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Tips & Advice Guide – Houses For Sale in London
If you’re looking at houses for sale in London, then read our handy guide to the UK Capital’s real estate market.
London truly is one of the most vibrant, multi-cultural and exciting cities in the world. It is the home of several central banks and financial institutions and some of the most recognisable landmarks in the world. Such is the popularity of Britain’s capital city; people from all over the world are striving to buy property there. This relatively new phenomenon has led to soaring property values across the city, and now could be the time for you to cash in. If you are contemplating selling property in London, then there are plenty of buyers willing to pay a premium, but using our expert home buying services could save you an awful amount of time and hassle.
Whether you own a studio apartment in the city or a suburban three-bedroom house in one of the suburbs, if you need a quick house sale in London, then Flying Homes can help. We have links with property buyers who want to purchase houses for sale in London and the South East.
Getting the right price for your London home with so many houses for sale in London
If you are lucky enough to own a home in London, you could be sitting on a goldmine. Prices are rising at unprecedented levels in most areas of the capital, but the competition to find cash buyers is still strong.
While the property market in the capital is buoyant, as evidenced by the number of homes for sale in London, it is nonetheless highly sophisticated. There are many different boroughs and districts in the capital, and they are all experiencing their fluctuations. The first thing you need to do in your quest to achieve the highest possible sale price amongst competing houses for sale in London is to assess the local market. Research relevant property sales in your area, including sold house prices and how long properties are taking to sell on average. The Land Registry publishes information on transactions, the prices paid for homes in the capital and the House Price Index. You will also find relevant information on sales and ask prices in various areas of London on Rightmove and Zoopla.
Marketing a house for sale in London
Despite such a thriving market, marketing a property with so many houses for sale in London is still an essential part of the selling process. But, according to an article on the ‘This is money’ website, predictions for house price rises in the capital halved as home prices reach new highs and banks continue to put the squeeze on borrowers.
Can I sell my house without an estate agent in London? Yes! You can sell your property without expert help, but you will need the time and knowledge of the London housing market to succeed. You’ll need to create a house listing, find suitable advertising opportunities, plan and host property viewings and negotiate with clients and their solicitors on your own. The capital of the UK is home to hundreds of estate agents with thousands of properties for sale in London, and choosing the right one with specific knowledge of your area could get the process off to the best possible start. The Rightmove website lists all the primary estate agents in the capital, so this is a great place to start.
What is the best time of year for putting houses for sale in London?
There is much debate about the date of the year to sell your London property. However, many property specialists regard the period between Christmas and late spring to be the most profitable, but this may not apply to London quite the same way as it does to other regions of the UK. There is a slight spike in demand when the festive season has passed, and people start to look forward to summer. Indeed, according to a recent RICS study, London house prices shot up by more than 17 per cent in February 2014 – which is the most significant monthly increase so far.
Regardless of the time of year you choose to sell your home in the capital, it’s always a good idea to bear in mind the subtle, seasonal differences that affect the house buying process. The weather and the changing priorities of buyers can have a profound effect on demand and the prices people are willing to pay – which should dictate how your market your property.
How are individual property markets within London performing?
Suppose you are about to put your property on the market. In that case, it might be worth assessing what is happening in your part of London as the average house prices in what used to be relatively affordable boroughs are rising steeply, and the situation is highly fluid. For example, according to the Land Registry, prices in once deprived Hackney increased by 20 per cent in 2013. Moreover, there are now only three capital districts where average house prices are below the £250,000 stamp duty threshold. Barking and Dagenham, Newham and Bexley are still a little below the all-important £250,000 mark but expected to change.
According to official Land Registry figures, houses for sale in London rose by 14 per cent between 2013 and 2014. The average house price of £414,000 in February 2014 expects to increase steadily over the next five years. Some of the property hotspots in London have seen a growth of more than 20 per cent throughout 2013, including Waltham Forest and Hackney. Other areas showing double-digit house price growth include Wandsworth, Southwark, Westminster and Hammersmith and Fulham. However, with plans afoot to halt the emerging property bubble in the southeast of England, these price rises are not sustainable in the long run. So if you want to cash in on the value of your property before the market starts to rebalance, calling upon the expert property services of Flying Homes will ensure you get a fair market price and a speedy conclusion.
What factors affect London house prices?
Even though the UK is still recovering from one of the most significant recessions in history, house price growth in London is exceptionally buoyant (Update September 2016: Despite the impact of Brexit). Rather than a single reason for this phenomenon, it seems that several factors contribute to the capital’s current property boom. For instance, economic growth is always one of the contributing factors to the rise in London house prices, and the growth in London is way ahead of that seen in other areas of the UK. Unemployment rates also play their part, as well as the overall confidence in the economy.
In normal circumstances, the availability of mortgages will usually dictate how buoyant the property market is. However, since the banking crash of 2008, banks have been reluctant to lend to people unless they have an impeccable credit history, a highly reliable source of income and a substantial deposit. However, because of the vast amount of money coming from international markets such as Russia and the Far East, demand for premium property in London has surged in recent years. This phenomenon, coupled with record-low interest rates, means demand for housing has managed to increase despite the lack of credit.
Of course, we shouldn’t forget that there aren’t enough affordable homes built in London. According to an article on The Guardian website, London needs 14,000 new homes every year to meet the growing demand. The lack of supply is driving prices up. London is increasingly viewed as an international marketplace and somewhere to do business. Still, a real lack of housing creates a mini property bubble not seen in property markets throughout the UK.
Things to do and see in London
London is the largest metropolitan area in Europe. Its highly successful financial services industry is creating an ever-changing skyline that includes some of the tallest buildings in the world. Most of the world’s central banks and financial institutions have a strong presence in the city – making it one of the world’s major financial centres alongside New York, Hong Kong, Tokyo and Beijing.
As well as being a modern and dynamic metropolis, London has a rich history and a proud tradition of monarchy. There are dozens of historical sites to visit, including The Tower of London, Tower Bridge, Buckingham Palace, Hampton Court and The Palace of Westminster. The city is also a world centre for the arts, and people from all over the world visit the capital to see stage productions in the West End or concerts at the Royal Albert Hall.
London had the privilege of hosting the Olympic Games for the third time in 2012. The Olympic Park, located in the city’s east, has benefited from a comprehensive regeneration scheme, just one of the ways this ancient city transformed during the last two decades. It indicates the city’s growth and development into one of the world’s most culturally diverse, forward-thinking and technologically advanced conurbations.
Try our live property listings page if you want to know more about investing in the London property market.
