For many people, buying properties for sale in London is one of the most important investments they’ll ever make. This can be especially true for newcomers to the city looking to find a place in such an over-saturated housing market.
London is home to not only 8.6 million residents, but also a great diversity of cultures and traditions as well. It’s the hub for politics in Britain, the centre of culture (especially with its many museums), and one of Europe’s most prominent financial centres – despite being more expensive than other parts in England or even neighbouring European countries.
If you’re wondering how to buy properties for sale in London, there are plenty of ways. You just need to research the market thoroughly and be clear about your budget.
Here are some of the best ways to choose a property for sale in London:
- Be aware of London’s property prices.
London remains to be the most expensive place in England and Wales where you can buy a property. This is according to new statistics from The Office of National Statistics (ONS). For May, the average price was £497,948 which represents an increase of 4% since last year; but that’s still down 6%.
This same data also shows decreases across other regions as well including Scotland (-2%), Northern Ireland (-1%) and North East England (-0%). These prices are all averages based on residential properties sold through estate agents so if anything, they could actually represent lower selling costs for sellers than what may have been listed before or make it easier for buyers with these lower interest rates.
Given the city’s property prices, the best way to find great real estate in London is by starting with one or two areas that you know will have what you’re looking for. Think of the city like it’s made up of clusters, and think about finding your perfect village within those larger villages.
- Get to know why properties have different price tags despite being in the same area.
One of the quirks that make London so intriguing is how a property in two areas with similar proximity can be drastically different. This usually happens because one area has higher demand than another and as such, less homes are available for purchase or rent which drives up prices to reflect this difference.
If you’re looking to get the most bang-for-your buck then it’s best not to go overboard on popularity; instead look at developing neighbourhoods that may not have yet reached their peak potential.
- Decide on the type of property you intend to purchase.
If you are a first-time buyer in London, do not let yourself get overwhelmed by the vast market. Instead of looking at houses and flats on your own time, narrow down your search with some criteria to help make finding what you want easier. For example: Do I need more than one bedroom? How close am I willing to be from work or school? Is it important for me that my property have an open floor plan instead of rooms off each other like most homes would traditionally have had?
- Stay abreast with government regulations.
Back in 2018, the UK Government announced that it intends to impose a higher rate of stamp duty on foreign nationals’ property purchases. As the decision has yet to be finalised, investors who are not paying taxes in the UK may want to act fast and secure their purchase before new taxes are imposed.