Guide to Buying Property in London
With the London property market currently experiencing a slump, it’s the perfect opportunity to make a purchase in the capital for any aspiring homeowners. With some thorough research, you can find some real gems in London, and take advantage of the fact that the local housing market currently favours buyers rather than sellers.
Not sure where to start? Read our guide below, full of helpful tips on buying property in London to help you find your dream home when looking for houses for sale. We’ve covered everything from the basics through to how you can find the best value for money by shying away from the more established neighbourhoods and focusing instead on up-and-coming locations.
The first step is to cover the basics. This means narrowing down your search to two or three areas in the city where you would be happy to live. This should take into consideration your current budget, the type of properties available, and your public transport options and commute time.
Think Outside of the Box
Most house-hunters in London often look for properties in the same areas over and over again, driving up prices and demand. However, some of the less fashionable areas are often adjacent to these hot-spots, offering similar properties with a much more appealing price tag. So, when you are doing your research, be sure to check out some of the less glamorous locations close to your ideal neighbourhood, and you might be able to snap up your dream property for a bargain price.
Get Ahead of the Competition
Despite the current slump, property in the London market moves fast, selling as quickly as they were listed. So be quick when booking your viewings or you may find that the house you had your sights set on is already gone. Once you do get some viewings in, it is a good idea to already have a mortgage in principle from your bank so that you can prove to sellers that you are serious about making a purchase.
Decide on Your Property Type
Your budget will likely determine the type of properties you can realistically afford in London, with most first-time buyers looking at buying flats rather than houses. By choosing which type of property you can see yourself living in from the start, you can begin to narrow your search, focusing only on the types of properties you can afford.
Use Your Buying Power
As we have mentioned before, London is currently firmly a buyer’s market with most properties taking longer than usual to sell and a lack of demand from prospective buyers. This means that, as a buyer, you can take advantage of the situations and negotiate the sale price of a property when you put in an offer. With the current climate, you might be pleasantly surprised by how open the sellers is to your offer, and you could save yourself a significant amount of money!
Don’t Be Short-Sighted
Whether it’s your first time buying a property or you are simply making the move to London, don’t forget to take a long-term view to buying a property. Whether that be in terms of property size or the area you are currently house-hunting, don’t just look for a property that will meet your current needs. Try instead to think ahead to what you will need from your home five or ten years from now, as thinking ahead now will save you having to relocate in the future.