In this brief guide, we are going to discuss where to buy in London. If you are looking to buy a house London then this guide will help you know where to buy in London.
Where to buy in London
If you are looking to buy a house in London you could be overwhelmed by the different regions in London and how different the price and culture is across the board.
If you are looking to buy a house in London for investment purposes then you may be faced with similar dilemmas. Trying to find where to buy in London and by default where property prices will rise next in London or what area of London will become a place to live is a bit challenging as London trends seem to set themselves. There are currently many places in London where redevelopments are going on.
We will make an attempt of looking at places where we think most people will want to live in London.
Below are our picks on where to buy in London:
South East London has always been the go between for cost and class. Let’s look at some of the main areas to buy in South East London. If you are thinking of where to buy in London then South East London will represent good value.
Charlton is currently benefiting from all the developments taken place along the river thames.
There are over five thousand homes projected to be built there over the next twenty-five years. This will no doubt include, schools, restaurants and attract a host of businesses to the area. Most of these new developments will overlook the Thames barrier.
Charlton is a good place to pencil in for the future and a good place to buy in London.
Canada Water is conveniently close to what many see as the financial pocket of London “Canary Wharf”. Its is just one stop away meaning if you work in Canary wharf then Canada water is a great place to call home. Canada water is still being developed and it’s a far cry from the buildings in Canary wharf.
Canada water used to be a London dock and unfortunately was neglected for a very long time. As prices in London have begun to creep up again, the money has now flown into Canada water and it has seen many major redevelopments.
Walworth is also going through a period of development and many residential buildings are beginning to go on sale. Walworth was a much cheaper place to buy but it has now risen in price as there are many developments and developments such as the Aylesbury estate taking place.
East London has been going through a spurge of redevelopment for the past 10 years and it doesn’t seem like it’s about to slow down or stop, in fact, the complete opposite.
Below are some of the areas to buy in East London.
Bethnal Green is one of the last areas of East London which still has the authentic feel. If you want an area which still feels like East London and hasn’t been cursed with new developments which take away it cultural values then Bethnal green is the place to be.
Gentrification has been a big issue in the tower hamlets area but Bethnal green has put its foot up to this and has so far avoided gentrification.
There is still a slight hint that it’s only a matter of time before the developments fully take over the place.
As of now you can still find the period houses but there are plans to reboot the former London Chest Hospital and its four acres of grounds beside Victoria Park, which closed in 2015 after 160 years’ service, were approved by Tower Hamlets council.
Bromley by Bow is another area in East London which is very attractive for those looking for where to buy in London. It is relatively close to the Olympic park and the regeneration of many areas around it is turning old industrial land into beautiful new homes. It may just be a good time to buy in Bromley by bow.
Bromley by bow currently has a 10-year development plan which will see well over eight thousand new waterfront homes by the banks of the River Lea.
This could be seen as an alternative waterfront dwelling to the Thames which is currently overpriced.
The Blackhorse road has renewed development under the Blackhorse Lane Action Plan which is to build over 2,500 new homes on the Northside of the Blackhorse Road station.
They will look to attract the new wave of businesses, entrepreneurs etc.
Poplar has often been referred to as the ugly part of East London but with so much money being invested in Poplar it will soon be a hallmark of East London.
The Poplar local council says it will build over three thousand flats along with schools, shops, businesses(which will no doubt prop up) and new parks.
These new homes will be on offer to first-time buyers, those renting etc”.
East Ham has been a heavily ignore area for many many years but over the next 5 years, hundreds of millions of pounds will flow through East Ham to ensure that hundreds of homes which reflect its culture will attract first-time buyers, renters etc.
Barking has begun to regain its groove as one of the best places to live in East London. Barking is all the way in Zone 4 but due to the value, it offers in house prices many people have chosen it as a place to live. You won’t see any huge developments in Barking and skyscrapers are likely another 50 years away but the Barking council has put forward a plan to redevelop Barking with thousands of new high rise homes, a new shopping centre, a new park and a new underground station.
