First Time Buying Property in London? Things You Need to Know

buying property in london

If you are considering buying property in London, don’t worry. You are not alone.  

Buying property in London is something that almost everyone in the UK has probably considered at some point in their lives for one reason or another. From offering would-be investors enticing returns, or even just offering the perfect place for a family to live to get access to a plethora of amenities, London has one of the most popular real-estate industries in the entire world. 

Although to have a successful venture when buying property in London, there are a few key pieces of information you need to know.  

In this article, we will be discussing some of the essential information you will need to know if you are considering buying property in London for the first time, as well as how to avoid some of the most common mistakes made by first-time buyers.  


You Can Expect to Pay Hefty Deposits & Deal with Troublesome Mortgages for Property in London

Due to the extreme popularity of the London housing market, landlords can have all the control over any would-be transactions.

  
This means that whereas usually a landlord would set a reasonable deposit as well as selling the home for what it's worth, in London, landlords have free reign to do as they would like. Because of this, it's not uncommon to find extremely expensive deposits as well as properties that are up for sale way over their market price. 

 
Like we mentioned before, landlords can get away with this because the demand is so high for London properties while at the same time there is a shortage of homes.  

This can oftentimes leave potential buyers overpaying for homes as well as paying a huge mortgage that they are unable to afford, just to even get their foot in the London property market.  

Unfortunately, this is just the way it works, and it's something you are going to have to deal with if you are set on buying property in London. However, just by knowing this and trying to avoid overpaying out of desperation, you may just be able to avoid making this common mistake.   

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The Importance of Choosing the Correct Location Inside of London  

It's no secret that London is a huge metropolis that spans a vast portion of the UK landmass. Furthermore, this can lead to huge discrepancies in the prices of homes in London.

  
This means that choosing the right location to buy property in when property hunting in London is truly vital for success. If you are looking for the crème de la crème and have no issue spending money, then opting to get a luxury apartment or home in Central London may be the best option for you.

  
The closer to the centre of London you get, the more access you have to amenities, tourist destinations, travel options, and a multitude of other advantages. 

 
On the other hand, if you aren't looking to spend a fortune on a London property, opting to go for a property in a borough closer to the outskirts may be your best bet. However, that’s not to say properties on the outskirts of London are cheap by any means. 

 
You can still expect to pay a high price tag for any location you decide to go for in London. This is to be expected, London is the Capital of the UK, and to expect to live there for the same price as anywhere else is not realistic. 

However, opting to go for a property towards the outskirts of London will be your best bet of getting a London property for a relatively affordable price. 

To take things a step further, there are even certain locations that place a premium price on their homes due to a unique aspect such as having unusual architecture or low availability of homes in the area. 
All in all, you'll want to do more than your fair share of research about the different locations in London and how the prices of properties differ between them.  

 

It may Be a Struggle to Get Your Hands on Any London Property

 
The unfortunate reality of the situation is that Properties in London can oftentimes be hard to even get a hold of.

  
Compared to the vast number and population of people who reside in London paired with the number of people who wish to live there, there is so much competition for properties, and getting one you're happy with can sometimes be a chore. 

This is even more applicable to areas that have an extremely low number of properties on the market at any given time.

  
Because of the aforementioned reasons, one of the main things you need to keep in mind when looking to buy a property in London is that you may have to wait a while to get a property you like, and that’s fine.  

It’s much better to wait and end up with a property that is perfect for you rather than rush in and get any old property and it turning out to be a terrible decision just to feel the first-time buyers' relief. 

Sure, you may have to wait a few months or even years to find a property that you are happy with, but it's much better than the alternative.


Conclusion  

Buying a property can be a troublesome venture if you don’t happen to have the right information or guidance. However, if you take and apply all the information we have mentioned throughout this article, you will have a much easier time than most. 

If you are a first-time buyer looking to buy property in London or the surrounding areas, feel free to take a look through our website. At TRPE- The Real Property Experts, we have next to instant access to all the newest listings on the market, and our expert agents can help guide you through the whole process as well as help you to make the best decisions for you.

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