In 2024, the Competition and Markets Authority, the competition regulator, was called in to investigate allegations that builders and developers were hoarding land excessively, says Paul Smith, managing director at The Strategic Land Group. It found that the market for land was not working properly and that the planning system was such a fundamental barrier to the delivery of new houses that it felt compelled to talk about it, even though this was outside its original remit.

The planning system acts as a block on development in two main ways, says Smiths. Firstly, there simply isn't enough land earmarked for development, with only a third of councils in England even bothering to have up-to-date local plans. Worse, the process for dealing with individual planning applications, which is supposed to act as a “safety valve” given the lack of local plans, is too subjective (and therefore unpredictable) as well as increasingly complex.

Even when decisions are made, the process is getting ever slower due to a shortage of town planners. Indeed, “applications for new homes take more than three times longer to be approved than they did a decade ago, with the median time around 349 days”, says Smith. This matters, as even putting in a planning application can be expensive for a developer, costing around £150,000-£200,000 per application, even if the application is not successful. “If the process was speeded up and the outcome was more predictable more developers would be willing to take the risk.”

The plethora of rules and regulations make the planning system dysfunctional. Section 106 agreements, for example, which oblige builders to help contribute to additional development-related infrastructure, have been around for decades, but their scope has been broadened to the extent that you now see local police forces asking developers to contribute money so they can buy more laptops, says Smith. The Future Homes Standard rules on carbon emissions also “typically add around £7,000 to £8,000 per home in extra building costs”.

The Building Safety Act, approved in 2022, which significantly increased the safety requirements for tower blocks, is particularly contentious. The intention, to avoid a repeat of the Grenfell Tower disaster, is of course understandable, but the legislation “feels like a bit of a sledgehammer to crack a nut, reducing the appetite that anybody has to actually build flats”, says Adam Murray, CEO of planning and development consultancy Urbana. Indeed, developers in Germany and the US are safely able to build high-quality tower blocks “without having to follow rules such as having to have two staircases”, says William Reeve, chief executive of property technology company Goodlord. Loosening these rules is key if we are not to end up depending solely on single-family homes.

A blizzard of other problems for UK housebuilders

Poor planning rules aren't the only constraint on housebuilding. Even when development is allowed, buying land can be difficult when a site is owned by multiple parties, says Matt Beckley, partnerships director at Keon Homes. Remediation of former industrial land to make it fit for housing can also prove expensive. The government provides some support in the form of grants, but “there needs to be a good, hard look at the amount of funding that's available and how that is financed”, says Beckley.

Housebuilders are also “contending with a notable skills shortage, which means builds are taking longer to complete and projects are stalling”, says James Anderson, a construction supply-chain expert at Catnic. The National Audit Office has estimated that as many as 755,000 workers are needed to help meet housebuilding targets, even before factoring in those leaving the sector. The industry, including Catnic, is providing training, but additional help will be required.

The demand side is a problem too, says David Smith, portfolio manager of Henderson High Income trust. Elevated mortgage rates and political uncertainty over tax issues have weighed on consumers' sentiment, leading to a “lacklustre number of transactions”. Higher inflation and borrowing costs are also having a negative impact, says Ronnie George of Volution. He believes some form of subsidies for those buying a home, along the lines of Help to Buy, could be useful.

Andy Burnham's challenge

New prime minister Andy Burnham clearly faces a significant challenge. But many are optimistic that he can really make a difference, given his record as mayor of Greater Manchester between 2017 and 2026. His achievements in that time in office were far from perfect, says Smith, and he didn't quite hit the ambitious housebuilding targets that he set himself – he ended up making some concessions to those who opposed greenbelt development. But he deserves credit for going out and creating his own plan for local development rather than just “kicking the can down the road”, as local leaders in other parts of the country did.

As mayor of Manchester, Burnham at least showed an “understanding of the problem and a willingness to try and address it”, says Matallah, who is impressed that Burnham has promised to go beyond the existing commitment to invest £39 billion over ten years in affordable housing by tackling the “structural undersupply of social housing for the past 40 years”. There are indications that Burnham may be willing to allow councils to keep more of the revenue that they make from the sale of council houses, to use public lands for development and even take on debt in order to build more houses.

Burnham's “Manchesterism" – the belief that growth can be boosted by “devolving power to give mayors and councils the power and resources to make decisions” – could work, says Terry Woodley, managing director of development finance at Shawbrook. “Of course, there needs to be some sort of national strategy put in place, with regular monitoring to make sure that the councils are using these powers to boost development,” but decentralisation, combined with Burnham's enthusiasm, represents “the best chance to boost housebuilding levels that we have seen in over a decade”.

And it's not as if Burnham is starting with a blank slate, says Clarke. Over the last two years, the Starmer government put a lot of effort into reforming the system in order to meet their targets of building 1.5 million homes in five years. This was expressed in their proposed reform of the National Planning Policy Framework (NPPF), a draft version of which was circulated last December (with further revisions in May). As well as trying to make the process more rules-based and hence predictable, the new NPPF encourages councils to free up more sites by pushing them to allow development in the “greybelt” – that is, lower-quality greenbelt sites. The NPPF has also raised overall targets for home building in various areas.

Signs of an uptick in the housebuilding sector

Already many in the sector are starting to become more upbeat about the prospects for an increase in the number of homes built. “You've always got to be optimistic in this game,” says Smith, and there are a number of “easy wins” the government can make to help remove “the grit from the system”. Smith is particularly happy that Matthew Pennycook, the minister of state for housing and planning, has been kept on and elevated to a Cabinet role.

“We have at last moved away from a situation where there wasn't a proper housing minister, and if there was, they were moved on every 12 months,” says Bleckley. It feels “like there is now a will to get more houses built than there has been for more than ten years”. This doesn't mean the government will hit its targets for housebuilding over the next five years (although Bleckley hopes he's wrong about this), but “I do think that there will definitely be an uptick”.

There are “many uncertainties”, says Clarke, but there has recently been an increase in the number of planning submissions made, which is a good leading indicator of future activity. We “should expect to see more homes being built if the market conditions allow for it”. Similarly, despite his concerns about the shortage of planners, Woodley is starting to see that “some of the developers that we work with are getting approvals” more rapidly.

The housebuilding market may be about to turn

The market may now have reached the point where it is too negative about the housebuilders, says Jack Fletcher-Price, an equity analyst for Morningstar, but things are unlikely to improve until something happens to shift investors' perceptions. If (or when) such a catalyst appears, things could change quickly. Shares in housebuilders shoot up, sometimes by as much as 5% in a day, every time there is a rumour that the government is going to bring back some kind of Help-to-Buy scheme, for example.

If there is an uptick in housebuilding, the big housebuilding firms will be best placed to profit “because they tend to have stronger balance sheets, established land banks and greater access to funding, allowing them to respond more quickly if market conditions improve”, says Guiseppe Scozzaro, a partner with chartered accountants and business advisers Goodman Jones. Any uptick would “also benefit a much broader range of firms, from planning consultants and specialist lenders, to building-materials suppliers and infrastructure providers”. We take a look at some of the most promising investment ideas below.

The most promising housebuilding investments to buy now

One of the most attractive housebuilders is Persimmon (LSE: PSN). Its relatively high exposure to the north of England, compared with London and the southeast, “was previously seen as a negative, but it is now viewed as a positive, as you're seeing much better house-price growth up there”, says Morningstar's Jack Fletcher-Price. David Smith of Henderson High Income also likes that the firm is “one of the most vertically integrated UK housebuilders, with in-house brick, tile and timber-frame manufacturing operations, helping to improve cost control, efficiency and security of supply”. Persimmon trades at 11 times 2027 earnings and on a yield of 5.8%.

If snapping up a bargain is your priority, then you might want to think about Barratt Redrow (LSE: BTRW). It is even cheaper relative to its fundamentals than Persimmon, says Fletcher-Price, although he thinks that Persimmon has the more attractive business. The stock is trading at just a touch more than half its book value (the value of its net assets). Barratt also appears cheap on other metrics, trading at 12 times 2027 earnings and offering an attractive yield of 3.97%.

If you're willing to take on a bit more risk, then Vistry (LSE: VTY) is even more of a bargain, trading at an even greater discount of more than 70% to its book value, and at only 6.4 times its 2027 earnings, following a series of scandals over understated costs, followed by poor results. The company has a unique model, says ClearBridge's Jo Rands. It partners with local authorities on projects and so “could possibly do well from a greater emphasis on affordable housing” (though Rands emphasises that she doesn’t have an overall view on the company).

As well as housebuilders, businesses exposed to drainage, piping, insulation, heating systems and other construction inputs could see stronger demand if housing output increases, says Smith. One promising play on that theme is Genuit (LSE: GEN), which provides water, climate and ventilation systems for buildings. The firm has enjoyed solid growth, with revenue climbing by a third between 2020 and 2025, and profits doubling during the same period. Despite this, the stock trades at less than ten times 2027 earnings and on a dividend yield of 4.9% Volution (LSE: FAN) also specialises in ventilation systems. It has had an even stronger record of growth than Genuit.

Aided by a series of acquisitions, the company has nearly doubled its revenues and tripled its profits over the five years to 2025. Chief executive Ronnie George thinks that greater awareness of the importance of good ventilation, especially following the Covid pandemic and several tragic cases where people have died from asthma triggered by mould, will drive further demand for its systems. The bulk of its business used to come from retrofitting old buildings, but new-builds account for around half of revenue. Volution trades at 15.8 times 2027 earnings and offers a dividend yield of 2.1%.

Another company that should do well from any uptick in UK housebuilding is Ibstock (LSE: IBST), which makes bricks and concrete for the UK construction industry. Revenue has been volatile since 2020, but the long-term trend is upwards, with both sales and profits expected to keep increasing over the next few years. Two new brick factories have been completed, which should help to keep revenue growing. Ibstock trades at 16.4 times expected 2027 earnings and offers a dividend yield of 2.8%.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

Over the last 12 months, developer Caswell & Dainow have seen a 50% increase in enquiries, the majority from homeowners interested in selling parts of their garden off for development.

Co-founding director Adam Dainow says: “In the cost-of-living crisis people are looking at ways they can release large sums of cash to help out."

But not everyone agrees that selling off some of your land, while appealing in the short-term, will have little or no impact on the value of your home when you come to sell up.

MoneyWeek investigates the pros and cons of selling off some of your garden.

Does your land have development value?

Your plot must be big enough for at least one property which is in keeping with the size expectations of similar neighbouring properties.

In inner city locations where space is scarce, your plot may not be expected to host a property and a garden, for example. A small terrace or balcony may be sufficient. In suburban areas, where large gardens and privacy may be expected, a desirable plot is likely to be larger.

How much money could you get from selling part of your garden?

That depends on whether you live in a higher or lower value housing market. According to Caswell & Dainow, a plot of land where a typical three- or four-bedroom house sells for £500,000 to £600,000, your land could be worth up to £100,000 before planning permission or between £150,000 to £200,000 after planning permission has been granted.

In housing markets where the same size property sells for between £750,000 to £1 million, homeowners could expect £150,000 to £175,000 for their garden pre-planning permission and from £200,000 to £275,000 post planning permission. These values rise to up to £300,000 and £400,000 pre- and post-planning respectively where nearby homes sell for up to £1.5 million.

Dainow says: “We worked with a homeowner in North London who received £150,000 for land to the rear of his property where planning was secured for a three-bedroom family home and a family in South London who received £140,000 for overgrown side land that had become a regular site for fly tipping.”

But those living in more modest neighbourhoods need not miss out.

“In areas of lower value, landowners may still net between £30,000 and £60,000 for a slice of their garden for a single home,” he says.

How does it work?

If your property has a mortgage secured on it, your lender must agree to the sale first.

The bank’s lending is based on the original value of your property, which will go down when you sell part of it – reducing the value of their security.

The lender will also be looking at the future saleability of your home, says Nicholas Mendes, mortgage technical manager at brokerage John Charcol.

“Practical details matter,” he says. “If the sale affects access, parking, drainage, services, boundaries, or rights of way, it can quickly become a problem.

“What often derails these plans is not the idea of selling land itself, but the knock-on effect.

“A lender may be nervous if the remaining property becomes less marketable, if valuable development potential is being carved away, or if the title becomes more complicated because of covenants, restrictions, or unclear boundaries.”

Your mortgage lender is likely to request a valuation at your cost before making a decision. Lenders can ask for part of the mortgage to be repaid from the sale proceeds depending on the size of your debt and value of your property after selling some of your garden.

If you have been given the go ahead, you have three routes to choose from;

• Sell your garden to a developer before getting planning permission – this is a quickest option but will net you the lowest price.
• Agree with the developer on a ‘subject to planning’ offer, whereby they agree to buy your garden at a higher price on the condition they can get planning permission – you’ll need to instruct a solicitor to draw up a contract.
• Apply for planning permission yourself. This is the costliest option but if successful, you’ll end up with the highest price for your land.

Will selling your land devalue your home?

That depends on the size of your original plot, the amount of land you are left with and the type of area you live in.

Richard Sexton, managing director of Legal & General Surveying Services, said: “In some cases, selling off some land won’t hit the value of your property, particularly where the remaining plot is still generous for the type and location of the property.

“A house with an acre of land may still feel substantial and attractive with half an acre of land, especially in rural or semi-rural settings. However, buyers will pay a premium for space, outlook and exclusivity – so removing development land can still reduce desirability even if the house remains objectively sizeable.”

