How To Succeed On The Capital’s Property Ladder
Top tips for buyers who are currently looking to invest in London’s property market. What does location, location, location really mean?
The average house price growth is slowing down across the UK as a whole, with certain boroughs of London amongst the top three most affected in the country. Specifically, Isleworth saw house prices fall at an average of £100 a day in the third quarter of 2017, losing 1.9% of their sale prices, the equivalent of £9,580 in value. Homeowners in this area of London are undoubtedly anxious about these statistics, but for those looking to buy property, these figures represent positive news.
Even with London prices higher than other areas of the country, the economic slowdown means that there are some great opportunities for both buyers and sellers in the capital, if you know how to play the game. Here are some tips to help you succeed on the property ladder.
Reconsider What Location, Location, Location Means
Although it’s widely understood that the location of the property is more important than its features when it comes to assessing the value of a home, you need a deeper insight when it comes to choosing an area. If you purchase a property in an area of the capital which has already up-and-come, then there’s likely to be little financial benefit to you. Instead, look for an area on the fringe of somewhere that is extremely popular. As the buyers and tenants get pushed out of their ‘ideal’ location, they’ll find themselves on the doorstep of neighbouring boroughs in the hope that they’re onto the next big thing.
London estate agents Stadium Residential suggest that you look at local transport links and find out if there are any scheduled upgrades to the route coming in the next few years. Areas with a new tube station or access to Crossrail are well worth a look. Make sure you get in there first and you could have a real investment property on your hands.
Finding The Right Seller
Try and get as much information out of your estate agent about the vendor as possible. If you sense that they’re up for a quick sale, perhaps because they’re leaving the country, in the middle of a divorce or have a surprise fourth child on the way, then they may be more willing to knock a bit extra off the sale price in order to move quickly. Find someone who needs to sell more than you need to buy, and you could be onto a winner.
Never Pay Over The Odds
Many buyers make the mistake of falling in love with a property and pay over the odds for it. If it seems too good to be true, then it most probably is. Don’t turn a blind eye to structural problems, leaseholds that are running short or any difficult neighbours. All of these could represent a real headache and will make it much harder for you to sell in the future.
The Right Property
If you’re buying a London home in order to let it out, then it’s essential that you choose a property that is appropriate for who you’re trying to attract. If you’re buying in an area that is dominated by the student population, then a home with high-end fittings and furnishings won’t be appropriate. If you’re buying a family home then you should do your research on school catchment areas and make sure that your property is located in a desirable zone.
Above all else, you can never do too much research when it comes to buying in London. Check out sale and rental prices in your preferred area and know everything there is to know about it before you make an offer.