If it's a new property it will likely have two heating zones that can be controlled separately, living rooms and bedrooms. The two white boxes are motorised valves that open and close to direct the water to the required heating zones.
The same type of valve is sometimes used to control the heating of a hot water cylinder, which I can't see in the photo and wont exist if you have a combi boiler. The positioning of the valves suggests that they are only for central heating.
The valve on the left with the red top is a by-pass valve that allows a return path for the hot water when the motorised valves are closed. They are set up when the system is commissioned, so don't be tempted to adjust it.
The small nipple at the top of the pipe is to allow air to be expelled when the system is initially filled, it serves the same function as the bleed screw on a radiator.