• Fri. Jun 21st, 2024

How to Acquire a House in London – A Comprehensive Beginner’s Guide

Louise Villalobos

ByLouise Villalobos

Sep 3, 2023

Being the hub for the United Kingdom’s politics, culture, and economy, London has always been the number one option for people looking for places to live in the UK. That’s despite the city’s expensive housing prices and high cost of living.

Buying property in London is undoubtedly a major investment that could bring you a huge return on investment, considering that so many people are hunting for houses in the city, making the housing market super competitive.

Buy or Rent Property in London?

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As of September 2023, the number of individuals buying houses in London equals the number of those renting. However, PricewaterhouseCooper’s recent research indicated that by January 2026, London would have 65% of the residents as renters, with only 35% owning houses. As per the study, the driver of this trend is the inability of young London residents to buy property, thus forcing them to rent.

Nonetheless, if you still have the capital to buy a house in London, you can go ahead and do so, as the market promises good returns.

How Much Do Houses Cost in London?

Prices are determined by the type of property and where it is located. Data from the Zoopla ZED-Index shows that the average housing price in London is approximately $700,000, about a 2.4% increase from 2022. However, if you wish to purchase a house in central areas like the City of Westminster, it will cost you about $1.50 million. Meanwhile, you need more than $2.5 million to secure a property in high-end areas like Kensington and Chelsea.

If you want a house with a huge garden and don’t mind commuting into London city, you can look for property in areas like Bromley and Croydon, which both have proper transportation infrastructure. But how much will it cost you? Based on recent figures released by Foxton, a prominent London-based real estate agency, it is possible to get a house valued under $600,000.

Where to Buy Property in London

When buying a house, the first thing you want to consider is its location. Presumably, you’d wish to stay in an area close to your workplace and essential amenities like schools and hospitals. The transport system should also be fantastic. Lucky for you, London boasts unmatched transport infrastructure, from overground and underground trains to proper bus services that make traveling around the city easy.

Naturally, people with big families will consider getting large houses, which most of them are located outside the city. If you live alone, you probably want a property in the heart of London.

In this guide, we have listed some of the best areas in London to buy a house based on your budget and situation. They include:

Central London

This area is a top choice for young couples or professionals who wish to be closer to almost everything. If money is not a problem and you prefer minimizing the commute, central London can be a perfect place to buy a property.

South London

There are plenty of houses in South London, from terrace houses in places like Dulwich Village and Clapham to luxurious apartments located on the Southbank.

You can also find property in areas experiencing rapid growth, including Wandsworth, Lewisham, and Peckham. Most houses here are priced at between $670 million and $850 million.

North London

Areas to find good houses in North London include Islington and Camden. The units available in these places are suitable for people with school-going children as there are multiple learning institutions to choose from. The transport system here is also great, allowing you to access central London easily. However, due to the growing popularity of North London, housing prices have skyrocketed massively.

West London

If you wish to live in west London, check properties in Fulham and Hammersmith. The numerous ongoing development projects in the two areas have attracted many house buyers. That said, prices are likely to soar in the near future.

East London

Two areas that have seen massive development since 2012, when London hosted the Olympics, are Newham and Stratford. The excellent roads make the areas easily accessible from central London. Houses in East London suit young professionals as they are affordable.

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.