London continues to beat UK housing trends
Unlike the rest of the UK, London continues to experience increasing house prices and increased demand. Indeed, property prices in the Capital have bucked the UK trend by rising an average 0.8% (£3,453) every month compared to a fall of 1.5% (£2,792) in the rest of the country. In fact London asking prices are now 6.1% higher than a year ago, whereas the rest of the country recorded a fall of 1.7%.
Foreign investment in the London market and a lack of available stock has caused the continuing house price rises. Ultimately this means demand is outstripping supply and therefore increasing competition between buyers.
However, it is important to remember that if you are a London seller do not be tempted to price your property too high. Although, house prices continue to rise in London remember to consider your target market, as many UK buyers are still struggling to raise the necessary funds to move home.
So how can you find your perfect London Property?
Unlike the rest of the UK, if you see a property you like you need to move fast. Keep an eye out on the major property portals for new London property in your chosen area and keep on good terms with local estate agents. You will want to know about potential property first, so you can view it first and therefore get your offer in early. Unlike, the rest of the UK you can’t afford to wait a few months for house prices to come down!
Instruct your conveyancing lawyer in advance
Put yourself in a strong position by having your conveyancing lawyer instructed before you make an offer. This marks you out as a serious buyer who is more likely to proceed to completion. As a result estate agents and sellers will take your offer more seriously.
If you use In-Deed you can have all your initial paperwork in place and your lawyer ready to act for you before you even place an offer! And because there are no upfront costs and we operate a no completion, no fee policy it won’t cost you a penny if you are not successful!
Have your finances in place
If possible have your finances in place. Doing this marks you out as a strong buyer, who is able to move quickly to completion – something both the estate agent and seller will want. Being chain-free is also a massive bonus.
In the current market, sellers are no longer just looking for the highest offer; they also want a strong purchaser who is ready to proceed fast! Making yourself a more desirable buyer will increase your chances of finding that perfect London property.
Buying a property in London can be tricky! Make things easier by instructing In-Deed as your property lawyer. We can provide a faster service than most UK conveyancers, whilst not compromising on customer service and quality. Call us on 0330 100 2322 to find out how we can help you!