If you tell your friends that you are looking to buy a house in London, they may well respond with the ever so encouraging words – ‘good luck!’ You might have seen the affects of house buying on friends, family or colleagues. Tired, stressed and snappy are some of the less attractive character traits that appear in people looking to buy a house in London.
But in reality, it doesn’t have to be as bad as that if you are prepared, do you research and take your time. And by ‘take your time’, we mean up until the point you find your dream home and want to make an offer. Then you need to move quickly before other offers come in!
Unfortunately the rules and regulations of house buying can destroy the souls of anyone looking to buy a house in London. Even if you have an offer accepted and have paid for a survey to be done on the property, the seller can still pull out if a better offer comes along. You have to understand that this can happen and try to adopt the mind-set that something better will come along. Easier said than done, you might think.
Property can be quickly snapped up by investors and foreign buyers but this shouldn’t dissuade first time buyers from looking to buy a house in London. It is possible – there are 1000s of properties available if you look in the right places.
London is a big place – a sprawling city full of options for homebuyers. Be assured that there are affordable homes available for those looking to buy a house in London. These homes may be in slightly less desirable locations but at least presents you with the opportunity to get on the property ladder. And these locations are often very close to more appealing parts of the city and the savings you make can be quite significant, as can be seen in these interesting statistics from Savills below:
• Clapton is 10 per cent cheaper than the rest of Hackney.
• Elephant & Castle is 15 per cent cheaper than the rest of Southwark.
• Lewisham Central is 4 per cent cheaper than Lewisham.
• Leyton is 14 per cent cheaper than Waltham Forest.
• Peckham is 47 per cent cheaper than Southwark.
• Queen’s Park is 64 per cent cheaper than Westminster.
• Streatham is 23 per cent cheaper than Lambeth.
• Tooting is 31 per cent cheaper than Wandsworth.
• White City is 34 per cent cheaper than Hammersmith and Fulham.
So when starting your search, be open to areas of London that you might not have considered before. You might be surprised at what crops up and you will certainly save a little money in your quest to buy a house in London.