London is one of the most expensive cities in the UK when it comes to property (and most other things too), so looking to break into the property market can at first seem like a daunting task in the capital.
There are, however, numerous ways you can explore your property buying options depending on budget, size requirements, and location. Here are some of the simple ways you can break into the London property market.
Location is All
The prices of properties vary massively depending on where they are situated in the capital. As a general rule of thumb, the closer to the city centre a property is, the more expensive it is likely to be. Buying a property in the city centre is not an option for most people, so looking further afield can often pay dividends.
Using a London based estate agent such as Featherstone Leigh is a very effective way of finding some of the best properties in alternative London locations. Since the city has such good transport links, even cheaper properties on the outskirts of the city can be considered close to the centre.
Don’t Go it Alone
If you are buying a property as an investment in order to capitalise on the rapidly rising house prices in London, then you could consider finding like-minded investors to spread out the cost. With more buying power, you could well get a larger property for your money, which may end up providing you with greater returns in the long run.
Even if just looking for a place to live, sharing the cost with another person or group of people (if possible) can really help to break down those larger price tags into smaller, more affordable sums.
Buy to Let
Another option for breaking into the London property market could be to take advantage of the need for rented accommodation in the city (commuters, students etc.) by exploring buy to let options. This involves purchasing a property, either with a bank loan or outright, in order to let it out rather than live in it.
Provided your prices are competitive and the property is in good condition, it shouldn’t be difficult to find people willing to rent it out. This will help recover the cost of the house whilst providing you with an income.
For the first time in nearly a decade, growth in the London property market has begun to show signs of slowing as Brexit and general unaffordability take effect. Whilst this does not necessarily signal the end of the property price bubble, it could still indicate that asking prices are about to go down.
It is important to keep an eye on property market trends in order to secure the best deal for any properties in London. Any significant drop in prices could well result in a rush of interested buyers (and thus competition), though, so be sure to stay alert to any changes.
Despite its reputation for being expensive, London is a very large city brimming with opportunities to buy property. No matter what your objectives, there is bound to be an ideal property waiting for you provided you look in the right places.