Land only adds meaningful value to a home where it contributes to privacy, setting, future potential or overall enjoyment of the property. If the sale changes the character of the house or reduces separation from the neighbours there is usually a material impact on value and market appeal.

Those with a smaller plot to begin with, in a suburban location, are more at risk of damaging the value of their property.

“Carving off land can alter the balance of the property quite significantly, affecting privacy, parking, outlook and future extension potential,” adds Sexton.

“In valuation terms, buyers tend to react more negatively where the remaining plot begins to feel compromised or out of keeping with neighbouring homes.”

Brett Ray, registered valuer and founder of Survey Shack, an app-based property assessment tool, has seen the impact on saleability first hand.

“Part of the garden to a house on my street had previously been separated from the original plot,” he said.

“That property has now been on the market for over a year. Ray believes this shows how reducing garden size and altering the original plot can “affect future saleability”.

Since the pandemic, Ray says outside space has become much more valuable, particularly in and around large towns and cities so homeowners should weigh up the risks and benefits carefully.

What to consider before selling your land

A loss of privacy, your garden or windows being overlooked, extra traffic down your drive or side access to your property and the stigma of being the property with the smallest garden on the street are all serious considerations for sellers, says Trudy Woolfe, director of lender services at e.surv chartered surveyors.

“Many people just see the pound signs rather than thinking about the impact,” she adds. “It’s a fine balance.”

Practical complications around access rights, drainage and shared boundaries can all affect saleability and the chances of getting a mortgage if not handled properly.

If your garden has development potential, by selling off the land, you are eliminating an upside of the original property.

And, by selling it to a developer who secures planning permission and sells it on to a builder, you lose control over the design quality and materials used which could have a detrimental impact on the desirability of your home.

Dainow says a good developer will make sure any new homes built on garden land would be positioned to protect the homeowner’s privacy and property value.

But rather than take the developer’s word for it, you can get specific terms written into the contract with the developer.

For example, you could agree you don’t want to look at any windows from a particular elevation or that maintenance of any new access created is the responsibility of the new owner.

You can also include an ‘overage’ clause in your contract which stipulates that the seller gets more money if the land becomes more valuable after the sale because more homes are being built on the land than originally agreed.

Independent advice should be sought from both a solicitor and chartered surveyor with development land expertise before agreeing any terms as land values can vary considerably depending on planning prospects and local demand.

Stamp duty land tax is another cost to factor into the equation when buying property in England or Northern Ireland.

It is applied at different rates depending on the value of the property, if the home you’re buying costs more than £125,000. That threshold rises to £300,000 for first-time buyers purchasing a home worth £500,000 or less.

The average house price in England was £292,095 as of May 2026, according to the latest data from HM Land Registry, meaning the typical mover would pay around £4,604 in stamp duty.

A first-time buyer would not have to pay any stamp duty for the same transaction.

Regional house price variation means the average amount of stamp duty is drastically different depending on where in England you are moving to, with analysis of home buyer enquiries across England in the first half of 2026 by Zoopla showing a stark North-South divide.

Around half of all first-time buyers in London, the East of England, and South East England have to pay stamp duty, compared to just 10% in the north of England as property prices in these regions eclipse those in the north.

The story is not much different for home movers. While almost all of those buying their next home in England have to pay some stamp duty, the amount they pay on average is very different.

The amount you’ll pay in the north of England will typically be between £1,500 and £2,200, while in some parts of the south, stamp duty bills can rise to almost ten times this.

Richard Donnell, executive director at Zoopla, said: “For home movers, stamp duty is a near-certain cost wherever you live – and in Southern England it runs to five figures. Six in ten property purchases are made by existing homeowners.

“When the cost of moving becomes a meaningful friction, some of those moves don't happen, especially with lower levels of house price inflation in recent years across southern England.”

The analysis did not include the data for buyers in Northern Ireland.

Average stamp duty costs by region for first-time buyers

If you’re buying your first home and it’s worth £500,000 or less, you could benefit from first-time buyers' relief. This means you’d only pay stamp duty on any portion of the property value over £300,000, at a rate of 5%.

The difference in house prices across regions means many first-time buyers in certain parts of England may not need to pay any stamp duty on their first home, or pay relatively low amounts.

Only 2.1% of first-time buyers face a stamp duty bill in the North East, Zoopla said, and for those who do, the median stamp duty bill is £3,750.

In Yorkshire and the Humber, 3.8% of first-time buyers pay stamp duty. This rises to 6.2% of first-time buyers in the North West and 9.3% in the West Midlands. The median bill in all of these locations for first-time buyers is £2,500.

As average house prices in London, the East and South East of England are much higher than elsewhere in the country, first-time buyers’ relief is less generous. In each of these regions, over 50% of first-time buyers have to pay stamp duty.

This percentage peaks in London, where around 80% of all first-time buyers pay some stamp duty.

The average stamp duty bill for a first-time buyer in the capital is £8,750, while it’s £5,000 in the South East, and £4,500 in the East of England.

Average stamp duty costs by region for home movers

Almost all home movers will have to pay stamp duty when they buy their next house – but the amount they have to pay depends on property value.

The North East region has the fewest home movers paying stamp duty, though a majority still pay it (63%). The amount paid is relatively low, though, with an average bill of £1,500.

It reflects how the North East is the cheapest region in England for house prices, as the average house costs just £163,933, according to HM Land Registry, more than £100,000 less than the average for England.

Between 82% and 92% of home movers pay stamp duty in the other northern regions, the Midlands, and the South West.

The highest average stamp duty bill among these regions is the South West, where the typical home mover will pay £5,000.

These numbers steeply rise in London, the East and South East of England. The typical home mover will pay around £10,000 in stamp duty in the East of England, £11,250 in the South East, and an eye-watering £20,000 in London.

Almost all home movers pay stamp duty in these regions too.

How stamp duty is paid

Stamp duty is due in England when the price of the home you are purchasing is above the tax-free threshold.

Home movers have to pay stamp duty on properties worth over £125,000 and the amount you pay depends on the price of the property. The table below shows the rates at which it is levied.

If you already own a residential property and are buying a new one, you’ll usually have to pay 5% on top of these stamp duty rates, if it means you’ll own more than one home.

First-time buyers have a larger tax-free threshold of £300,000, and pay slightly different rates of stamp duty. These are shown in the table below.

You will have to pay the full stamp duty amount to HMRC within 14 days of buying your property.

Younger people faced with historically high housing prices and ongoing cost of living pressures may be hoping an inheritance will help them out.

Nearly one in four (23%) Gen Z (born between 1997 and 2012) say they are not prioritising retirement saving because they expect to inherit money or property.

This view is also common among Millennials (born between 1981 and 1996), with one in five (20%) of this generation saying the same, according to a Standard Life survey of 6,000 people conducted in June 2026.

Grandparents who have benefited from house price increases and may be enjoying bumper pensions, and who are worried for their younger loved ones’ financial prospects, could feel pressure to give away their homes to grandkids now, in an attempt to reduce the risk of them paying inheritance tax later.

Experts have said it’s trickier than just handing over the keys, however.

How much can I give away free of inheritance tax?

To quickly recap on the key inheritance tax rules – every homeowner has two inheritance tax-free allowances.

You have a nil rate band of £325,000 and there is a residence nil rate band of up to £175,000 when a family home is passed to direct descendants, including grandchildren, though this second allowance is tapered for estates above £2 million.

Married couples and civil partners can inherit each other’s allowances, meaning up to £1 million may be passed on by them after death before IHT becomes due.

Also, most gifts a person makes during their lifetime are exempt from inheritance tax – but the person must survive for seven years after giving it (these are known as ‘potentially exempt transfers’).

A gift can be money, property or possessions – anything that has value. A gift must reduce the value of the estate and you must include any loss incurred as part of the gift. For example, if a person sells their house to a child for less than it’s worth, the difference in value counts as a gift.

An outright gift is where value is transferred to another individual without conditions.

Losing legal control

Many people assume giving away their home – often one of their most valuable assets – is a straightforward way of reducing inheritance tax. The reality is often far more complicated.

Legally there are a number of things to consider.

When the original owner gives their property away, they lose legal control over it. This is true whether the original owner remains living in the property or not – but several factors mean it can be especially tricky if they continue to reside there.

Laura Walkley, partner and head of the private client department at TWM Solicitors LLP, said: “Even where there is complete trust between family members, circumstances and relationships can change over time. In a worst-case scenario, the original owner could lose their home.”

Four key scenarios could put the person giving away the property at risk, Walkley pointed out; disputes, debt, divorce and death.

1. The donor and recipient could fall out, and the recipient may decide to evict the original owner or to sell the property.
2. The recipient might also need to borrow against it, exposing the property to claims by creditors.
3. If the recipient goes through a divorce, the property may be vulnerable to claims for financial provision by a former spouse.
4. If the recipient dies before the person who made the gift, unless suitable arrangements are put in place, the property will pass under the recipient’s will or intestacy, potentially ending up in the hands of people the donor never intended to benefit.

Inheritance tax property gifting rules

Giving your home away while continuing to live in it is also one of the biggest inheritance tax misconceptions – it doesn’t automatically mean your loved one avoids inheritance tax.

Shaun Moore, tax and financial planning expert at financial advice firm Quilter, said: “If you gift a property but still benefit from living there, HMRC will treat it as a 'gift with reservation of benefit'. This means the property would still be counted as part of your estate for inheritance tax purposes.”

To avoid this, you would typically need to pay a full market rent to the new owner, plus your share of the bills. This creates its own complications and could generate an income tax liability for the recipient, who would also need to declare that rent on their annual tax returns.

You do not have to pay rent to the new owners if you only give away part of your property and the new owners also live at the property.

There’s normally no inheritance tax to pay if you move out and live for another seven years.

Capital gains tax problem

Grandparents with more than one property who want to give one away to a grandchild could also find there may be capital gains tax implications if the property is not the giver’s main residence.

Only a person’s private residence is exempt from capital gains tax. “So, if I gifted a buy-to-let, for example, the gift is viewed as a disposal for CGT purposes that realises any gain made,” said Moore.

This triggers an immediate CGT bill. Even if you receive no money for the property, you must pay capital gains tax on the difference between what you originally paid for it and what it is worth on the day you gift it.

Care costs

Permanently giving away your home could also create headaches if you come to need care in later life. You won’t be able to sell your home or use equity release, for example, to unlock some of your housing wealth to pay for your care.

At the same time, under deprivation of assets rules, local authorities could scrutinise gifts made later in life if they believe assets have been transferred primarily to avoid care costs.

Consequently the council may be reluctant to pay for your needs or even demand money back from the grandchild you gave the property to.

Alternatives to grandparents giving away property

Before taking the huge step of giving away your home (or another property) to your grandchildren, it is important to establish whether gifting property before death is even necessary.

Tom Kimche, financial adviser at Netwealth, said: “Outside of property, there are several other ways to gift which could be a better fit during your lifetime.

“For example, beyond the annual £3,000 gifting exemption, gifts from surplus income can often fall outside the scope of IHT if properly structured and documented.

“Larger gifts can also leave your estate for IHT purposes if you survive for seven years after making them.”

Structure is another important consideration. Gifts can be made directly or through relatively simple structures such as bare trusts.

“If you would like greater control and asset protection, discretionary trusts or Family Investment Companies (FICs) may be worth considering, though they add cost, complexity and additional tax considerations,” said Kimche.

Maynards, Little Sampford, Essex

A 1670s, Grade II-listed former farmhouse with a moat that runs around three quarters of the grounds. It has exposed wall and ceiling timbers, oak floors, open fireplaces with wood-burning stoves and a bespoke kitchen. 4 bedrooms, 2 bathrooms, 2 receptions, 2-bed annexe, 5 acres.

Price: £1.5m Cheffins 01799 -23656

Pond Cottage, Wilton, Marlborough

This 17th-century thatched cottage is situated in an idyllic position overlooking the village pond. It is accessed by a private bridge and surrounded by gardens that include well-stocked borders and a vegetable garden. The cottage has beamed ceilings, inglenook fireplaces and a large dining kitchen. 4 bedrooms, 2 bathrooms, office/bedroom 5, 2 receptions, utility, garage.

Price: £995,000. Hamptons 01672-837178

The Mill, Arnesby, Leicester, Leicestershire

A converted, Grade II-listed 19th-century windmill with a two-bedroom cottage and a range of outbuildings set in grounds that include a wildlife pond and a paddock. The mill has a double-height entrance hall, a bespoke staircase and a glass walkway on the first floor that connects the main accommodation with the former windmill. 4 bedrooms, 4 bathrooms, 2 receptions, 2 studies, balcony, motor house, 4.44 acres.

Price: £2.75m Fisher German 01858-410200

Bulkeley Grange, Malpas, Cheshire

A restored, Grade II-listed Victorian country house with a terrace with stone steps leading down to a sunken garden, wildflower meadow and a pond. It has oak floors and period fireplaces. 7 bedrooms, 5 bathrooms, 3 receptions, kitchen, library, stables, 9.7 acres.

Price: £2.25m Savills 01244-323232

Tinley Lodge, Shipbourne, Tonbridge, Kent

A country house surrounded by gardens that include a large pond with a pontoon, a Japanese garden with a wildlife pond, decking, multiple seating areas and an outdoor kitchen. It has an open-plan dining kitchen and living area with an Aga and French doors leading onto a courtyard garden. 5 bedrooms, 4 bathrooms, 2 receptions, study, 1-bed annexe, 2 studios, stables, paddocks, 8.01 acres.

