It’s important to think hard before buying a property in London, due to the market uncertainty and more expensive prices compared to the rest of the UK. A lot of research is required to make sure you find and secure the ideal flat, house or bungalow in the city that meets your needs. You might even realise that buying in the capital isn’t the best option for you, right now at least. If you believe it is though, there are a number of other things to think about when starting your property search.
Some house hunters will focus purely on finding their dream property and think about the area it’s in later. For those who work from home this can be fine, but for the majority of people living in London, location is incredibly important. You need to check the local transport links, how long it will take and much it will cost for the weekly commute, the ease of getting your kids to school, nearby shops, leisure and other facilities.
It’s also worth checking the reputation of any London area you’re considering. Factors such as jobs and schools to broadband speed, shops and crime levels will all have an impact on the reputation and should help guide your decision. Especially if you have children, you will want an area that’s safe and caters well to them.
Most people who buy a property in London often purchase a flat. This is understandable given the large number of high-rise buildings and lower prices in some instances, when compared to a town house. However, if you’ve got a growing family then a small flat may not provide enough space, while there are other costs to consider such as parking. Many London flats are leasehold too and can include service charges, which you need to understand and factor in. There are plenty of terraced and other houses to be found in London through Andrews, which may be more suitable. Again, parking may not be included but you shouldn’t end up with a leasehold.
Probably the most important thing to think about is what you can afford. There’s no point finding your dream home only to discover it’s thousands of pounds outside of your budget. The type of property and location will have a direct correlation with the price of most London properties.
Search the outer boroughs such as Croydon and Barking if you’ve got a limited budget, with flats and terraced houses some of the cheapest options in the capital. If you really want a more central property be prepared to spend more, cutting back on luxuries to save for that deposit.
Buying a London property will be an exciting time, but you must consider the above factors to get one you’ll love within your price bracket.