Buy-to-let or residential properties are at a peak in the London market. But it’s fair to say that London is one of the trickiest markets to find a great property in. The properties are diverse, and buyers and investors are sometimes overwhelmed by the variety. The London property market is split, in fact, into multiple different markets, each with its own specifics. There are certain areas in London where both buyers and investors can look into since these are already the best.
50% of the property sales in London in 18 of London’s 33 boroughs were for flats. In the heart of the city, almost all properties sold were apartments. But these are not suitable for large families looking forward to upsizing to a generous house. But still, which are those areas where the best properties can be found? We will see below.
Average prices in different London areas
Some of the most common types of properties in London are terrace houses. The prices vary a lot, depending on the area, but some of the least expensive ones can be found in the following.
- Barking & Dagenham – £315,124
- Bexley – £342,869
- Havering – £341,747
- Croydon – £359,102
- Sutton – £368,473
- Newham – £393,869
- Hillingdon – £395,920
- Bromley – £395,291
More than half of the houses sold in N-E London are terrace properties. The average selling point a in Waltham Forest is estimated at £480,000, while in the Redbridge borough, the average price tag is approximated at £450,000. A three-bedroom property on the Blackhorse Road can be purchased for more than £500,000, in some cases.
High-density house sale areas are Leyton, Leytonstone, and Chingford. This has generated a noticeable price rise in the Walthamstow borough over the past few years. Luxury homes in exclusivist London areas are also in high demand. However, agencies prefer not to disclose the exact location of these properties, for privacy reasons. The exact prices of these properties are also unknown, for similar reasons. But the word out there goes that a similar house should cost as much as 2.2 million.
For cheaper homes, interested buyers should turn their attention to Greater London, where a home can be found at £315,000.
In the following two years, new construction projects are expected to be implemented around London, as well. In Barking and Dagenham, there will be built more than 11,000 homes.
Searching for the best property in London
In terms of popularity, semi-detached homes are less attractive than terrace houses are. London’s Bexley is one of the boroughs with the highest density of similar properties, according to real estate analysts. Also, the houses here are on the affordable side of the spectrum, being estimated at £430,000. In Romford, similar houses sell for as much as £500,000. Properties around Kingston upon Thames sell for the incredible price of £670,000. Needless to say, only with a generous budget should start searching for their homes in this particular area. In the city of Westminster, even more. The houses here sell for £3 million, in some cases.
Those dreaming about buying a semi-detached house can start searching for one in Bromley. While the prices are not the cheapest you will find out there, they are still affordable for the average Londoner. Besides, the area is split between an urban and rural feeling, being able to meet all requirements in terms of tranquillity and access. There are great transport links, high-rated schools, and kindergartens and plenty of shops around, so buyers will have everything they need at a few steps away. Plus, they will enjoy properties with some of the largest gardens in London. The prices are still average, making the areas a perfect location for families with children.
Searching for a reliable realtor
This depends entirely on what type of property you’re interested in. If you search for high-end, luxury properties, you should guide your decision based on the realtor’s portfolio. Also, being specialised in luxury home sales is a bog plus you should search for. These transactions have to be dealt with, with the biggest discretion in mind. Having your name and contact details shared by your realtor should be the last thing to happen, in case you search for a luxury estate. So, an agency specialised in this type of transactions should be the first to search for.
Other buyers can easily get in touch with a realtor or agency locally known for their streamlined and attentive services. Their portfolio, ratings and a list of former clients, should be the first to analyse when doing your research.
The best area to find a property in London depends on factors like your price range, type of property you’re interested in and services available in the area. Nonetheless, collaborating with a reputable agency will make the whole process more approachable.