Price: £4.95m Knight Frank 020-3967 7176

Barley Hill Farm, Combe St. Nicholas, Chard, Somerset

A Victorian former farmhouse with earlier origins set in large gardens that include two walled gardens, a wildlife garden with ponds, a wooden footbridge and wooded area adjoining a paddock and an orchard. 5 bedrooms, 3 bathrooms, 3 receptions, kitchen, 2-bed annexe, conservatory, office, dairy, 2-bed cottage, 1-bed coach house.

Price: £1.65m Knight Frank 01935-812236

Loughbrow House, Hexham, Northumberland

This late Victorian house is now in need of some renovation. The house is surrounded by landscaped gardens and set on a small estate that includes two cottages, a gate lodge, a pond, a sequence of small streams crossed by stone bridges, a walled garden with a greenhouse, woodland and a former quarry. 7 bedrooms, 5 bathrooms, 3 receptions, kitchen, reception hall, library, stables, grazing land, 31.4 acres.

Price: £2.1m+ Galbraith Group 01434-693693

Puddledock, Norden, Corfe, Dorset

Puddledock comprises a 200-year-old building incorporated into a contemporary state-of-the-art house with a deck running the length of the property that overlooks the wildlife ponds. It has vaulted, beamed ceilings and a modern wood-burning stove. 4 bedrooms, 4 bathrooms, reception, 7.06 acres.

Price: £2.25m Savills 01202-856873

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

If you’ve sold a house recently and it felt like it took an age, you aren't alone. It currently takes 216 days on average to find a buyer and complete the sale of a property across Great Britain.

The average time it takes to find a buyer across England, Wales and Scotland was 62 days and the time taken to complete a purchase was 154 days in June, Rightmove finds.

Sellers with flats who have found a buyer are facing the longest wait to complete – an average of 169 days. In contrast, owners of terraced and semi-detached houses are waiting 149 days on average to complete a purchase after finding a buyer.

Johan Svanstrom, Rightmove’s CEO said this was the longest summer wait on record.

"An average 154 day wait to complete the transaction process itself is simply far too long. Rightmove data shows that in some parts of the country the delays are even more significant. Housing mobility is closely linked to economic growth. We believe greater digitisation of moving journey processes, stronger information standards and transparency to all stakeholders is key," he said.

Delays in the house-selling process were caused by a number of factors including longer chains, legal hold-ups and complications involved with selling leasehold properties.

Rightmove also said a big driver of long competition times was conveyancing solicitors dealing with high caseloads. It comes with £205 billion worth of residential property currently on sale on the Rightmove website, according to the portal's own figures, which, if sold, it said could stimulate UK economic growth.

The regions where properties are selling the fastest and slowest

The analysis reveals homes are generally much quicker to sell in the north of England and Scotland than the south of England and Wales.

It’s currently quickest to sell a home in Scotland with the time to find a buyer combined with the time to complete a purchase sitting at 127 days on average – over four months.

The second quickest place to sell a home is in the North East of England, where the total time to move home is 194 days on average.

The third quickest is Yorkshire and the Humber, with the total time to move home taking on average 207 days.

Homes take the longest to sell across Great Britain in London. It takes 70 days on average to find a buyer and 174 days to complete a purchase, a total wait of 244 days (or over eight months), Rightmove found.

Source: Rightmove

The local authorities where it’s fastest and slowest to sell a home

The 10 local authorities where it’s quickest to sell a home after finding a buyer are all in Scotland, according to Rightmove.

It is quickest to complete the sale of a property in Clackmannanshire where the average wait time is 76 days, then Angus and Dumfries and Galloway where it takes 77 days on average.

The local authority where it takes the least amount of time to complete a house sale outside of Scotland is in North East Derbyshire (120 days), then North East Lincolnshire (122 days) and Chesterfield (124 days).

The time taken to complete a sale is longest in Slough (229 days), Brentwood (209 days) and Colchester (205 days).

Source: Rightmove

How to speed up the house-selling process

Getting paperwork ready and in order can shave weeks of the house-selling process, said Nick Mendes, mortgage technical manager at broker John Charcol.

“Title deeds, Energy Performance Certificate, leasehold info, planning or building regulation certificates, all of it should be sat with your conveyancer on day one, not chased up after an offer lands," he said.

It’s also worth getting a conveyancer involved before you’ve got a buyer, not after.

“Too many sellers wait until an offer's accepted to start looking for a solicitor, and that's time you never get back. Get the ID checks, source of funds and initial searches moving early so things can progress the second a sale is agreed.”

If you’re selling a leasehold property, you can speed up the process by extending a lease through your landlord and requesting management packs as soon as possible.

It can be harder to sell a leasehold property with less time left on a lease while lenders may be reluctant to issue a mortgage to a buyer, which can also delay the house-selling process.

Management packs contain details on what the buyer is purchasing, such as service charges and insurance costs, but can take weeks to arrive.

Mendes added that it’s crucial to set a realistic asking price on your home when putting it on the market. Recent research from Zoopla found many people are setting the initial price too high which means it takes longer for a property to sell, sometimes years.

“Go in too high and have to correct it later, and you've just added time on market and given any chain a chance to fall apart,” Mendes said.

Indigo Point, Great Camanoe, British Virgin Islands

A modern estate with three properties surrounded by landscaped gardens. There are no corporate or personal income taxes, or capital gains or inheritance taxes to pay. 2-bedroom main villa, 1-bedroom owner’s cottage, 1-bedroom guest cottage, pool, 2 boat slips, 4.4 acres.

Price: $5.5m Hamptons 020-8618 4551

Bolivia Mount, The Dhoor, Lezayre, Isle of Man

A distinctive property built in 1820 and surrounded by formal gardens and woodland. The Isle of Man operates a low-tax regime with low fixed income-tax rates and no capital gains, inheritance or wealth taxes. 6 bedrooms, 3 bathrooms, 3 receptions, 42.3 acres.

Price: £6.95m Knight Frank 020-7861 1065

Seaside Drive, Guana Cay, Abaco, Bahamas

An ocean-side residence featuring bright interiors with vaulted beamed ceilings, wood floors, floor-to -ceiling windows and an open-plan living area. The Bahamas operates a zero-tax jurisdiction with no personal or corporate income taxes, capital gains, wealth or inheritance taxes. 3 bedrooms, 3 bathrooms, gardens, tennis court, 2.1 acres.

Price: $4.8m Bahamas Sotheby’s International Realty +1 242 367 5046

Courtil Brock, St Peter Port, Guernsey

A fine Regency villa built in 1810, surrounded by landscaped gardens that include an English oak planted by the first owner in 1812. It has 12-foot high ceilings, grand fireplaces, shuttered sash windows, panelled walls and French doors leading onto the south-facing terrace. Guernsey levies a flat 20% personal income tax, and there are no corporate, capital gains, inheritance or wealth taxes to pay. 5 bedrooms, 6 bathrooms, 3 receptions, library, cinema.

Price: £4.9m Savills 01481-713463

Ordino, Andorra

A mountain home in Ordino in the Pyrenees. Although not strictly a tax haven, there are no wealth, inheritance or capital gains taxes to pay. The house has beamed ceilings and a partly covered terrace for outdoor dining. 4 bedrooms, 4 bathrooms, wine cellar.

Price: €3.15m Lucas Fox +376 775 077

Derry Farm, La Route Du Francfief, St Brelade, Jersey

A restored country house with modern bright interiors that retain original features, including marble fireplaces. The gardens include a stream and a swimming pool. Jersey imposes no capital gains, inheritance or corporate taxes, and has a fixed income-tax rate of 20%. 4 bedrooms, 3 bathrooms, 2 receptions, library, 2-bedroom self-contained cottage, 1-bedroom flat.

Price: £7.75m Knight Frank 01534-877977

Shoreview Point, West Bay, Cayman Islands

A renovated home in a gated community, with its own dock on a canal leading out to the ocean. The interiors have marble floors, large picture windows and French doors leading onto the garden and pool. The Cayman Islands has a “tax neutral” status and levies no corporate, income, capital gains or property taxes. 4 bedrooms, 4 bathrooms, reception.

Price: $3.75m Savills 020-7016 3740

Lorne House, Castletown, Isle of Man

A grand Georgian estate, which was originally the official residence of the island’s lieutenant governor. The property has landscaped gardens, orchards and paddocks and a restored walled garden overlooking Castle Rushen, a medieval coastal castle. The Isle of Man operates a low-tax regime with low fixed income-tax rates and no capital gains, inheritance or wealth taxes. 8 bedrooms, 5 bathrooms, 4 receptions, 6.5 acres.

Price: £6.85m The London Broker 020-7193 9969

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

The average asking price of a home with a sea-view has increased by 27% since 2019, outpacing the national average (22%), new data shows.

A sea-view property in the UK now commands an asking price of £298,810 on average, up from £235,635 in 2019, Rightmove says.

The region with the highest growth in asking price among sea-view homes is the south east of England, where the average asking price for these properties is £416,375, up 24% since 2019.

Meanwhile, the regions with the fastest asking price growth for homes with sea-views are the East Midlands and Yorkshire & The Humber, where prices have surged by over 50% in the last seven years.

Colleen Babcock, property expert at Rightmove, said: “A sea-view has long been seen as one of the most desirable features a home can offer, and our latest analysis shows buyers are willing to pay a significant premium for one.”

She added that while the most sought-after coastal locations in the country still command high prices, there is strong growth in more affordable seaside areas, suggesting homes with sea-views are becoming "increasingly valuable across the wider market".

Which regions are seeing the strongest price growth for sea-view homes?

The East Midlands has seen the largest surge in asking prices for homes with sea-views, as prices have risen by 55% since 2019.

The region’s seaside towns include Skegness, Mablethorpe, and Cleethorpes.

The average home that overlooks the ocean in the region commands an average asking price of £352,789 today, up from £228,083 in 2019.

Yorkshire and the Humber is in close second place for strong asking price growth among sea-view properties. The average asking price for a sea-view home in the region has soared by 53% in the last seven years from £160,771 to £245,119.

The region includes popular seaside locations like Scarborough, Whitby, Bridlington and Redcar.

While these regions have seen strong growth, performance is not the same across the country.

Sea-view homes in Scotland have seen their average asking price rise by just 4% since 2019, increasing from £159,938 to £166,068.

Although sea-view homes in the South East command the highest asking prices overall of £416,375, growth has been slower than most regions of the country, increasing by just 16% in the last seven years.

Source: Rightmove, 29 July

The towns where the sea-view premium is highest

The coastal town which has been the biggest beneficiary of surging asking prices for homes with a sea-view is West Mersea in Essex.

Homes in the seaside town command a sea-view premium of £222,294. Average asking prices in the town are £433,185 but surge by 51% to £655,479 when you can see the sea from your window.

The second-highest premium in the country can be found in Frinton-on-Sea, also in Essex, where there is a £130,699 (36%) difference between the average asking price in the town and the average asking price for a home with a sea-view.

The table below shows the top 10 locations with the largest sea-view premiums.

Source: 29 July

New prime minister Andy Burnham has distanced himself from rumours that he was actively looking at proposals to replace council tax and stamp duty with alternatives that reflect a property’s current value.

It comes after The i Paper reported he was looking at ways to replace the current property taxation system with either a proportional property tax or a land value tax.

However, Number 10 has denied Burnham is considering scrapping council tax and stamp duty.

A spokesperson told MoneyWeek that rumours the prime minister is considering replacing stamp duty and council tax with either a proportional property tax or a land value tax are “not true”.

They added: "As has always been the case, decisions on tax are a matter for the chancellor to set out at fiscal events.”

Burnham has previously said it is unfair that households in affluent parts of London (like Wandsworth or Westminster) are paying far less in council tax than households in poorer areas where house prices are much lower.

In an interview with the BBC on 26 July, Burnham said: “There are people here in Manchester who pay a much higher council tax than people living in much larger homes in London.

“[Former Labour chancellor] Rachel Reeves was right to start to reform council tax to create some fairness there in relation to people in homes that are of much greater value who haven’t seen their council tax go up over the years because of the failure to revalue the banding.”

A proportional property tax would mean higher taxes for people in expensive homes

It had been rumoured that Burnham was considering removing council tax and stamp duty and replacing it with a flat 0.48% annual charge on a home’s current value, although Number 10 has since said this is “not true”.

This proportional property tax method would greatly reduce the amount of council tax people in areas with lower house prices pay while increasing the amount people in more expensive areas pay.

For example, a property in the North East (the area in England where house prices are lowest) cost an average of £181,133 in June, according to Lloyds.

Assuming the tax is levied at a flat 0.48%, the typical household would have to pay £869 a year. This is far lower than the Band D council tax rate in Newcastle of £2,540.

On the other hand, the average house in London, which costs £534,831 according to Lloyds, would pay £2,567 a year. This is far more than a Band D property would pay in all London boroughs.

The most expensive London borough for council tax is Kingston upon Thames where Band D costs £2,050 a year – a household here would pay around £500 more annually under the proportional property tax proposal.

Meanwhile, the borough with the lowest council tax rate is Westminster, where a Band D property pays just £935 a year in council tax – over £1,500 less than the proposed proportional property tax for the average London house.

However, properties in Westminster are far more expensive than in the rest of London – they cost £836,000 on average, according to the ONS.

As the proportional property tax proposal is a flat annual levy on a home’s current value, the more expensive your home is, the more you will have to pay. For example, a home worth £1.3 million would have to pay £6,240 a year.

Could a land value tax be introduced?

Reports from The i Paper also suggested Burnham’s team was looking at a land value tax (LVT) as an alternative to stamp duty and council tax.

