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Top tips for buying a home in London Mouseprice Blog: http://www.mouseprice.com/info/top-tips-for-buying-a-home-in-london/
It might have seemed unlikely six years ago, but with the assistance of Help To Buy and other
discount schemes the number of first-time property buyers is on the up.
The amount of younger people getting a foot on the property ladder hit a seven-year-high in
2014, according to Halifax, and despite a dip of 0.5 per cent in 2015 some 310,000 new
homeowners were still created.
However, it’s not smooth sailing by any means. The Guardian reported in January that the
average deposit has risen above £30,000; if you’re looking to buy a home in London, though,
you’ll need roughly three times that amount, as £91,409 is now the average deposit in the
capital.
Without a big inheritance or help from well-off parents, the road to buying a home in London
isn’t easy. That is why we’ve put together some top tips for you to settle down in the big
smoke.
Don’t wait to find your dream home Remember that it’s your first home, not your forever home. Instead of holding off until you
find your ideal property, find something which maybe needs a bit of work. If you work in
central London you’re unlikely to come across a property that you can walk to work from;
instead, opt for locations with good transport links further away. You might only need one
bedroom, but if you can find anything with more space (ideally for less money) you should
aim to buy bigger than you need. It’ll give you more options down the line when it comes to
selling or renting out rooms.
Look to the outskirts Buying in desirable areas of central London like Notting Hill, Paddington or Marylebone will
require deposits and mortgages that are simply out-of-reach for most of us. However, you
could look to the outskirts of the city where you’ll find a lot more for your money, and you’ll
still be within easy commutable distance of the centre. We recommend looking at areas like
Croydon and Bromley.
Take advantage of the boom Property prices are going up; we all know that, that’s why it’s been so hard for people to save!
But when you get to the point where you can buy in London, remember that whatever you
buy now will be worth considerably more down the line. Take advantage of that if you can by
buying something cheaper – even if you know you’re only going to want to live there for a
short while – and consider it an investment. A year or two down the line and the profit you’ll
make on it could help you find the dream property after all.
Team up with friends or family Why not try pooling your resources with a friend or two, or pair up with a relative looking to
invest in property themselves? Once you’re on the London property ladder you’ll be in a very
good position moving forward. In fact, most people never come off it. Get on it anyway you
can.
Rent out a room You might be looking at a two-bed flat and thinking: ‘I love it, but I can’t afford to pay the
mortgage alone.’ So why not rent out a room? The demand for rental property in London has
never been higher and the income you’ll make will no doubt help you out.
Good luck in your London property search! Get in touch with Mouseprice today if you need any
help.