Where’s best in the Capital?
London will always be a property hotspot, unsurprising since it’s undeniably one of the most exciting cities in the world. Who wouldn’t want to live in such a buzzing metropolis?
But, while the Big Smoke is one of the most desirable places in which to live, it has some of the most expensive house prices, which can be off-putting to would-be homeowners who don’t know the areas well.
Research from estate agents Ellis & Co could help point you in the right direction if you are considering buying a property in London. As reported by House Beautiful, the study has found that Thamesmead in south-east London is the most affordable place in the city in which to buy a property, with Barking and Dagenham following close behind according to Foxtons in an earlier report.
Some of the cheapest places to buy in the capital include Lower Edmonton, Upper Edmonton, Abbey Wood and South Norwood. The rest of the top ten most affordable places with good property prices include East Ham in Beckton, Plumstead in Woolwich, Anerley in Penge, Plaistow and Tottenham areas of London.
Discussing the results, Ellis & Co said: “The property market has boomed over the past years, thanks to the stamp duty holiday, which has given a lot of first-time buyers the opportunity to get their foot on the property ladder.
“Coupled with the introduction of the new government-backed five per cent deposit scheme, designed to help homebuyers, the market isn’t showing any signs of slowing down just yet.”
If budget isn’t necessarily an issue when buying residential properties, you might be tempted by the more expensive properties in London. Kensington and Chelsea in West London were found to be the most expensive of them all, with the average house price set at around £2 million. Marylebone and Covent Garden are definitely not affordable places to buy in London, they came top of the list of most expensive places to live.
Buyers may also be able to take advantage of rate wars between mortgage providers. According to the FT Adviser, HSBC and Nationwide are offering really low rates along with Cumberland, Santander, TSB and Hinckley & Rugby Building Society.
Finance expert at Moneyfacts Rachel Springall explained, however, that borrowers would be wise to seek out independent advice, since they may not be eligible to take advantage of these offers, or they may not have sufficient equity in their homes.
Whether you’re looking to buy in central London or greater London, we agree that it’s important that you get specialist advice to ensure you consider all your options and find the solution that works best for you. Speaking to an independent mortgage broker in London will allow you to find out what options are open to you and what will best suit your personal circumstances.
Come to Greenacre Financial Services, we offer a choice of around 100 lenders and up to 25,000 different mortgage schemes. We have years of experience in helping people just like you to find the right mortgage for your needs.
Buying a first home or new home in a London borough or anywhere in the UK
is an exciting time, and we aim to keep it that way, taking away as much stress and hassle as possible.