A land value tax is paid on the value of the land that a property sits on, rather than the value of the property itself.

This means that, theoretically, a large five-bedroom house in a remote and unappealing area of the country would pay far less in tax than a similar house in the middle of London.

Research by Tax Policy Associates suggests that if land value tax was introduced, households in almost all parts of the country would pay much less tax, whereas those who live close to large cities would generally pay much more.

Could the ‘mansion tax’ threshold be lowered?

In the 2025 Autumn Budget, then-chancellor Rachel Reeves announced a new tax on expensive homes. The High Value Council Tax Surcharge will take effect in April 2027, based on 2026 property values.

Dubbed the ‘mansion tax’, it means households who live in properties worth more than £2 million will have to pay an additional council tax surcharge of between £2,500 and £7,500 a year depending on the value of their home.

The resident is usually liable to pay council tax, but the mansion tax applies to homeowners, rather than occupiers, meaning tenants wouldn’t be responsible for paying the surcharge.

Before Burnham became prime minister, the Mail of Sunday reported he was looking at lowering the mansion tax threshold to £1.5 million, potentially pulling 150,000 additional households into paying the tax.

Would you pay more tax under the proposals?

The biggest winners of a proportional property tax or a land tax would be people who live in inexpensive homes in parts of the country where property is cheap. With low house prices, a 0.48% annual charge would likely be far less than current council tax rates.

They would also pay less under a land value tax, assuming their property is not in a major city or the south east of England.

On the other hand, the biggest losers would be people who live in expensive houses in expensive parts of the country – especially people living in parts of London where council tax is currently low.

Homebuyers could save up to 47% on the price of their prospective home by looking for properties in neighbouring postcodes, according to new analysis from Lloyds.

Those looking to buy a home in some of the UK’s most attractive postcodes are stuck paying a premium for location – but by looking at properties just beyond the boundaries, you could potentially spend hundreds of thousands of pounds less.

On average, properties in postcodes next to the most sought-after locations are 28% cheaper than their counterparts, and in many places this discount is higher, the research shows.

For example, buyers in the North East can find the biggest savings. House prices in the seaside town of Whitley Bay are £304,022 on average, but ones in the neighbouring port town of Blyth are just £162,075 on average – a saving of 47%, or £141,947.

Amanda Bryden, head of mortgages at Lloyds, said: “It’s easy to focus on the ‘must -have’ locations when you’re searching for a home, but this research highlights just how much value can sit right next door.”

While these homes are in less sought-after areas, they have the benefit of being significantly cheaper, making them much more affordable while still being close to prestige areas. This can be helpful, especially for those trying to get onto the property ladder.

Byden added: “Of course, neighbouring areas aren't always directly comparable and each will have its own distinctive character, housing stock and local appeal. But in many parts of the country, looking just beyond the most sought-after postcodes can reveal more affordable options while still keeping buyers close to jobs, transport links, amenities and the communities that matter to them.”

Where in your region has the biggest postcode discount?

Discounts can be found by looking in neighbouring postcodes all across the country.

While the biggest example by percentage is the gap between Whitley Bay and Blyth, you can still find sizable discounts elsewhere in the UK.

For example, people who buy in South Luton and surrounding areas in Eastern England rather than the pricier Harpenden could, on average, save the most amount of money, by changing postcodes.

The average home in Harpenden costs £587,884, while it’s £351,742 in the South Luton LU1 postcode area. This means there’s a postcode price gap of £236,142, or 40%.

Likewise in Greater London, buyers could save £232,419 (30%) by moving to Cricklewood in the capital’s NW2 postcode, rather than NW3, which covers Hampstead, Belsize Park and surrounding areas.

On the other hand, the smallest savings are seen in Northern Ireland. The largest postcode gap is between the BT4 postcode that encompasses East Belfast and the BT16 postcode that covers Dundonald and the surrounding areas.

The average house price in the BT4 postcode is £278,143, compared to £247,068 in the BT16 postcode – a potential saving of £31,075 or 11%.

The table below shows the neighbouring postcodes where buyers can find the biggest savings in each region of the UK.

Source: Lloyds, 27 July

What is a land value tax?

A land value tax is an annual levy paid on the value of the land upon which a property – or no property – sits, rather than a tax on the property itself. The basic idea is that land gets its value from location, rather than the calibre of the development that sits on it. And what gives a location value is what is going on around it. Is it close to the centre of a city? Is it in an area with great transport links, good schools, beautiful parks, hospitals and so on? Generations of taxpayers paid for all that civic infrastructure and a land value tax is a fair and efficient way of taxing what economists have called the “unearned betterment” part of the value of a property – that is, the rise in value that has nothing to do with the owner's efforts and everything to do with the state and community.

Is a land value tax a new idea?

Not at all. Land value taxes have their roots in the ancient principle that people enclosing common land for agricultural use had a duty to share some of the resulting crops. In Anglo-Saxon England, the unit of land measurement called the hide (around 120 acres) was used to assess people's liabilities and obligations for such things as the maintenance and repair of bridges, fortifications and manpower for the army. A thousand years later, in The Wealth of Nations (Book V, chapter 2), Adam Smith argued in favour of a land tax on the grounds that it would fall on the owner of the land and not harm other economic activity. “Nothing could be more reasonable,” he concluded. David Ricardo, too, was a strong advocate. More recently, the most famous proponent of a land value tax was the late 19th-century US journalist and free-trade campaigner Henry George. Winston Churchill was a big fan, too.

Why is a land value tax so popular?

It's one of those interesting ideas (such as universal basic income or congestion pricing) that attracts support from a strikingly broad range of voices. Left-wingers are attracted to land value taxes because they capture unearned rents and reduce inequality from land ownership. Free-market liberals are keen because land value taxes are seen as highly efficient and tax a fixed resource without discouraging work or investment. The key point in favour is that such a tax “allows us to raise more money from the unproductive rich without disincentivising the productive rich”, says David Goodhart on Substack. Andy Burnham, during his first bid for the Labour leadership in 2010, backed the policy as “aspirational socialism”. Milton Friedman – guru of the “neoliberalism” so disdained by the new PM – also supported it as the “least bad tax”.

Why did Milton Friedman call it the 'least bad tax'?

Because if states must tax – and they must – then it's best that they do as little damage as possible to incentives that promote growth and enterprise. Income taxes disincentivise employment. Taxes on profits make businesses invest and trade less. But the supply of land is fixed: no tax increase will result in there being less of it. And “even the most tax-shy landlords cannot take their acres offshore or dodge the tax with legal jiggery-pokery”, says Edward Lucas in The Times. Moreover, a land value tax “stimulates growth by penalising inactivity. Landlords pay the tax anyway, so they had better make use of their land, or sell it, dropping the price if necessary” – and selling to more productive owners. Land value tax, in other words, helps tackle “grey belt” decay and discourages land hoarding and speculation, smoothing out booms and busts.

How high should the land value tax be?

Another proponent is Dan Neidle, the City lawyer turned tax reform campaigner. He supports scrapping stamp duty (which harms growth and labour flexibility by discouraging people from moving house); council tax (out of date, unfair and under-taxes the very rich); and business rates (arbitrary, stifle growth and stoke perverse incentives). To replace the £100 billion these three dreadfully designed property taxes bring in, Neidle's Tax Policy Associates think tank proposes a land value tax set at around 1.3%. Other groups have proposed models at between 0.48% and 1%. Stamp duty and council tax between them account for roughly £57 billion. At the 1.3% rate, at least 63% of people would be better off immediately (compared with council-tax payments), and in the long run the boost to the economy would make it a win-win for all.

What would a land value tax mean for homeowners?

In the short run, millions of homeowners in southern England would be looking at gigantic new annual tax bills. And that's not the only reason why land value taxes are a tough sell, politically. Initial implementation is tough, since the scope for disputes and legal challenges against a levy on a hypothetical value is clear. And opponents worry the tax would be unfair on asset-rich but low-income homeowners, especially the elderly. Without some kind of lengthy phasing in, a land value tax would constitute a one-off windfall tax on the current generation of land owners, since once they are introduced, land values would fall to reflect future tax liabilities. And letting cash-poor pensioners pay the land value tax from their estates risks turning it into a disguised inheritance tax.

Will Britain get a land value tax?

This week Andy Burnham appeared to back away from a far milder form of tax reform that he espoused as recently as last week – a big rise in the personal allowance to take more low earners out of income tax. So it's highly unlikely he would have the political capital – or mandate – to push through such a radical move this side of a general election. But it may be an idea whose time has come. An early attempt at a land value tax in Britain – under Lloyd George's Liberals – collapsed under the weight of the administrative burden involved and trenchant opposition from landowners. But today's technologies mean the task is not insurmountable, given the political will. Versions of a land value tax have been introduced in jurisdictions including Australia, Canada, Denmark, Estonia, Singapore and Taiwan. “Burnham has been right about this for 16 years,” says Neidle in The Sunday Times. “The question is whether he's willing to be right today.”

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Barton Olivers, Burton Bradstock, Bridport, Dorset

A Victorian villa with uninterrupted views over the sea and a garden with a gate opening onto the coastal path. It has open fireplaces and a kitchen with French doors leading onto a terrace. 5 bedrooms, 5 bathrooms, 2 receptions, indoor swimming pool, 2.96 acres.

Price: £3m Knight Frank 01935-810064

Harbour Island, Crinan, Lochgilphead, Argyll & Bute

A renovated, contemporary house and cabin on a private island off the coast of Lochgilphead. It has floor-to-ceiling windows, an open-plan dining kitchen and a raised deck. 3 bedrooms, 3 bathrooms, office, 2 receptions, conservatory, 9.7 acres.

Price: £1.25m+ Savills 0141-222 5875

Mount Severn, Freshwater East, Pembrokeshire

A modernist house situated in the woods above Freshwater East Beach. It has floor-to-ceiling windows, wood-burning stoves, an open-plan dining kitchen and living area with bi-fold doors leading onto a terrace and a two-bedroomroom apartment. 4 bedrooms, 4 bathrooms, receptiontion, office, garden room, studio, heated swimming pool.

Price: £1.5m Country Living Group 01437-616101

Rosebank, Dartmouth, Devon

A renovated house in a commanding position on the banks of the River Dart. It comes with its own boat house. The house has vaulted, beamed ceilings, arched sash windows, wood floors, period fireplace and a sun room with far-reaching views over the Dart Estuary. The gardens include a terrace and a decked area. 3 bedrooms, 2 bathrooms, dining kitchen/living area, sun room, porch, balcony, boat house, terraces, gardens.

Price: £1.75m Savills 01548-800462

Malindi, Eastcliff, Cornwall

An energy-efficient house surrounded by gardens that include steps leading down to Porthtowan Beach. It has floor-to-ceiling windows, bi-fold doors, polished concrete floors and an open-plan kitchen. 2 bedrooms, bathroom, dressing room.

Price: £1.55m The Modern House 020-3795 5920

Aline Estate, Isle of Lewis, Outer Hebrides

An 18th-century lodge on a sporting estate overlooking Loch Seaforth and the Isle of Skye. It comes with its own island, fishing rights and red-deer stalking. 6 bedrooms, 5 bathrooms, 2 receptions, study, staff bedroom, kitchen, sunroom, 3 cottages, cottage occupied by the estate gamekeeper, outbuildings, boathouse and slipway, industrial pier, woodland, 8,202 acres.

Price: £4m+ Strutt & Parker 0131-226 2500

King Street, Aldeburgh, Suffolk

A renovated, four-storey townhouse situated on the seafront overlooking the beach. It has exposed brickwork, arched windows, period fireplaces, modern wood-burning stoves, a plywood staircase, bespoke kitchen and a balcony on the top floor that commands wide-ranging views over the North Sea. 2 bedrooms, bathroom, receptiontion, dining kitchen, study.

Price: £775,000 The Modern House 020-3795 5920

Sea Road, Westgate-on-Sea, Kent

A four-storey, New England-style house situated on the seafront on the North Kent coast in the centre of West Bay, overlooking the sandy beach. The house has a central oak staircase, a large dining kitchen and a south-facing garden with a heated swimming pool and pool house with bi-fold doors and a kitchen area. 6 bedrooms, 4 bathrooms, 3 receptions, cinema room, laundry, gym, double garage, terraces, heated swimming pool.

Price: £1.75m Miles & Barr 01843-844899

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Chelvey Court, Backwell, Bristol

A Grade II-listed, 17th-century house currently arranged as two independent homes and a two-bedroom flat. It has a Jacobean staircase and carved stone fireplaces. 9 bedrooms, 4 bathrooms, kitchen, 2 receptions, study, barn, summer house, landscaped gardens, orchard, 5.53 acres.

Price: £1.95m+ Knight Frank 01173-171996

Carestown Steadings, Deskford, Buckie, Banffshire, Scotland

A large property close to the Moray Firth. It has vaulted ceilings and a conservatory. 3 bedrooms, 2 bathrooms, 4 receptions, kitchen, breakfast room, study, indoor swimming pool with sauna, 2-bed cottage, outbuilding with offices, 5.4 acres.

Price: £1.995m+ Strutt & Parker 01463-723595

North Pallant, Chichester, West Sussex

A renovated, Grade II-listed 15th-century townhouse with an extension to the rear adding a bespoke kitchen and living area with sliding doors leading onto a courtyard garden. The house retains its beamed ceilings and panelled walls, and has open fireplaces with wood-burning stoves. 5 bedrooms, 3 bathrooms, guest en-suite bed, 2 receptions, cinema room, roof terrace.

