How to Buy a House in London: Living in London is one of the most expensive and modern experiences for everyone. Before evening planning to buy a house in London, you need to keep in mind that property prices in London are quite high.
The UK capital is home to some of the world’s most beautiful houses and architecture, with a historical background of over 2000 years old. Buying property in the 21st century is considered a very stressful task, as prices of properties are touching the sky, and there are cases where properties are vulnerable to damage, not well maintained, some are too congested, while others are too large in size, etc.
In this article, we are going to discuss essential steps about how to buy a house in London.
| Location | London, UK |
| Average House Cost | £523,666 (INR 5.55 Cr) |
| Average Cost of Living | £3,568.3 monthly (INR 3.77 lacs) |
| Types of Visa Required | Work Visa Employment Visa |
| Top Commerical Properties | Bernard Works165 Broadhurst Gardens Park Royal Kensington Court 41 Wenlock Road 123 Golden Lane |
| Top Places to Live in London | London Borough of Richmond Thames Camden Town Brixton Shoreditch Notting Hill Greenwich Chelsea |
How to Buy a House in London
Buying a house in London is a very tricky and nerve-racking process as it involves complex steps. Therefore, it is important to follow a general guide which will help you with every process involved in buying a house in London. You need to seek recommendations from professionals, such as reliable real estate agents and solicitors, who are familiar with the latest developments in London and the property market there.
Average Cost of Living in London
The cost of living in London can depend on multiple factors such as the location of the property, lifestyle choices, personal circumstances and preferences, etc. When compared with any Indian city, the average cost of living in London is way more expensive. The average cost of living in London along with staying in student accommodation in London can be between £4,500 to £5,200 for a family of four. If you are a single person, then the monthly cost of living in London will be around £1,400 to £1,550.
Typical expenses that affect the cost of living in London include your monthly rent or the property’s price, transportation costs, food and grocery costs, utilities, entertainment and leisure expenses. The table below highlights all these factors in detail.
| Types of Expenses | Amount (Monthly) |
| Rent | £2,039 |
| Food and Grocery | £550 to £585 |
| Entertainment and Leisure | £200 to £250 |
| Travel and Transportation | £140 to £180 |
| Utilities | £100 to £200 |
Top Places to Live in London
There are various neighbourhoods in London that offer you access to the modern lifestyle with unique characteristics and appeal. The top places to live in London depend on your individual preferences, lifestyle and requirements. Here are some of the top places to live in London.
- Kensington and Chelsea
- Notting Hill
- Shoreditch
- Canary Wharf
- Greenwich
- Richmond
- Camden Town
These are just a few of the top places to live in London. There are various others which you can consider.
Things to Consider Before Buying a House
Below we have discussed some steps which will surely guide you in the stages involved in buying a house in London if you are not thinking about renting a room in student housing in United Kingdom:
- Consider your financial situation and determine how much you can spend on buying a house in London. To increase your budget, try to increase your savings, and earnings and look for any mortgage which can finance your requirements.
- If you are looking for a mortgage which can finance your target purchase, make sure to get it pre-approved by a mortgage lender or bank.
- In this way, you can get a clear picture of your borrowing capacity and it will also help you in your house-hunting process.
- London is a big metropolitan city divided into different districts and neighbourhoods. Make sure to do a brief research about the areas that are more suitable to your needs such as amenities, transportation links, schools, etc.
- Reach out to a real estate agent who specialises in the London property market and is well aware of the current situation there. These agents can help you find suitable properties, arrange viewings, negotiate on your behalf, and guide you through the buying process.
- The moment you’ve found a suitable property in London, try to make an offer to the seller, one that is realistic. Once again, your real estate agent can assist you with the appropriate property prices. You need to negotiate with the seller until a fair price is fixed.
- Before moving, make sure to conduct an authorised survey on the property. This survey will help you to identify if the property is suitable for buying or if there is any structural damage or issues in the property.
- The next step will be to exchange contracts with the seller. Here, you are required to pay a deposit, which is usually 10% of the property value.
- The last step will be to make the complete payment and transfer the property ownership to you legally. Your solicitor will give you the final property papers, including registering the property under your name with the Land Registry.
Also Read: Fun Facts About Living in London
FAQs
Spring is considered the best time to buy a house in London. The property market is full of houses for both sale and rent offers. However, this increases the competition among buyers as everyone is competing to buy one.
The average cost of living in London for a single person is £1,400 to £1,550. If you are planning to move with your family, then the average cost of living in London will be £4,500 to £5,200 monthly.
To buy a house legally in London, you need to contact a real estate agent who is familiar with the property market there and who understands the value of property quite well. Your agent will guide you through all the stages involved in buying a property in London, such as your budget, search for the house which is best suitable for your needs, etc.
