London has to offer so many things that it is not surprising more and more people prefer to live there. Many districts and boroughs make up the buzzing and busy metropolis, and it is important to find the right place to live without feeling overwhelming. From council tax bands to transport fares to the first time buyer scheme and average London House Prices, there are many factors that you have to keep in mind when buying a property in London.
The price growth for London property has fallen to its lowest in the past six years. But there is no change in the property prices in Central London as it is higher than the national average. You will also see the same trend in the first time buyer properties. The prices of the first time buyer properties are triple the average prices.
What are the Cheapest Areas in London?
Dagenham and Barking are the two cheapest areas where you can buy properties. The average London House Prices in these areas are 297,039 pounds. The second cheapest area for buying a property in London is Bexley, where the average property price ranges from 355,884 pounds to 399,045 pounds. Croydon is the third cheapest local area where you can buy property in London. The average house price in this area ranges from 353,194 pounds to 360, 994 pounds.
The most expensive areas in London are Chelsea and Kensington, as the London House Prices in these areas are 1,250,930 pounds. The second most expensive area in London where average people can’t afford to buy property is the Westminster as the average property rate in this area is 971, 530 pounds. The 3rd most expensive region in London to buy property in Camden, and the property price in this region is around 822, 741 pounds.
If you plan to buy a property in London, you need to consider the other expenses, including commuting fares, council taxes and more apart from the average London House Prices.
Getting Mortgage Loan to Buy Property in London
Since the London House Prices are high, getting a mortgage loan to buy a property in London is the most viable option for many homebuyers. But, getting a mortgage in London is the most daunting job, especially if you are buying a property for the first time.
Before starting your hunt for a London property, you need to calculate how much mortgage you can borrow according to your eligibility. It will help you to get an idea of the type of property that you can afford to buy in London. In London, mortgage lenders are allowed to lend mortgage loans up to 4.5 times the applicant’s total annual income. Besides, the lender also considers other factors before approving your mortgage loan, including debts you owe presently, creditworthiness, personal situations and average spending.
There are online calculators and property data that you may use to get rough ideas about the London House Prices and the amount you need to borrow to buy a property in London. Plus, select the best location where you can find properties within your budget.