Price: £1.85m Fine & Country 01243-908077

The Grange, West Burton, Leyburn, North Yorkshire

A Grade II-listed, 18th-century house overlooking a river. It comes with three two-bedroom apartments in a converted Grade II-listed stable block, which are currently run as holiday lets. The house has open fireplaces and a large, bespoke dining kitchen with an Aga. 9 bedrooms, 7 bathrooms, 4 receptions, secondary kitchen, garages, mature gardens and pond bordering Walden Beck.

Price: £1.895m Savills 01904-617821

The Downs Barn & The Downs Barn Lodge, Frampton Mansell, Gloucestershire

A former barn with a 17th-century arched, panelled entrance. It has beamed ceilings, open fireplaces and comes with a detached, two-bedroom lodge. 7 bedrooms, 5 bathrooms, reception, 2 kitchens, 1-bed annexe, swimming pool, paddocks, woodland, 5 acres.

Price: £1.95m Murrays Estate Agents 01453-755552

The Old Vicarage, Tintagel, Cornwall

A refurbished Grade II-listed, mid-17th-century former vicarage and attached cottage on the edge of Tintagel. It has wood-burning stoves and a bespoke kitchen and conservatory leading onto landscaped gardens that include a kitchen garden and a stream crossed by a slate bridge. 7 bedrooms, 3 bathrooms, 2 receptions, gym, 17th-century gate house, deconsecrated chapel, 3 acres.

Price: £1.85m Rohrs & Rowe 01872-306360

Griffin House, Swerford, Chipping Norton, Oxfordshire

This 15th-century, Grade II-listed William and Mary house was rebuilt in 1691. It has oak mullion leaded-light windows, window seats, exposed timbers, flagstone floors, oak panelling and open fireplaces. The gardens include a range of outbuildings and a natural swimming pool with a pontoon. 5 bedrooms, 3 bathrooms, 2 receptions, breakfast kitchen, cinema and games room, triple garage with studio flat above, 1.2 acres.

Price: £1.95m Savills 01295-228000

Constance Close, London SW15

This house has been redesigned to include a Western Red Cedar-clad extension with an open-plan kitchen and living area with French doors leading onto the garden. The turret includes a bedroom with panoramic views over Richmond Park, and it has an office at the end of the garden. 4 bedrooms, 2 bathrooms, study, garage, air-source heat pump, solar panels.

Price: £1.9m Knight Frank 0203-8239255

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Yeomans Drive, Aston, Stevenage, Hertfordshire

A Grade II-listed Georgian former coach house with a Flemish-brickwork façade, round-headed windows, and a wooden clock turret. The gardens include a swimming pool heated by an air-source heat pump. 2 bedrooms, 2 bathrooms, reception, garage with studio annexe above.

Price: £1.5m Hamptons 01992-874223

Redcastle Farmhouse, Great Barton, Suffolk

A Grade II-listed, 16th-century house set in landscaped gardens with a moat, swimming pool, tennis court and a Grade II-listed dovecote. It has beamed ceilings, an inglenook fireplace and a bespoke kitchen. 5 bedrooms, 5 bathrooms, 3 receptions, study, paddocks, 5.3 acres.

Price: £1.5m+ Bedfords 01284-769999

School Farm Barn, Maxstroke, Warwickshire

A converted grain store with landscaped gardens that include a natural swimming pool planted with water lilies. The house has a large open-plan area with a nine-metre high ceiling, a bespoke kitchen, oak floors and floor-to-ceiling sliding doors leading onto a terrace. 5 bedrooms, 5 bathrooms, office, garage, workshop, 0.5 acres.

Price: £2m The Modern House 020-3795 5920

Lower House, Redditch, Worcestershire

A Grade II-listed, 1560s house surrounded by gardens that include a range of traditional outbuildings and a heated swimming pool with a built-in Hydrastar jet function. The house has exposed wall and ceiling timbers, some of which originally came from 13th-century ships, leaded-light windows and a kitchen with an Aga and French doors leading onto a terrace. 5 bedrooms, bathroom, 2 kitchens, 2 receptions.

Price: £1.4m Finest Properties 0330-111 2266

Viola Hill, Petersfield, Hampshire

A contemporary house completed in 2025 in the South Downs National Park with a deck running the length of the house, a swimming pool with an electric cover, a tennis court and an outdoor kitchen. The house has open-plan living areas, floor-to-ceiling windows and a living area with a soaring, vaulted ceiling and a wood-fired stove. 6 bedrooms, 6 bathrooms, reception, cinema room, games room, 7.8 acres.

Price: £5.75m Strutt & Parker 01428-788670

Nant Isa, Rhyd-y-Foel, Conwy

A 17th-century rural property with a converted barn, formal gardens with a swimming pool and woodland and paddocks beyond. It has beamed ceilings, inglenook fireplaces with wood-burning stoves and a large kitchen with an Aga. 4 bedrooms, 4 bathrooms, 2 receptions, study, 2 kitchens, 3-bedroom barn, conservatory, garage, outbuildings, orchard, woods, 27.2 acres.

Price: £1.25m Fisher German 01244-409660

Foster House, Romney Marsh, Kent

A New England-style house on the Kent/East Sussex border close to Rye and Camber Sands. It has landscaped gardens with wildflower areas, an outdoor swimming pool with two cabins, a pool house and a studio. The main house has a covered veranda, beamed ceilings, open fireplaces and French doors leading onto a terrace. 6 bedrooms, 3 bathrooms, open-plan kitchen/living area, barn, 3 acres.

Price: £2.25m The Modern House 020-3795 5920

Howe House Farm, Beckwithshaw, Harrogate, North Yorkshire

A Grade II-listed house with terraces leading to a heated swimming pool and covered outdoor kitchen. It has beamed ceilings and a kitchen with an Aga. 6 bedrooms, 7 bathrooms, 2 receptions, leisure wing, equestrian buildings, floodlit manège, paddocks, 19 acres.

Price: £3.95m Knight Frank 01423-222077

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Losing the title deeds for an inherited home is a headache – and while tracking them down can be easy, it's not always so straightforward.

Title deeds are documents confirming who the legal owner of a property or piece of land is and trace the history of ownership over time.

Deeds also usually include whether the property has a mortgage on it, how much it was last sold for and details of any ‘restrictive covenants’ – promises not to do certain things with the land, like not building on a certain area.

But around 10% of properties in England and Wales aren’t registered with Land Registry, making tracking down title deeds a lot trickier.

Historically, title deeds, also known as a title register, were a collection of physical papers, but Land Registry started phasing in digitally-formatted ones from the early 1990s.

Because title deeds say who the legal owner of a property is, they are essential if you inherit one, particularly if you want to sell it – no buyer’s solicitor is likely to let their client buy a home if it can’t be proved who owns it by law.

Paula Higgins, chief executive officer of property advice website HomeOwners Alliance, said: “Title deeds can be particularly important when inheriting a property that you intend to sell, as the executors or administrators will need to establish that the deceased was the legal owner before the property can be transferred or sold.”

Have you been affected by this issue? Email editor@moneyweek.com to share your story.

How to locate title deeds on an inherited property

Before doing anything, you need to find out if the inherited property is registered with HM Land Registry. This is the process that applies to properties in England and Wales.

More than 90% of land in these two countries is registered, according to the Land Registry, so it is more than likely an inherited property will be on its database.

You can find out whether a property is registered via gov.uk.

If the property is registered

If the inherited property is on the Land Registry’s database, you can typically source a digital copy of the title deeds for a small fee.

David Fenwick, lead probate solicitor at Co-op Legal Services, said: “Where a property is registered, the original paper deeds are no longer needed to prove ownership. Official copies of the title register…can be obtained from HM Land Registry and are accepted in place of the historic deeds.”

If the property isn't registered

If the property isn’t registered with Land Registry, this is where the process can get trickier. As a first port of call, contact the solicitor involved in the initial sale of the deceased’s house or the mortgage company – either of these might have the original paper deeds.

The deeds may also be in a safe deposit facility with the deceased person’s bank or with other family members who have helped with their affairs.

If, after this, you still can’t find your title deeds, you’ll need to get legal help from a conveyancing solicitor.

They will be able to apply to HM Land Registry for what’s called a “first registration” which will ensure the property is registered and on its database.

They’ll gather a host of documents that can prove to the Land Registry that the property you’ve inherited belonged to the deceased.

Fenwick said: “This might include historic conveyancing documents, mortgage records, council tax bills, copies of documents held by previous solicitors, or statutory declarations from individuals with knowledge of the property's ownership history.”

Do note, HM Land Registry says it can take up to 12 months to process a first registration application.

You can apply for a first registration yourself, but it can be legally complicated, so it’s worth getting a conveyancing solicitor in to help, although they will charge you for their services.

In any case, Land Registry will charge you up to £1,105 to apply for first registration and fill in the relevant form, which could be a TR1, TP1, AS1 or other form.

How to sell an inherited property

If the property is registered with the Land Registry and the deceased person was the only person who owned the home, you will need a Grant of Probate or Letters of Administration to sell it.

You will need a Grant of Probate if the deceased person left a valid will naming you as an executor and Letters of Administration if there is no will or it is invalid.

Grants of Probate or Letters of Administration are usually issued within 12 weeks of applying but can take slightly longer depending on the complexity of the application, according to the Courts and Tribunal Service.

If the title deeds have been lost, you’ll need to first go through the first application process to ensure the property is registered with HM Land Registry.

Once probate or administration has been granted, you need to arrange a valuation of the property with an estate agent to gauge its market value before putting it up for sale.

The process of selling an inherited property is similar to selling a regular one, except there are tax implications to consider.

If the value of the property has increased since the person who owned it died, you may owe capital gains tax, if the gain is over your annual exempt amount of £3,000. You can deduct estate agent or legal fees to reduce how much any profit is taxed at.

You may also owe inheritance tax of 40% if the value of the deceased person’s home combined with the rest of their estate breaches the nil-rate bands.

Tens of thousands more households could be dragged into paying the ‘mansion tax’ under rumoured plans, if Burnham becomes the new Labour leader.

The prime minister-in-waiting could potentially lower the threshold at which people start to pay the High Value Council Tax Surcharge from £2 million to £1.5 million, according to reports in The Mail on Sunday.

An estimated 150,000 additional households could be pulled into paying the surcharge if the levy was brought down to the reduced amount, based on calculations done by think tank Tax Policy Associates.

The so-called mansion tax was first announced by chancellor Rachel Reeves during her 2025 Autumn Budget and is set to come into force in April 2028.

As it stands, the measure will see those with properties worth over £2 million pay between £2,500 and £7,500 per year depending on the value of their home. It is expected to bring in £430 million in 2029/30.

But should Burnham win a Labour leadership contest, he will need to find ways to fund an ever-growing welfare budget and multi-billion pound hole in the Defence Investment Plan (DIP).

Lowering the entry level at which households pay the mansion tax could be one way of doing this alongside potentially scrapping the triple lock pension system.

MoneyWeek approached Andy Burnham’s office to comment.

What is the mansion tax and how will it work?

The High Value Council Tax Surcharge will take effect from April 2028 and apply to homes in England worth £2 million or more.

The Valuation Office (VO), which is part of HMRC, is set to carry out a valuing exercise to assess which homes the surcharge will apply to.

Homes valued at £2 million or more but less than £2.5 million will be charged £2,500.

Properties worth £2.5 million or more, but less than £3.5 million will need to pay £3,500. Homes worth between £3.5 million and £5 million will need to pay £5,000. Properties worth £5 million or more face a £7,500 surcharge.

These charges are set to be increased each year in line with the Consumer Price Index (CPI) measure of inflation. Revaluations will be conducted by the VO every five years.

How a reduced threshold of £1.5 million on the levy would be applied exactly is unclear, but would almost double the amount of households paying it, according to calculations done by Tax Policy Associates.

The think tank predicts around 243,000 households would have to pay at least something, up from 127,000 under a £2 million entry-level threshold.

What else is Andy Burnham considering?

In a major speech on 29 June, Burnham said he intended to reform business rates to support high streets and pubs which have taken a battering in recent years.

According to the British Beer and Pub Association, a trade body for the sector, 161 pubs closed across Britain in just the first three months of 2026. UK Hospitality, a trade body for the hospitality sector, has forecast six hospitality venues will close each day in 2026.

Rumours have been swirling about what else Burnham could introduce if he were to become the next prime minister of the UK.

The MP for Makerfield could reportedly look at reforming Capital Gains Tax (CGT) by bringing the rate paid in line with income tax. Basic-rate taxpayers currently pay a CGT rate of 18% while higher and additional-rate taxpayers pay 24%.

Burnham could also replace stamp duty with a ‘land value tax’ – an annual tax based solely on the value of the land itself.

Average house prices have increased for the first time since the outbreak of the Iran war in a boost for homeowners.

The newly-named Lloyds House Price Index, rebranded since the bank retired the Halifax name, showed average property values rose 0.2% in June.

The slight rise in house prices is an improvement on the previous month's 0.2% fall, while annual growth was at 0.6% compared with 0.5% a month before.

This put average UK house prices at £299,330.

It is the first monthly rise in average prices since February as confidence has been dented by the Iran conflict.

But hopes of a peace agreement and lower swap rates may now be filtering into the housing market and mortgage pricing, helping to boost demand.

Amanda Bryden, head of mortgages at Lloyds, said: "Recent price trends continue to reflect wider economic uncertainty, including the impact of global events on inflation and interest rate expectations."

