Hunting for a home in a city as vast and varied as London is exciting, but it can also be challenging due to the fast-paced market and high property costs. We’ve compiled our top 10 tips for London house-hunting to help you find the right place and make the homebuying process as smooth as possible
1. Do your research
Wondering how to choose where to live in London? Before you start looking at homes, you’ll want to thoroughly research and explore the areas that might suit you best. It’s often said that London is a collection of villages, and each borough has its own unique charm, so ask yourself if you want to live somewhere energetic or a bit more laid-back.
Look at the average property prices, transport links and local features like schools, leisure centres, green spaces, hospitals, cinemas and restaurants. Considering areas beyond zones 1 and 2 could save you money, but don’t forget to factor in the extra time and cost of commuting.
2. Visit your favourite locations
Researching online is a good way to narrow down your options, but you can only get a real sense of an area by visiting it.
Where you choose to live needs to feel right, so if you like the look of somewhere, make a point of visiting it at different times of the day and night. You can grab a bite to eat in a local café, take a stroll around a park, do a spot of shopping – all the things you might do if it was your neighbourhood.
3. Book viewings
Viewing a property in person is the best way to get a feel for the place. Although it might be tempting to book multiple viewings back-to-back, as homes in London can get snapped up quickly, this can make them all blur into one.
Instead, try to spread your viewings out, take pictures if possible, and jot down some notes – they’ll be useful when you want to remind yourself about the pros and cons of a place.
Learn more about how to get the most out of property viewings in our handy guide.
4. Decide on your non-negotiables
In addition to shortlisting the areas you’d like to live in, make a list of what you want in a property. For instance, some people can’t imagine living without a bit of private outdoor space. Others might put energy efficiency at the top of their list.
Decide what your must-haves or non-negotiables are and what you could potentially live without, as this will help narrow down your search.
5. Work out your budget
Start your research well in advance and work out what you can realistically afford to buy within your budget. Whether you’re a first-time buyer or a current homeowner, calculate how much you can put down as a deposit and the monthly mortgage repayments you’d be comfortable with.
6. Be prepared to compromise
The reality of the London housing market is that almost everyone needs to compromise. This could be the area or the property features you’d like to have. Having a list of non-negotiables is helpful in this scenario, as you can figure out what you’re willing to compromise on and what you aren’t.
7. Check your eligibility for schemes and offers
We have a range of schemes and offers designed to help people looking to buy a new build home in London. Some are Government-backed, while others are exclusive to Barratt London. From Part Exchange to Deposit Boost and the First Homes Scheme, find out more about each and check your eligibility.
8. Be prepared to act quickly
The London property market moves fast. So, if you find a property that ticks your boxes on first viewing, don’t be afraid to act quickly. Whether that’s to arrange a second viewing or even make an offer – if it feels right, it might be best to go for it.
9. Keep an eye on the market
Housing prices fluctuate frequently, so keep an eye on the market if you’re planning to move here. Remember, there’s a lot of choice in London, so if you don’t find what you want in the areas you’ve shortlisted, try not to get despondent. There are always new properties coming onto the market, and you might find something that ticks all the boxes if you cast your net wider than your initial search.
Consider the neighbouring areas that may be less in demand but are close to where you want to be. Many are being transformed and re-energised to create vibrant communities with superb infrastructure while providing better value for money.
10. Get your finances in order
When you find the right place, chances are you’ll want to move quickly. So, make sure you’re financially ready to push the button by sorting certain things out in advance. This can include making sure your credit score is as strong as it can be.
You can improve it by:
• Not missing any debt repayments
• Getting on the electoral roll
Securing a mortgage in principle can also be a very good idea. As the name suggests, it’s an agreement from a lender confirming that they would, in principle, be willing to lend you a certain amount of money. This proves you can afford to buy a property, so you’ll be taken seriously by sellers and estate agents.
When applying for a mortgage, you’ll need to provide paperwork like bank statements, recent utility bills, payslips and more, so it might be worth getting this together in advance.
As you can tell, there’s a lot to think about when you’re house-hunting in London. Explore our guide to homebuying for more useful information to help you along the way. Discover new build homes across the capital and make your move with Barratt London today.
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