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How to Buy a House in London

Mar 21, 2025
Buying property in London
Purchasing a property in London is an exciting milestone, whether you're a first-time buyer or moving up the property ladder. Our comprehensive guide will break down how to buy a house in London, from determining your budget to exchanging contracts. 

1. Research the market

Understanding London's property market is crucial before beginning your homebuying journey. Each borough has a unique character and price, so take time to explore different areas. To help you make informed decisions while finding your home, research recent trends, average property prices and the demand in various boroughs. 


2. Determine your budget

Before you look for a home, assess your finances to determine your budget. Consider your current income, monthly outgoings and any potential changes to your financial situation. If you're getting a mortgage, ensure you can comfortably afford your monthly payments. Consider additional costs like Stamp Duty, legal fees and moving expenses. 
 

3. Save for a deposit

Once you know your budget, you can begin saving for your deposit. Typically, they're 10-20% of the property's value, but the larger the deposit, the better your mortgage rates may be. Consider setting up a dedicated savings account and cutting unnecessary expenses. 
 

4. Speak to lenders or a mortgage broker

It's beneficial to get professional mortgage advice early on in your search. Consulting with lenders or a mortgage broker can help you understand your borrowing options and find the best mortgage deals. They'll offer advice tailored to your financial situation and guide you through the application process. Different lenders offer varying terms and rates, so it's worth shopping around to find the best deal.
 

5. Consider government schemes

Several government initiatives can help make buying a London property more accessible. Help to Buy, Shared Ownership and First Homes schemes offer various ways to enter the property market with a smaller deposit or reduced initial purchase price. Research these options to understand if you're eligible. 
 

6. Find the right property

With your finances in order, you can begin viewing properties. Identify your priorities, like location, property type and proximity to work or local amenities. You'll need to find a home that fits your lifestyle and budget. Register with estate agents and set up property alerts to stay ahead of new listings. Don't rush this process – finding the right home may take time. 
 
For more information, explore our guide advising how to choose where to live in London. 
 

7. Make an offer

When you find your home, work with your estate agent to make an appropriate offer. Be prepared for negotiations, and keep your budget limit firmly in mind. Remember that having a mortgage in principle and being chain-free may make your offer more attractive to sellers.
 

8. Legal and surveying

Once your offer is accepted, instruct a solicitor to handle the legal aspects of your purchase. Arrange a property survey to identify any structural issues or necessary repairs. This due diligence is essential for making an informed purchase decision and avoiding costly surprises later.
 

9. Finalise the purchase

Once all legal checks and surveys are complete, you will exchange contracts and pay your deposit. On completion day, the remaining purchase price is transferred, and you'll receive the keys to your new home.
 
 
Searching for your London property? Explore our range of new build homes and flats in and around London. We also have fantastic homebuying offers to help you move. 
 
Call our Sales Advisers to get started today. 
 

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