Affordability remains stretched for many buyers, said Bryden, but this has been mitigated by mortgage rates easing from their recent highs.

"While latest industry data shows the number of new mortgage approvals dropped in May, this wasn’t unexpected given the spike in rates seen earlier this year, and we ’d expect to see activity recover assuming borrowing costs continue to fall," Bryden added.

Where are house prices rising?

The housing market has been quieter in recent months as the volatility caused by geopolitical tensions has pushed up swap rates, making mortgages more expensive and hitting buyer demand.

More stock is also on the market, which some attribute to a landlord exodus linked to the Renters’ Rights Act.

Higher supply and reduced demand has pushed price growth down.

But there have been signs of life in the housing market more recently as tensions have eased in the Middle East.

Northern Ireland continues to record the strongest annual house price growth in the UK, with average prices up 7.4% over the past year to £229,000, Lloyds said.

Scotland has the next highest annual growth at +3.9%, with an average price of £223,277.

In Wales , property price growth has strengthened by 0. 9% on annual basis to £ 231,142.

Meanwhile in England, stronger price growth remains concentrated in northern regions. The North East saw prices rise 2.8% over the year to £181,133, while the North West recorded annual growth of +2.4%, with the average property now costing £248,218.

In contrast, southern markets continue to see prices fall. The South East led declines, with prices down 2% year-on-year to £381,654, while London saw average values fall by 1.1% to £534,831 .

Will house prices rise in 2026?

The housing market has struggled to get going in 2026 and while the latest price rise may look good if you are hoping to sell your property, analysts remain cautious.

Amy Reynolds, head of sales at Richmond-based estate agency Antony Roberts, said "On the ground, the picture is more nuanced than national headlines suggest."

While the rate-dependent end of the market is exhibiting caution, well-priced family homes in the right roads are still seeing sustained interest from cash- or equity-rich buyers.

Reynolds suggests there is the familiar pre-summer push from families wanting to be settled before the new school year, but warns that the mood is steady and selective rather than booming or stalling, adding: "We expect a quieter, price-sensitive summer, with activity firming again in the autumn once buyers have more clarity on rates and the geopolitical noise has died down."

Sarah Coles, head of personal finance at AJ Bell, said the small rise in prices in June will owe something to the Iran peace agreement, which lowered inflation expectations and brought mortgage rates down, but warns that one swallow doesn’t make a summer.

"One small bump doesn’t mean the end of tougher times for the property market," said Coles. "There’s still a huge amount of global uncertainty as the peace deal remains fragile. Closer to home, the picture has started to look marginally more positive, with unemployment falling a little and economic growth edging up. But this is unlikely to move the dial just yet."

Coles highlights that unemployment has been trending up for the past four years and while economic growth might be positive right now, real household disposable income still fell in the first three months of this year, so prospective buyers may be feeling overstretched already.

Bryden is a bit more optimistic, saying: "We expect the housing market to continue moving at a measured pace. Lower borrowing costs should provide some support for demand, though affordability constraints remain an important factor. The outlook for house prices will depend largely on inflation continuing to ease and household confidence gradually improving."

It’s the British dream to become a homeowner, but for many young people it’s just that – a dream.

The average house price in the UK now sits at around £300,000, but if you have your heart set on the capital then it’s more like £550,000.

So, if you’re fledging, you will need to cough up a deposit of around £30,000 to £55,000 as a 10% deposit. You may be able to get a lower loan to value, with some lenders going as low as 5%, but you will need a polished credit score.

And remember, what you do not fulfil with a deposit ends up going to mortgage debt, the cost of which will vary throughout your mortgage term, which is typically 25 years.

For most first time buyers, this deposit is out of reach; after all, the average salary for 22 to 29-year-olds is £33,000. This would generate an income of £2,273 take home pay a month, and that is not taking into account pension contributions. It’s around £2,163 with a 5% pension contribution.

Now the average rent in the UK is £1,374, according to the Office for National Statistics, but it largely depends on where you live. London rent prices can exceed £2,000 a month on average.

So, there’s little left to save after living expenses, household bills and hopefully some fun.

But could moving back home for at least three years be worth it? And if you are a parent, would you let your adult child return rent free?

How long would you have to live with parents to save for a deposit?

Based on the median salary and a gross income pay of £2,163, which includes pension contributions, if you could put away £1,200 a month (just below the average rent) strictly and use the remaining for living expenses and to help support household expenses, then you could accumulate over £43,000 over three years.

Saving or investing the deposit over time means your final cash pot could be bigger, though if you want to use that deposit in fewer than five years, investing it may not be the best option as your cash won't be as liquid.

Of course, your savings habit would have to be strict – but staying with your parents and removing the rent pressure for at least three years could finally help you get onto the property ladder.

Rent is one of the biggest expenses young people face and even if they earn more, their ability to save is stumped by high renting costs.

Would you live with your parents for three years?

I asked a few ‘young’ people if they would live with their parents for three years. Some said they would take the hit whereas others said it would not work because their parents lived too far from where they worked. One person said it was simply not worth it as it could damage their mental health.

Checking in: the hotel of mum and dad

Recent research from think tank Resolution Foundation shows two in three young adults are now residing with their parents to save money.

Gen Z have become the stay at home generation, with 63% of young adults aged 20 to 24 living in their family home, and those aged 25 - 29 are also heading back to their childhood bedroom.

While the hotel of mum and dad is helping to make it easier for young people to save for a house deposit, the report found that the bank of mum and dad is still pivotal in helping them get a foot onto the property ladder.

But whether it’s the hotel or the bank of mum and dad, or even grandparents in some cases, for most adults born in the mid-1990s onwards, buying a house is simply out of reach without additional support.

These prolonged stays at the ‘Hotel Mum and Dad’ should theoretically also make it easier for young people to save for a deposit for their first home. However, the separate, but related, ‘Bank of Mum and Dad’ is still pivotal to getting people onto the housing ladder. Around one-third of first-time buyers last year had parental help, around 20 percentage points more than twenty years ago.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

The average asking price for a property fell in June, dipping by 0.6% (equivalent to £2,113), as historically high stock and low buyer demand have kept them on ice.

It marks the largest fall recorded in June for 14 years, and may be a result of the May heatwave distracting buyers from house-hunting, according to the latest house price index from Rightmove.

The dip means the average asking price for a property in the UK is now £376,191, around 0.5% lower than this time last year.

While summer tends to be a slower season for the housing market, this June has been particularly difficult for prices, which typically rise modestly in the month.

The recent slowdown may be a result of the high level of competition and low demand in the market, according to Rightmove.

Housing stock is still at a historic high, and sellers are responding to this by cutting asking prices more fiercely in an attempt to make their homes more attractive to buyers.

Buyer demand was down 10% year-on-year in May. One reason for this larger-than-normal dip in demand could be higher mortgage rates.

Rates have been high since the beginning of the Iran war on 28 February, the effects of which are expected to weigh heavily on the UK economy.

Inflation in particular is expected to rise, it’s unlikely the Bank of England will cut interest rates in 2026. That, in turn, means mortgage rates are set to stay high for the foreseeable future.

Rightmove adds that slumping demand may be worse this year as heatwaves and the World Cup are set to distract buyers for the next few months.

Colleen Babcock, property expert at Rightmove, said: “It’s unusual to see a price fall of this size in June, as we would normally expect to see modest price growth at this point in the year.

“What’s different this time is a combination of factors, including wider economic uncertainty, the timing of the May bank holiday and unusual heatwave, and the high number of homes on the market, which together appear to be bringing forward the traditionally slower summer market.”

While asking prices have dipped, sales activity has remained relatively steady. Though Rightmove’s data shows sales are down 6% year-on-year, 2026’s numbers are broadly in line with those from recent years (about the same as 2024 and 5% more than 2023).

Babcock added: “While the summer market has come a bit early this year, overall activity is still within a typical historic range. What has changed is some buyer behaviour; with more homes to choose from and higher borrowing costs, buyers are deliberating more and taking longer over their decisions.

“Sales activity remains stable, but it’s a very price-sensitive market with buyers looking out for the right property at the right price.”

Asking prices grew in Scotland and London

While almost all regions in the UK saw average asking prices fall, Scotland and London actually saw them rise in June.

The average asking price for a house in Scotland is up 0.8% in June, bringing it to £207,011. Sales in the country are also the fastest in the UK, with the average seller only having to wait 31 days to find a buyer. Overall, asking prices are up by 3.3% on the year.

Asking prices in London have been falling recently, but June’s data has bucked the trend. The average home in the capital is now 0.3% more expensive, with average asking prices coming in at £687,080.

Despite the June bump, asking prices for homes in the capital are still lower today than they were a year ago, slumping by 1.2%.

The poorest-performing region in the UK for asking price growth in June was Wales. The average asking price for a house in the country is now £271,459, down 1.6% this month and 0.3% on the year.

RentGuarantor Holdings (Aim: RGG) has been given a boost by the Renters' Rights Act, one of the most significant pieces of legislation to hit the UK rental market in decades. It's only been in force since the beginning of May, but the Act is already driving a complete rewriting of the market.

Under the new law, fixed-term tenancies have been abolished, “no fault” evictions are no longer allowed, rents can only be raised once a year, and during the first 12 months of the tenancy, the landlord cannot serve notice to move back into the property or sell it. These changes, far from protecting tenants, have forced landlords to become more defensive.

The changes have made it much harder for landlords to evict tenants who can't or won't pay their rent, piling pressure on a system that's already on the verge of collapse. According to professional body Propertymark, due to lengthy court backlogs, the average time from claim to repossession has risen to more than 68 weeks, compared with just over 20 weeks in 2019. At the point of eviction, average unpaid rent stands at £12,708 across England and Wales and £19,223 in London.

Landlords have responded by demanding that tenants provide a guarantor before they agree deals. According to multiple reports, around 40% of landlords now require guarantors for both new and existing tenants. This is where RentGuarantor comes into play.

How RentGuarantor works

The firm is a rare example of how effective London's capital markets can be for early-stage growth businesses. Founded in 2016 by Paul Foy, a property investor since the mid-1980s, RentGuarantor does what it says on the tin – guarantees rents. Tenants pay a fee (£20) for an initial background check and the firm uses tools such as Open Banking and AI to calculate how much the tenant can afford and if they're able to maintain payments. If the tenant passes the check, which should be completed the same day, RentGuarantor can offer the guarantee.

This incurs a further fee, usually around three to five weeks' rent, depending on the underlying risk profile. When the tenant has paid and signed, RentGuarantor provides a legally binding guarantee of rental payments to the landlord or letting agent. Unlike traditional guarantors, such as parents or grandparents, this provides an extra layer of protection for the landlord. RentGuarantor passes the risk to a panel of insurers while collecting the origination fee and remaining the key point of contact for customers.

Five years of RentGuarantor Holdings on the London market

After spending five years building the foundations, Foy and his team took the company public in 2021. It listed on the Aquis exchange in 2021 with hardly any revenue and moved to the Aim junior market in the second half of 2025. The new listing raised £4 million in 2025 to support its growth efforts and it ended the year with revenue of £2.4 million, up 87% year-on-year. The founder has remained a key shareholder with a 30% stake.

RentGuarantor hasn't charged into the market seeking break-neck growth and drawing down shareholders' goodwill to fund spending. There's a very tight grip on marketing spending, which totalled just £200,000 in 2024 and £500,000 in 2025 against revenue of £2.4 million, or around £165 per contract (based on the year-end figure of 3,123 contracts). The focus over the past five years has been on getting the offering right and putting in place the right technology and team to scale up effectively.

The firm has now reached the point where this hard work is beginning to pay off. In May, the month the Renters' Rights Act came into force, RentGuarantor recorded a 115% increase in unaudited revenue compared with the average for the first four months of the year. Moreover, revenue per contract was up 24%. The group also recorded its first positive monthly Ebitda earnings since its admission to trading – well ahead of the board's expectations.

The challenges facing RentGuarantor Holdings

The key risk for the group here will be scaling up without falling flat on its face, as so many firms do when they encounter a sudden surge in demand. The Act is driving demand for guarantees, but it'll also lead to a surge in disputes.

To help, RentGuarantor is looking to AI and has an expert on the matter in its orbit. The AI strategy is being led by Dave Cliff, a non-executive director and professor of computer science at the University of Bristol. He previously worked at MIT's artificial intelligence laboratory, so unlike many other businesses, which seem to be turning to AI with little actual understanding of the benefits, drawbacks and costs, RentGuarantor looks well-placed to exploit the benefits of the technology fully. Management estimates the group can process 20,000 contracts per year, but that will rise to 100,000 with AI's help.

According to house broker Shore Capital, RentGuarantor could agree 7,000 contracts this year, 13,000 in 2027 and 62,000 by 2030. Revenue could hit £6 million in 2026, rising to £19 million by 2028 and £54 million by 2030. Even if it achieves this lofty growth, it would still leave the group at only 3.4% of the potential total market.

Now that the firm is essentially self-funding, there's scope for marketing spending to rise. Shore Capital expects a ten times rise by 2030, easily covered by the firm's 79% gross margin. The broker has pencilled in adjusted earnings per share of 3.6p by 2028. As with all early-stage firms, these forecasts are likely to be wrong, but they illustrate the growth potential if the firm manages to scale up over the next 12 months. This is a high-risk play, but one with a huge and growing market to support it.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

The Caprons, Lewes, East Sussex

This Grade II-listed Georgian house in the centre of Lewes was once home to historian Asa Briggs, who was also a Bletchley Park code breaker. The garden includes a Grade-II listed, octagonal summer house. 5 bedrooms, 4 bathrooms, 3 reception rooms, kitchen, cellars, roof terrace, walled garden.

