Considerations When Buying Property in London
London is a world-renowned city that attracts thousands of people from all over the world. People who live in London are often searching for a place to buy property because they see it as an investment opportunity and also as a way to increase their living space.
There are many things you should consider when you’re looking for your next home, but here are some considerations specifically related to buying property in London:
1. Property prices.
Before you actually think about buying property in London, it is important that you have the capacity to do just that.
According to Zoopla ZED-Index, London has experienced an average house value increase of 2.23%. However, when you choose areas in Central London (City of Westminster) over other affluent locales such as Chelsea or Kensington; your budget increases by about 8 times.
Property prices in London vary depending on where a buyer resides within the city’s 32 boroughs. Central districts offer many flats while outer neighbourhoods boast single-family homes or long-term rentals.
2. Supply vs. demand situation in London’s property market.
Recent market studies show that there has been a big difference in the prices for real property between Prime Central London (PCL) and Outer Place London (OPL), which is dictated by supply-demand.
According to recent market studies, people living in London are moving away from central areas because they feel it’s too expensive or unsafe. This move towards OPL can also explain why homes here cost 6% less on average than those found within PCL city limits. However, some property owners and residents in the OPL areas say that once transportation costs are factored in, they still end up spending a lot-almost the same as they did when they were living in PCL.
3. Type and age of the property.
The London property market is so vast that you can find whatever type of home suits your needs. For example, if you want a new-build apartment with high ceilings and large windows for city views then there are plenty of units listed for sale that you can check out. You may also want to consider old buildings that were recently converted into modern living spaces, since they have more character than that of new buildings.
4. Mortgage costs.
Mortgages are the bane of every homeowner’s existence, and those who own property in London are no exception. Aside from paying monthly bills like electricity and gas, they also have their mortgage-which takes up a large part of their monthly finances. You may want to compute these costs before you decide on buying property in London.
5. Local security.
As mentioned earlier, London consists of 32 boroughs, and not all of them are equal in terms of crime rate, security measures, and peace and order management. Ideally, you’d want to invest in a property that is safe from any form of threat, but keep in mind that the safer the community, the higher its properties cost.
It is best that you look into the local security situation in the London areas you are looking into investing property at. This way, you can gauge if the area is safe for you to either live or do business in.
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