But just across the barking riverside work is being carried out on an area which was previously industrial. It is projected to hold over eleven thousand homes (11,000) over the next 15 years which should house at least thirty thousand people (30,000).
Whitechapel is certainly one of the areas of central London which still remains affordable. The addition of a cross rail station in this area has obviously started pushing the price upwards. If you want to live in Zone 1 for an affordable price then Whitechapel is the place to buy in London.
The local council has plans for over 3,000 new homes which they hope will attract new shops, restaurants and create a new buzz in the area.
There is also a planned £300 million science research campus for Queen Mary University of London.
If you are thinking of where to buy in London then South London is still a very good area to buy in London. Gentrification Has taken over and there are a lot of new developments. In fact, south London has been the focus of most of the developments in South London. Below we will consider some of the areas in South London which come to mind.
A £3.6 billion pound extension of the Bakerloo line into Lewisham is the main point which any potential homeowner should be aware of.
Lewisham has seen a lot of investment due to the fact that the Bakerloo line is projected to extend into Lewisham.
The biggest thing of date in Mitcham is the £435 million plan to renovate old estates and council houses to new homes. It remains to see if this plan will be put into place or what will come out of the plan.
“Now that first-time buyers don’t have to pay stamp duty on homes valued up to £300,000, an unexpected spotlight has fallen on Hounslow, one of the few places left in London with homes that qualify for stamp duty exemption.
Thanks to all those Heathrow planes, Hounslow, on the Piccadilly line, has been a Cinderella neighbourhood for years. Now its fortunes are set to change thanks to a major regeneration programme.
One of the largest projects is the £410 million revamp of the former Hounslow Civic Centre site in Lampton Road. Notting Hill Housing is building 919 new homes across 10 buildings designed by architects Sheppard Robson. Half of the homes will be affordable, ring-fenced for those priced out of London’s property market.
Hanwell, often overshadowed by its bigger, louder and better-known neighbour Ealing, will enjoy the largest reduction in journey times of any station along the line. Services to Tottenham Court Road will take 15 minutes.
But unlike other regeneration zones, Hanwell is an established neighbourhood in its own right, so those buying into the area won’t have to wait for coffee shops and bars.
This industrial backwater beside the Thames is getting a seriously transformative, multibillion-pound makeover.
As well as the Thames, the River Brent and Grand Union Canal run through Brentford and there will be thousands of new waterfront homes, many going on sale over the next year. The area will also get new restaurants, shops, cultural and sporting facilities.”
If you are considering where to buy in London then North West London is a very good place with house prices which are relatively affordable for London.
Brent cross is an area that was heavily deprived of development funding over the past 10 years but as with most areas in London development funds are starting to pile in and new homes are beginning to pop up. Brent cross is relatively close to the North circular road which means you can access most of London in a few minutes.
The brent cross shopping centre is also being renovated so that’s good news to any potential homeowners.
South Kilburn has received over £800m of renovation fund of recent and you can see the effect of this with the amount of new homes or renovations going on in the area. Old council houses are getting pushed down and new high rises are getting built. It is helping the property affordability crisis in the UK but hey? What is?
Over the next 15 years it is stated that there will be another 2,400 new homes which are available to buy with government schemes etc.
North London house prices have started to rise in recent years but there are still some places that offer value if you are thinking of where to buy in London.
Enfield is a relatively residential area and house prices have risen but not at the same rate as other places in London and hence it still represents great value if you are looking for a place to live or a potential buy to let investment.
Hornsey is a very nice place to live. It still has a lot of period homes even as it receives a lot of development funding.
We hope this guide has given you an idea of where to buy in London.
Getting a mortgage for a new London home
You may want to consider using an independent mortgage broker to get a mortgage.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases. This could be over 11,000 mortgage products. This may have some advantages than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full mortgage application. Once you have found a home you want to buy or are satisfied with the mortgage offer for your remortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer. Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
In this brief guide, we discussed where to buy in London. If you have any questions or comments then please let us know.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.