When buying a property, one of the most important factors is location. Buying a house in London is no different. On the face of it, the capital can be daunting, with so many different areas and an ever-growing population, currently, at about 9.3 million, it’s hard to know where to start. But do not worry, we have compiled a complete guide to help you find the best places to buy in London…
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Buying a house and living in a city centre is never going to be cheap but buying a house in London is a whole different level of expense. In 2018, London sat at number 13 out of 338 countries for being the most expensive place to live and there are many factors which cause such high prices…
If you’re going to shell out a large sum of money to buy a property in London, you need to be sure it’s worth the investment. No one wants to pay lots for a house and when it comes to selling it, not get more than you bought it for. Even worse, you don’t want to get less than the bought price. So, is London property buying a good investment or should you look to put your money elsewhere?
Positives:
Negatives:
Okay so, you want to buy a house in London, but you don’t know where is best? You’re in the right place! We have all the up and coming areas in London listed for you below…
Barking Riverside – East London’s biggest development. By 2025, it is projected there will be over 10,000 new homes, shops, restaurants, leisure facilities and seven schools. This area will be able to populate 30,000 people. There are also improvements to London’s overground transport, meaning journeys into the centre will take just over 20 minutes.
Woolwich – South-east London, five miles down from Canary Wharf. Regeneration of Woolwich will include 5000 new homes, bars, restaurants and, in 2021, a Crossrail.
(Little spoiler – it’s also included in our list of cheapest areas to live in London! Make sure you check out that section to see its average house price…)
Brentford – West London ‘hotspot’ undergoing construction of thousands of new homes which will overlook the area’s three waterways (the Thames, the River Brent and Grand Union canal.) Alongside the new houses, there will be new shops, restaurants and leisure facilities.
Greenwich Peninsula – an £8.4 billion project to build 15,000 new homes, cafes and restaurants. There’s a nearby station (North Greenwich) allowing you to use the Jubilee line and get to London Bridge in just eight minutes.
Poplar – just north of Canary Wharf. This area of East London is getting a total upgrade of new flats, shops, offices and parks. There’s something for all ages and is substantially cheaper than living in Canary Wharf.
Bayswater – West London, surrounds Hyde Park. From here, you can walk to the West End or hop on the District and Circle line from the nearby station. By 2021, you’ll be able to take a short walk to Paddington station and get direct services to Canary Wharf, or the centre.
Mitcham – great area in South London, especially for families and first-time buyers. This area is affordable whilst also having great transport links. The kids will be REALLY glad to know local primary schools have ‘good’ Ofsted reports and the senior schools rated ‘outstanding’ by the school’s watchdogs. You can also get trains, from either Mitcham Eastfields or Mitcham Junction, which will get you to Victoria in just 20 minutes.
As we know, buying a house in London is never going to be easy, with the extremely high prices of housing. But, lucky for you, we have collected a list of 10 of the most affordable places to buy in London and their average property prices:
Statistics are from MyLondon
Based on some additional research Woolwich, which we mentioned earlier, should also be in this list by MyLondon, with Zoopla putting the average price paid at £373,088 – which puts it in 7th position.
Whether it be the West End theatre, Big Ben, or Houses of Parliament, there’s no doubt London has its attractions. On the flip side though, there are drawbacks to buying a property in London, especially with the development in other Northern cities.
The answer to this question isn’t straight forward and is mainly down to opinion. If you’re asking us, we say yes! The history and culture are something you can’t change and will always bring people into the city. On top of this, there’s the new developments of more affordable housing, just a short commute out of the centre. Property prices are also always increasing, making London property a worthwhile investment.
But this is just our opinion! What do you think? Do you think it’s worth buying a property in London? Get in touch with us and share your thoughts.
Millie is perfectionist with a passion for property and writing articles. You’ll find her researching the latest housing trends and the newest up and coming areas worth investing in. Read more about Millie here.
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