Recent data from Rightmove has revealed increased confidence among buyers as the UK property market experienced the biggest New Year bounce since 2016, with demand increasing by 55pc this month, compared with the two weeks before Christmas. Experts attribute this growth to falling mortgage rates which are expected to strengthen the housing market in the second half of 2023.
Despite this, Nationwide revealed on Friday UK mortgage costs have risen to the highest proportion of people’s income since the financial crisis, whilst rates remain above pre-pandemic levels. Britons buying their first property will be the most affected by this, but existing homeowners with a variable or fixed mortgage deal coming to an end could also be impacted by rising rates. As homeowners’ incomes are slashed by soaring mortgage rates, Livlet – the UK’s leading home management platform – outlines extra costs Brits could be facing in home maintenance repairs:
- Damp – This may be simple to fix by keeping the property warm and well ventilated and using a dehumidifier. If damp-proofing is required, this costs around £2,750.
- Electrical issues – If the property’s electrics haven’t been checked in the last 10 years, an Electrical Installation Condition Report is highly recommended. A full rewire costs around £4,000.
- Faulty drainpipes – Sagging, overflowing gutters, no overflow from the downpipe and damp walls or roof leaks are all signs of a problem. The price to replace drainpipes and gutters is around £650.
- Flat roofing – Often used on small extensions and garages, if your survey highlights considerable wear and tear you’ll need to get it replaced by a specialist who’ll provide a warranty. The price of a replacement flat roof is around £1,200.
- Insulation problems – If you think a property has insulation issues, ask for the Energy Performance Certificate (EPC) to give you an idea of how the house is currently insulated. The cost of upgrading insulation is likely to be around £1,500.
- Japanese knotweed and other invasive plants – The UK’s most notorious plant causes damage to buildings by growing through cracks in concrete, drains and paved driveways. Its reputation is exaggerated (it’s no more damaging per se than many other flora – the problem is that it’s so hard to kill). The price for professional removal will generally be around £3,000.
- Roof issues – Prices vary depending on what needs fixing and start from about £100 to replace up to six broken tiles. To completely re-tile the roof on a three-bedroom house, the cost is around £7,000.
- Structural movement and subsidence – Tell-tale signs include cracks in ceilings and walls. While cracks in plaster are fairly common, it’s wise to ask an expert to take a look before you put down an offer. The price for fixing typical structural issues is around £13,500.
- Woodworm and beetle infestation – Wood-boring insects can be a major issue in properties with timber frames, such as period properties or barn conversions. The cost to treat and repair is around £1,000.
With this in mind, Livlet aims to protect Brits from further bill shock amidst the cost-of-living crisis by helping them navigate the complex and expensive decisions involved in maintaining, improving and repairing their homes. By using their platform, homeowners can store all information securely in one place, track and budget costs, use proactive maintenance scheduling tools, access guidance measures on how to improve their home and reduce bills, and reach the best service providers for repairs and financing. There is almost no area in which digital technology has not impacted how we live. We use technology to track our fitness, suggest entertainment that we might enjoy, support our children’s education and remind us of important appointments. Despite relying on technology for most aspects in our lives, home management is one area that hasn’t kept up. Most of us still keep paper copies of receipts, warranties and instruction manuals for our appliances.