Price: £2.1m Jackson-Stops 01444-484400

Broomshields Hall, Satley, Bishop Auckland, County Durham

A Grade II-listed Georgian house with gardens that include a one-bedroom cottage, two summer houses and a lake. The house has a carved oak staircase and a large kitchen with an Aga. 4 bedrooms, 4 bathrooms, 3 reception rooms, library, 18 acres.

Price: £1.75m Finest Properties 0330-111 2266

The Manor House, Great Harrowden, Northamptonshire

A Grade II-listed manor house in a popular village, set in south-facing gardens with a kitchen garden with a greenhouse and a circular summer house with sofas and a fridge for wine. The house has beamed ceilings, panelled walls and period fireplaces. 6 bedrooms, 4 bathrooms, 3 reception rooms, breakfast kitchen, attic, pond, 0.8 acres.

Price: £1.15m Fine & Country 01604-309030

The Court, Axbridge, Somerset

A Grade II-listed Georgian house in Axbridge with views towards Glastonbury Tor. The house is set in gardens that include a summer house and an area dedicated to archery. It has flagstone and oak floors, period fireplaces and an indoor swimming pool with a gym. 7 bedrooms, 5 bathrooms, 3 reception rooms, breakfast kitchen, garden room, cinema, courtyard, parking, walled gardens, kitchen garden, 1.15 acres.

Price: £2.395m House & Heritage 01257-441990

Orchard Cottage, Wood End, Ardeley, Hertfordshire

A Grade II-listed, 17th-century house comprising three original cottages, with a summer house with a wood-burning stove and Wi-Fi. The house has exposed wall and ceiling timbers and inglenook fireplaces. 4 bedrooms, 2 bathrooms, reception room, gardens, 0.75 acres.

Price: £1.15m Fine & Country 01920-443898

Polwarth Terrace, Merchiston, Edinburgh

A duplex apartment on the first floor of a period property in the sought-after area of Merchiston. The flat retains its period fireplaces and has a dining room with French doors opening onto a balcony and a spiral staircase leading to a garden with a summer house. 6 bedrooms, 3 bathrooms, reception room, office/bedroom 7, dining kitchen, garage, summer house, parking.

Price: £985,000+ Savills 0131-247 3770

Moreves Manor, Great Waldingfield, Sudbury, Suffolk

A Grade II-listed, 17th-century house set in large gardens that include a wildlife pond and a summer house complete with a shower, sauna and wood-burning stove. The house has exposed wall and ceiling timbers and a breakfast kitchen with an Aga. 6 bedrooms, 2 bathrooms, 2 reception rooms, office, garden room, outdoor swimming pool, 1.58 acres.

Price: £950,000+ Strutt & Parker 01473-220444

Heamoor, Penzance, Cornwall

A renovated, Grade II-listed Cornish long house set in landscaped gardens with a tree house, an orangery overlooking the kitchen garden and a summer house that is used as a pottery studio. The house has Georgian sash windows, open fireplaces and a newly fitted kitchen with French doors leading onto the gardens. 4 bedrooms, 4 bathrooms, 3 reception rooms, study, utility with en-suite shower, workshop, paddock, stable block, 2.5acres.

Price: £1.2m Savills 01872-243 200

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The Renters’ Rights Act went live in May, ending no-fault evictions and shifting tenancies to rolling contracts.

The reforms also ban landlords from requesting more than one month of rental payment upfront.

The one month advance payment can only be paid once a tenancy agreement is signed.

This means tenants only need to pay a deposit when moving into a property and one month upfront if requested.

Before the changes, landlords could request large amounts in advance.

Requesting larger upfront rent payments was traditionally a way to reduce the risk of rent arrears, particularly when tenants failed to meet affordability criteria.

We reveal alternative ways to test tenant affordability and reduce the risk of rent arrears.

Tenant referencing

A key part of choosing a tenant is referencing.

Landlords can conduct credit checks, get employer references and assess affordability.

You can also talk to a tenant’s previous landlord to check if rent was paid on time and if the property was kept in a good condition.

Some of these checks can be done yourself but there are companies such as Goodlord and HomeLet who can do the work for you.

Nouran Moustafa, practice principal at Roxton Wealth, said: “Landlords need to stop seeing large upfront rent as the only form of security. It was never a perfect test of affordability anyway. Someone can have cash today and still be financially unstable three months later.

"The better approach is proper, evidence-led referencing, income checks, employment status, credit history, previous landlord references and whether the rent is genuinely affordable against the tenant’s wider commitments.”

Rent guarantors

Some analysts predict that landlords will become more reliant on guarantors.

This is where a family member is required to set aside funds in case a tenant fails to pay rent.

Analysis by property insurance technology firm Zero Deposit found the average renter in England is likely to fall short of standard affordability requirements of 2.5 times the annual rent.

With average rents currently standing at £1,438 per month, equivalent to £17,256 per year, tenants would typically need to earn at least £43,140 annually in order to pass affordability checks, Zero Deposit said.

However, average earnings across England currently sit at £41,859, leaving the average renter £1,281 below the required threshold.

Sam Reynolds, chief executive of Zero Deposit, said: “While the Renters’ Rights Act is designed to improve security for tenants, it also significantly changes the way landlords manage financial risk within the private rental sector. With restrictions on upfront rent payments and fewer traditional safeguards available, landlords and agents naturally place greater emphasis on affordability checks and income protection when assessing prospective tenants.

"As a result, we expect guarantors to become an increasingly common requirement for renters who fall outside standard affordability criteria, particularly younger tenants, overseas applicants, self-employed workers, and those moving to high-cost rental areas."

Rent guarantee insurance

Landlords can also protect themselves with rent guarantee insurance.

In return for a premium, this type of insurance pays out the monthly rent amount for a set period if your tenant falls into arrears.

It may also cover the legal fees associated with serving notices and legally evicting tenants.

Michelle Lawson, director of Lawson Financial, said: “Rent guarantee insurance is now a must and is a low cost way of protecting your rental income against most adversities.”

Find a good lettings agent

A lettings agent should have a book of reliable tenants that they have already reference and recommend.

Using a lettings agent can also help keep up with ever-changing rental rules and regulations to ensure you are renting your property out legally.

Lawson added: “A good letting agent will be fully referencing prospective tenants.

“Self-managing landlords will be the ones potentially sleep-walking into disaster as so many are inexperienced and rely on social media to find tenants and for advice- they need to ensure that they use reputable channels.

“There are many industry backed resources that they can call upon but a number will still cut corners which, with the Renters Rights Act and subsequent council imposed fines, could prove costly. to avoid doubt, they should now be employing the services of a good letting agents who knows the new legislation as the buck stops with the landlord regardless.”

UK REITs – real estate investment trusts – have drastically underperformed the wider market over the past year. The FTSE All-Share index excluding investment trusts has produced a total return of around 22%, while industrial REITs – the largest group in the sector – has returned just 6.8%, mostly from income.

However, while investors are clearly not interested in the sector, trade buyers and private equity are. Five years ago, there were 82 listed REITs. More than half have since been acquired or liquidated. Private-equity giant Blackstone has been especially active, first taking out St. Modwen Properties and Industrials REIT. It then beat Tritax Big Box (LSE: BBOX) in a battle for Warehouse REIT, before selling assets to Tritax in exchange for a 9% stake.

The trend looks set to continue. Earlier this year, British Land (LSE: BLND) acquired Life Science REIT. More recently, LondonMetric Property (LSE: LMP) – which has completed several deals in recent years – and Schroder Reit (LSE: SREI) have teamed up on a bid for Picton Property Income (LSE: PICT), although the outcome remains unclear. Last week, some of Picton's shareholders told the Investors' Chronicle that they are unhappy with the proposed terms.

Unwarranted discounts on UK REITs

Derwent London (LSE: DLN) offers one of the best examples of value in the sector. The company owns a portfolio of high-quality offices in central London and trades at a 47% discount to net asset value (NAV), with a 4.6% yield. In an attempt to close the discount, management recently announced a £50 million share buyback, signalling it believes this is a better use of capital than buying additional assets. You can't criticise management for buying back stock – it's the equivalent of buying a new building at a 50% discount.

Yet it's clear that something has gone horribly wrong in this market, given that London is set to run out of high-quality office space within the next few years and rents are breaking records.

Grainger (LSE: GRI) offers another example. This is one of the largest residential landlords in the country and can't build new properties fast enough to meet demand. It has consistently reported an occupancy rate in the high 90s and last year recorded overall rental income growth of 7.8%. Yet the shares have fallen 29% over the past 12 months and now trade at nearly 50% discount to NAV, with a yield of 5.4%. Mike Ashley, founder of retail group Frasers, has been buying as others are selling. He owns just under 5% of the company via derivatives.

The value catalyst

Other examples include the likes of Great Portland Estates (LSE: GPE), which is trading at 60% of NAV (it focuses on development more than income, so has a lower 2.7% yield). Even relatively popular REITs such as LondonMetric and Supermarket Income (LSE: SUPR) are trading at around 90% of NAV, with yields of around 7%.

In general, UK REITs are changing hands at some of the lowest valuations in recent memory. Yes, they could get cheaper, but sooner or later they are just going to be too good for trade buyers and private equity to pass up. This should be compelling for value investors, since value investing works best if there is a clear potential catalyst to realise that value. Given the continued liquidation of the London equity market, it could only be a matter of time before every remaining deeply discounted REIT gets taken out.

If and when that occurs, investors who buy at today's valuations could see attractive capital gains. In the meantime, while they wait they can pick up dividend yields of 5%-7% – in many cases derived from long-term contracts with high-quality tenants.

This article was first published in MoneyWeek's magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.

Ramshaw Mill, Wark, Hexham, Northumberland

A Grade II-listed, 12th-century former watermill with gardens arranged in a series of “rooms” that include an orchard. It has exposed beams and wood-burning stoves. 8 bedrooms, 3 bathrooms, 4 reception rooms, 2 kitchens, outbuildings, courtyard, barn, 1 acre.

Price: £1.2m Finest Properties 0330-111 2266

The Old Vicarage, Castle Hedingham, Halstead, Essex

A Grade II-listed, early 18th-century house overlooking a castle and a church, with gardens that include a heated swimming pool and an orchard. It has grand fireplaces and vaulted cellars. 9 bedrooms, 5 bathrooms, 3 reception rooms, gym, 1-bedroom cottage, 1 acre.

Price: £1.75m Knight Frank 01394-334570

Bretforton Hall, Bretforton, Evesham, Worcestershire

A Grade II-listed late 18th-century house with a crenellated tower and two acres of gardens that include a swimming pool and an orchard. The house has a drawing room with Gothic arched windows, a vaulted ceiling and period fireplaces. 6 bedrooms, 5 bathrooms, 4 reception rooms, study, studio, breakfast kitchen, garage, 2 acres.

Price: £2.3m Morgan Aps 01905-384848

Hawksfield, Clifford, Herefordshire

A modern Passivhaus situated close to Hay-on-Wye. It has an A-grade energy performance certificate, gardens that include a dining terrace on the edge of an ornamental pond and a small orchard. The house is largely open-plan with an open-tread oak staircase and French doors leading onto a balcony. 3 bedrooms, 2 bathrooms, reception room, open-plan kitchen/dining/living room, en-suite studio outbuilding, 0.5 acres.

Price: £895,000 The Modern House 020-3795 5920

Copplestone House, Tiverton, Devon

A house set in mature gardens with outdoor entertaining areas, a covered outdoor kitchen, a walled kitchen garden and an orchard. It has exposed beams, open fireplaces, and a drawing room with French doors opening onto a terrace. 6 bedrooms, 4 bathrooms, 2 reception rooms, 1-bedroom annexe, barn, 2.5 acres.

Price: £1.65m Strutt & Parker 01392-215631

Woolgarston, Corfe Castle, Wareham, Dorset

A period cottage in a sought-after village within the Isle of Purbeck, an Area of Outstanding Natural Beauty. The large gardens include stone terraces and an orchard enclosed by a mature beech hedge. The house has exposed beams, a large inglenook fireplace and a kitchen with an Aga. 3 bedrooms, 2 bathrooms, reception room, outbuilding with utility and store, 0.62 acres.

Price: £1.13m Savills 01202-856800.

The Green, Nun Monkton, York, North Yorkshire

A Grade II-listed Georgian house overlooking the village green. It is set in large gardens with terraces and an orchard. It has exposed beams, panelled walls, open fireplaces and a dining kitchen leading onto a courtyard. 5 bedrooms, 3 bathrooms, 3 reception rooms, study, outbuilding with garage and games room, greenhouse, summerhouse, 0.7 acres.

Price: £1.695m Savills 01904-617820.

The Orchards, Bedham, Fittleworth, West Sussex

A picturesque Grade II-listed cottage dating back to the 1600s with landscaped cottage gardens that include topiary, winding paved paths, a swimming pool, two ponds, a stream and a wildflower meadow, along with an established orchard planted with apple, quince, cherry and plum trees. The house has exposed wall and ceiling timbers and inglenook fireplaces. 3 bedrooms, bathroom, reception room, barn, 1.56 acres.

Price: £1.43m Knight Frank 01428-770562.

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The government is considering plans to hit non-UK resident property owners with an extra "mansion tax" charge in a bid to raise more cash.

A consultation launched by HM Treasury explores the possibility of applying a “non-resident premium” on top of the High Value Council Tax Surcharge (HVCTS), also known as the “mansion tax”.

