Not only does London have a reputation for being one of the most expensive cities in the UK, but also one of the most expensive in the world. That means that the London property market can seem very exclusive to the average property hunter, and many buyers, especially those looking for their first home, can be put off by the hefty price tags on most properties.
Whilst it is difficult for first time buyers to find a property in central London which offers good value for money, there are still ways to get onto the property ladder. Here are some of the methods you may want to consider if you are a first time buyer looking for a property in London.
Find the right Estate Agent
Estate agents have a bank of properties which are on the market, allowing you to find the right one for your requirements. You may want to use a local estate agent such as Featherstone Leigh to get the best results, since they are more likely to know specific areas of London which may be slightly cheaper, and will be able to offer professional help with your search.
Be sure to look at the fees charged by each estate agent, as they are likely to vary, and make sure that you have a good idea of the type of property you want before you use their service, as this will help them to find the right selection for you.
As a general rule of thumb, the further out of central London you go, the cheaper property becomes. One of the reasons so many people commute to London is because it is a far more affordable option compared to buying a property in the centre of the city.
If you are looking for a more affordable house which still has good features and a decent amount of space, you may well want to consider buying a property on the outskirts of the city, or even just outside it, which will give you far more options.
If you really want to get a property at the very best price, then negotiation with be a necessity. This is especially useful if a property is just a little outside your price range, as you can nearly always bring the price down by negotiating with the seller (usually through the estate agent).
You may also be able to negotiate the terms of your mortgage with your bank/provider, although this may well be trickier, and you may end up paying more in the long run. Look out for properties which have been on the market for longer periods of time, as the seller is far more likely to be willing to bring the price down, sometimes significantly, for such properties.
There are now signs that the London property bubble may be coming to an end, and whilst properties are still very expensive in London, they may well become more affordable in the months and years to come.
Be sure to keep an eye on the London property market by monitoring the news and checking property prices on a regular basis. It may well be the case that certain areas remain expensive whilst others fall in price, so be sure to look at the differences between each.
These methods should help you to find the right property in London for your budget and other requirements. It may be an expensive city in terms of property prices (and most other prices), but there are ways around the hefty price tags for first time buyers, as long as you stay vigilant and determined.