Thinking of making the move to London? Here’s what you should know
The Globalization and World Cities Research Network (GaWC) is a group dedicated to looking at the world’s cities, and to put things simply, rank them in order of importance. In their tables, the top bracket is reserved for the planet’s most powerful locations, known as Alpha++. Currently, there are only two; New York and London. Naturally, this means that living in the UK capital is not going to be cheap, and you’ll need to keep your wits about you if you’re going to get any kind of value for money. Here we’re going to take a look at some of the things that you might not have considered, that you’ll want to bear in mind when buying property in London.
Get the Timing Right
First things first; timing. Is it the right time to buy? The answer according to experts is that it probably is, but don’t expect things to be easy. Prices have been rising at a rapid rate, and they are showing signs of slowing down, but they could easily gain another quarter on average by the time we’re in 2020. If you’re saving up for a bigger deposit, you might lose it in price increases if you hold on for too long, so now is a good time to start.
Location, Location, Location
Narrowing down your search is absolutely essential, because one major issue that most people don’t realise is that markets are now as small as postcode areas. Just because the overall property market is strong or weak, it doesn’t mean it will be in a particular postcode, and things could be different just a mile or two down the road. You’ll need to take a look at what the markets are like in the areas that you want to live; this will help you figure out what to do. As an example, properties in places like Chiswick can cost several times as much as in Osterley, which is just a few miles away.
Finally, there’s often a lot of development going on in London, and you may well want to take advantage or avoid it. If you notice that one postcode seems to be considerably cheaper than others and you can’t figure out why, check to see what planning permission has been granted; you might find your answer there. On the flip side redevelopment of areas like Tottenham might mean that they’re more attractive, and you might be making a good investment by buying there.
In truth, there’s no definitively correct way of buying property in London, but you will need to do plenty of research in order to get it right.