The consultation says: “In high‑pressure housing markets, particularly in areas such as London, there is interest in understanding whether demand from non‑UK resident owners may be contributing to pressures on housing availability and prices.”

The extra non-resident surcharge is just being considered and will not necessarily come into effect. The government’s consultation closes on 14 July.

An HM Treasury spokesperson said: “The government is inviting views on whether there could be a case for a non-resident premium, as part of a wider consultation which seeks to address a longstanding council tax unfairness in this country.

“We welcome views from all interested parties, including on whether demand from non-resident owners may be contributing to housing pressures.”

What is the mansion tax and how would a non-resident premium be applied?

The HVCTS will take effect from April 2028 and apply to homes in England worth £2 million or more. The charge will be owed once per tax year.

The chancellor has claimed the surcharge will make the council tax system fairer.

The Valuation Office (VO), which is part of HMRC, is set to carry out a valuing exercise to assess which homes the surcharge will apply to.

Homes valued at £2 million or more but less than £2.5 million will be charged £2,500.

Properties worth £2.5 million or more, but less than £3.5 million will need to pay £3,500. Homes worth between £3.5 million and £5 million will need to pay £5,000. Properties worth £5 million or more face a £7,500 surcharge.

These charges are set to be increased each year in line with the Consumer Price Index (CPI) measure of inflation. Revaluations will be conducted by the VO every five years.

When it comes to the non-resident premium, there is no further detail in the government’s consultation on how the extra levy would be applied if it did come into force.

What could the effect of the premium be?

Marc Acheson, global wealth specialist at pensions and life insurance firm Utmost, said: “This latest proposal is likely to raise far less revenue than envisaged as more people will consider selling London properties, putting further downward pressure on valuations at the top end of the housing market.

“More broadly, it risks further damaging the UK’s reputation as a destination for wealth and accelerating the ongoing exodus of wealthy international individuals that began in earnest following the abolition of the non-dom regime at the Autumn 2024 Budget.

“The economy cannot afford to lose these individuals, who are the largest contributors to the tax base, and once this cohort leaves it is very hard to replace them.”

Sian Armitage, tax director at tax advisor Mark Davies and Associates, said the premium could push non-resident property owners weighing up a sale into putting their property on the market.

“For those that are undecided, they may treat this as yet another reason to sell, or consider this as an indication of things to come,” Armitage said.

However, Armitage added that because the levy would be applied to non-residents “it does imply that those individuals are not spending significant time in the UK in any case, so I don’t envisage this policy alone as having a negative impact”.

Meanwhile, Peter Ferrigno, director of tax services at consultancy Henley and Partners, said making the HVCTS slightly higher for non-UK residents would be an “inconvenience”, but it was unlikely the introduction of such a premium on its own would be enough to make wealthy individuals sell up.

But, he said the bigger issue is they could leave when also considering “many other changes, and an indication that there will still be more demands for a bit here, a bit there, a bit more after that, and then...who knows what's next”.

What is a non-UK resident?

Non-UK residents pay tax on their UK income, but not on their foreign income. In contrast, a UK resident would typically pay UK tax on income from both sources.

You are generally classed as a non-UK resident if you spend fewer than 16 days in the UK each tax year or work abroad full-time and spend fewer than 91 days in the UK each tax year and no more than 30 of those days are spent working.

The statutory residence test (SRT) determines whether you are resident in the UK under UK domestic tax law for tax years 2013/14 onwards. You can find out more on gov.uk.

UK house prices have fallen and the negative trend could worsen before the end of the year, experts warn.

The latest house price index (HPI) data from Nationwide reveals property values fell by 0.6% in May to £278,024, compared with the month before.

Meanwhile, the building society said annual house price growth slowed to 1.7%, down from 3% in April.

Robert Gardner, chief economist at Nationwide, blamed the fall on the conflict in the Middle East, which has seen mortgage rates rise and consumer confidence hit.

Data firm Moneyfacts says the average interest rate on a two-year fixed mortgage deal is 5.68% as of 1 June, up from 4.83% on 27 February, a day before the US and Israel launched strikes on Iran.

Gardner said: “Given the uncertainty caused by developments in the Middle East and the subsequent rise in energy prices and market interest rates, some loss of momentum was to be expected.”

Nationwide is not the only major lender to show a month-on-month fall in house prices since the outbreak of tensions in the Middle East. The Halifax house price index reported a 0.5% fall in the month to March 2026 and a further 0.1% drop in the month to April.

Meanwhile, the latest data from the Office for National Statistics shows the average UK house price fell from £269,204 to £268,132 between February and March 2026.

Could house prices fall further in 2026?

Lenders, experts and economists were relatively optimistic about the prospects for future UK house price growth at the start of 2026, but tensions in the Middle East have tempered any positivity.

The latest RICS UK Residential Market Survey suggests higher mortgage rates have weighed down on buyer demand.

There’s also a glut of homes on the market. According to Rightmove, the number of homes for sale is at its highest level for this time of year since 2015.

This is being reflected in asking prices. Rightmove’s latest HPI shows average asking prices were 0.3% lower in May 2026 compared to the same month a year ago.

Estate agents Savills is now predicting house prices to fall by 2% in 2026, revised down from a forecast made in December 2025 of 2% growth.

In London, house prices could fall by as much as 4% and 3.5% in the South East and East of England, Savills suggested.

Meanwhile, Deutsche Bank is expecting property values to drop by between 3% and 5% this year.

Sanjay Raja, UK chief economist at the bank, said the Iran conflict had “likely put an end to any hopes of an imminent housing market recovery” in 2026.

Even economists and estate agents that are more upbeat in their predictions have revised down earlier forecasts.

Estate agent Knight Frank is now expecting property values to increase by 1.5% in 2026, down from a previous estimate of 3% made in September 2025.

Tom Bill, head of UK residential research at Knight Frank, said he expected “continued downward pressure” on housing transaction activity as lower interest mortgages drop off the market.

Economic research firm Pantheon Macroeconomics has also forecast prices to increase by just 1% in 2026, down from a previous estimate of 3%.

We reveal whether it’s a good time to sell a house in another article.

Landlords may have only just finished preparing for the new rental reforms introduced in May but there are plenty of other deadlines to be aware of in 2026 and you could be fined up to £40,000 for failing to comply.

The buy-to-let sector has faced numerous shakeups in recent years, with extra stamp duty charges, the end of mortgage interest relief and changes to capital gains allowances.

The most recent overhaul came last month when the Renters’ Rights Act was introduced, ending no-fault evictions and making tenancies more flexible.

Landlords had until the end of May to provide tenants with an information sheet of changes.

That is just the beginning though and there are still other changes that landlords need to prepare for and failure could result in hefty fines.

Jack Malnick, managing director of property information website Landlord Resource, said: “While there isn’t another major deadline associated with the new Renters’ Rights Act that you need to consider this year, there are a lot of ongoing aims you should be taking into account each month to meet future regulations and avoid additional fines.”

Here are some of the other major rental dates and deadlines for landlords to be aware of.

23 June 2026: The Housing Health and Safety Rating System (HHSRS) changes

Updated health and safety rules mean landlords must ensure their properties are maintained to a good standard for tenants or face penalties of up to £40,000 under the new Housing, Health and Safety Rating System (HHSRS) coming into force on 23 June.

Local authorities use the HHSRS to look into potential health and safety risks in homes in England and Wales. Changes introduced under the Renters’ Rights Act are intended to make the rules easier to understand and enforce.

The current more complicated A-J rating system is being replaced, under the changes. From 23 June, any hazard discovered in a landlord’s property during a local authority inspection will be categorised as high, medium or low.

High risk hazards (known as Category One) will continue to trigger councils' duty to take action against the landlord. The council will still be able to use its discretion when it comes to dealing with medium or low risk issues (known as Category 2).

Under the updated HHSRS, the ‘risk of harm’ rating has also changed, from the existing ‘one to four’ levels to new ‘extreme, severe, serious, and moderate’ categories. Again, the bandings haven’t changed, just the descriptions.

The advice from the National Residential Landlords’ Association (NRLA) is that if landlords are complying with all current health and safety guidance under the HHSRS they don’t need to do anything differently.

“However it is vital that you continue to carry out regular inspections of your properties to make sure they are hazard free and safe for your tenants to live in,” the NRLA said.

The revised HHSRS will affect homes in England only. Wales has different regulations and will need to adopt the guidance separately, so will be using the existing HHSRS until further notice.

31 July 2026: Final court date for section 21 notices

Any section 21 notice or section eight eviction notices filed before the Renters’ Rights Act came in must hit court by this date or they will lapse.

Late 2026: Regional rollout of Private Rented Sector database

The government’s Private Rented Sector (PRS) database is due to launch later this year in the next stage of the rental reforms. It will be gradually rolled out in different regions.

Landlords will be required to register themselves, their properties, and their compliance status on an area-by-area basis.

2027: PRS database becomes mandatory

No precise date has been given but it will be mandatory for landlords to be on the PRS database at some point in 2027.

This is supposed to make it easier for tenants to identify who their landlord is.

End of 2028: New Landlord Ombudsman

By the end of 2028, it will be mandatory for landlords to be members of a new Landlord Ombudsman and to be on the PRS database before they can even list a property for rent.

Failure to register to the new PRS Database and ombudsman could lead to an up to £7,000 civil fine, or up to £40,000 repeat fine.

1 October 2030: EPC changes

Currently, landlords can only rent out a property if it has a minimum Energy Performance Certificate (EPC) rating of E.

This will rise to C from 1 October 2030, meaning landlords have four years to start looking into energy efficient measures.

2035: Decent Homes Standard

The full Decent Homes Standard will be introduced in 2035.

Under the standard, properties must be free from hazards, in a reasonable state of repair and with reasonable services such as a kitchen and bathroom and free from damp or mould.

Landlords can be fined up to £30,000 if their rental properties are found to be below the Decent Homes Standard. The HHSRS remains the statutory framework for hazard assessment under the Housing Act 2004, enforced by local authorities. The DHS complements rather than replaces the HHSRS.

Asking prices on homes in some seaside towns are bucking the British trend and showing up to double digit growth, according to new research.

Rightmove has revealed the British coastal towns where property asking prices rose the most in the 12 months to May 2026.

Asking prices went up the most in Bootle, Merseyside, rising by 11% to £141,680, the property portal’s data shows.

In family-friendly Crosby, which is less than 20 minutes away by car, prices increased by 9% to £330,900.

On the other side of the River Mersey, asking prices in Wallasey, home to popular seaside destination Marine Point, rose by 7% to £200,753.

The list also featured five Welsh coastal towns, including Penarth, South Glamorgan, where asking prices jumped by 8% to £433,081 in the year to May 2026.

In Llantwit Major, South Glamorgan, asking prices rose by 8% to £340,033.

Asking prices rose by 7% in Llanelli, in Carmarthenshire (to £201,570), and Bangor, in Gwynedd (£220,622). They increased by 6% in Porthcawl, South Glamorgan, to £359,412.

Barrow-in-Furness, Cumbria, saw asking prices rise by 6% in the year to May 2026 to £185,169.

One Scottish town made the top 10 list – Helensburgh in Dunbartonshire recorded average asking price growth of 6% to £247,953.

Mary-Lou Press, president of trade body NAEA Propertymark (National Association of Estate Agents), said: “Many of the fastest-growing seaside markets remain relatively affordable, especially in parts of the North West and Wales. For many buyers, these areas can offer a balance of lifestyle, space and value.

“We’re continuing to see demand driven by flexible working and buyers reassessing where they want to live, but consumers should look beyond headline price growth and also consider factors such as transport links, local jobs, flood risk and ongoing housing costs.”

Source: Rightmove, analysis of more than 100 coastal towns, comparing year-on-year change in May 2026

The cheapest seaside towns to buy a home

Rightmove also analysed the 10 overall cheapest seaside towns to buy a home, with asking prices starting from just £120,000, well below the UK average.

All of the hotspots are based in the north of England or Scotland, including Peterlee in County Durham where the average asking price is £120,657.

Asking prices in the port town of Grimsby, Lincolnshire, are just £133,706 on average.

Head a couple of hundred miles north and you’ll find Ashington, where the average property asking price is £133,775.

Bootle, despite being a town where house prices have risen the most in the last year, is still one of the cheapest places to buy a home on the coast (£141,680).

Blackpool and Fleetwood, both in Lancashire, also featured in the top 10 cheapest seaside hotspots. The average asking prices are well below the UK average house price, at £142,277 and £147,910, respectively.

Seaham, County Durham (£157,994) and Ayr, Ayrshire, Scotland (£157,754) also made the top 10 list.

Source: Rightmove, analysis of more than 100 coastal towns, comparing year-on-year change in May 2026

The most expensive seaside towns to buy a home

The 10 most expensive coastal towns to buy a home are all found in the south of England.

Topping the list is Sandbanks, in Poole. The average property asking price there is £1,119,945, according to Rightmove.

Canford Cliffs, less than two miles up the coast, is the second most expensive place to buy a home near the sea (£1,045,533).

Lymington, Hampshire, also made it on to the list of most expensive coastal spots. Buyers here are looking at an average asking price of £545,926, well above the UK average.

Barton on Sea, in Hampshire (average asking price of £496,143), Lyme Regis, in Dorset (£474,417), and St. Ives, in Cornwall (£461,959), are also on the pricier end of the spectrum.

Source: Rightmove, analysis of more than 100 coastal towns, comparing year-on-year change in May 2026