Demand for property in London is always high. Whether its foreign investors, second-home buyers or downsizers, if you want to buy a flat in London, then you’re in for an interesting ride!
Young people especially, dream of the day when they can buy a flat in London. Couples, friends and professionals who work in and around central London want to live there too. So wouldn’t it be great to buy a flat in London with your partner, best buddy or work colleague? You’ll be close to work, close to the best restaurants. You’ll be a short tube ride from a gig or your favourite pub. Life will be great.
Sounds good huh? But, in reality, to buy a flat in London you need plenty of cash, plenty of patience and you need to be something of a risk taker. One statistic floating around is that you will pay around £26,000 more for a property near to a tube station. That’s the equivalent of a holiday every year for the next 10 years!
If truth be told, the banks and government don’t make it easy for anyone wishing to buy a flat in London. A percentage of the value of the flat you buy in London will go to the government in stamp duty. You’ll have around £2,000 to stump up for legal fees and the cost of setting up your mortgage can exceed £1,000. Will there be any deposit left?! And all this for a £350,000 one bedroom basement flat in Clapham without a garden. Is the desire to buy a flat in London, close to the city, really that burning? Why not lower your expectations slightly and look further afield?
If you do your research when looking to buy a flat in London, you will most likely unearth some real gems. New build flats are extremely popular first time buys for young people. They don’t cost the earth and you get fantastic value for money. And if you search in an area that is booming, such as Croydon, you’ll be amazed at what you can pick up.
Here at Inspired Homes we have redeveloped some of Croydon landmark buildings and turned them into, well, inspired homes. You get everything and more compared to a flat in the city. It is developments such as these that will turn your head in your quest to buy a flat in London. They are stylish, contemporary, affordable and luxurious, offering high spec fittings in central locations.
Have a look at Surrey Green Dragon House here, one of our most popular developments offering modern living for as little as £262,950.