Buying Residential Property in London
Buying Residential Property in London

Property in London

Like with any metro city in the world, London isn’t cheap in any way. Buying a home in London is a dream for many and the city is counted among the most expensive place to live. First-time home buyers always feel the crunch of stepping up the home ladder, they have to go through the lending rates, and the borrowing costs and prove to the banks, that they have enough money to pay back the interest and the loans they get. Since 2000 the property value in London has increased rather significantly. Due to the recession, not only Europe was affected but the property industry of the Middle East was affected too.

The property price in London varies as per the accommodation and area sort after. For many reasons central London property is what every first-time buyer dreads to buy, knowing the costs are high and the property rates in the city are more than double as compared to other parts of London. Places like Kensington, Chelsea, Knightsbridge, and Nottinghill are some areas which come in expensive areas. Recently in some areas of London house prices are falling. First-time buyers are the ones who seek on average 2 room properties. The rates differ for properties as per the area, amenities, transport, and rooms. Commercial property is also one of the toughest properties to buy in London. Many businesses buy the property on lease. Areas like oxford street, canary wharf, central London, Holborn, st pauls are majorly commercial areas.

London has more than 200 street markets and if you were to find a property which is clean, less noisy and has green areas around it. You wouldn’t want to live near these street markets for sure. Which makes the decision of buying a property rather a confusing and cumbersome affair. Honestly speaking, it depends on your preferences about where you would like to live. If you like hustling and bustling market areas, which are full of people around all the time, then yes living near street markets is a good idea. Property in London varies from studio apartments to penthouses. London caters to everyone from rags to riches. Average property cost starts from £200,000 to cool £ 1 million plus. Well there you go, if you feel like you have the money of this sort, go for it and buy a pad in London. Surely buying a property in London is not cheap yeah! 🙂

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