House prices are falling, and on the face of it, that should be welcome news for buyers. The average home now costs £297,755, down £1,789 from November and the lowest level recorded since June 2025.
While that headline figure masks regional differences, with prices still rising in Northern Ireland, Scotland, the North East and North West of England, it does suggest that a window of opportunity is opening for savvy purchasers.
But when prices soften, “bargains” start to appear, and not all of them are what they seem. So how can buyers tell whether a cheap-looking property is genuinely good value, or a costly mistake waiting to happen? Here are some of the key warning signs to watch out for.
Start with the bathroom
Bargain properties often come with hidden risks, and the bathroom can be a telling indicator. A tired or poorly finished space may point to outdated DIY renovations or work carried out by less-than-reputable tradespeople. Replacing sanitary ware or rectifying substandard plumbing can quickly run into thousands of pounds.
'Not all bargains are what they seem'
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Check the heating system
An oil-fired boiler usually means there is no mains gas supply. These boilers typically need replacing every 15 years, so check the installation date on the front panel.
A new one can cost around £5,000. On top of that, filling a standard oil tank can cost roughly £1,500, and prices are notoriously volatile, as many homeowners discovered after the Russian invasion of Ukraine sent heating oil costs soaring.
Inspect the fuse box
Modern light fittings can disguise much older electrics. Always ask to see the main fuse box. If it’s made of bakelite, a thick, brittle plastic common in the 1950s, there’s a good chance the wiring is of a similar age.
A full rewire is disruptive and expensive, so this is not something to overlook.
Look closely at cracks in the walls
Most cracks are harmless and caused by natural ground movement or prolonged dry weather. However, cracks an inch wide or more can signal damp or subsidence issues.
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In these cases, paying extra for a full structural survey could save you tens of thousands of pounds in the long run.
Assess flood risk and drainage
Always check whether the property is in a flood-prone area or has a history of flooding, including surface water or sewer issues.
Even infrequent flooding can make insurance costly or difficult to secure. Poor drainage can also lead to damp, mould and structural damage that is expensive to put right.
Don’t ignore energy efficiency
A low EPC rating may not be obvious during a viewing, but it can have a major impact on running costs and future resale value.
'What looks cheap can become expensive'
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Older homes with single glazing, inadequate insulation or inefficient heating systems may require significant investment, especially if you plan to rent the property and comply with future energy efficiency standards.
What looks cheap today can become expensive very quickly.
None of these issues should necessarily rule a property out altogether. But they should always be factored into the price and carefully assessed before committing. In a changing market, caution and due diligence remain a buyer’s greatest assets.
Jonathan Rolande is a property expert from the National Association of Property Buyers and the founder of House Buy Fast.
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