London is a place that needs very little introduction. It is the UK’s capital city, filled with hope and opportunity. This is the economic and financial hub of the country, meaning a lot of people come to London for work purposes. No matter your reason for wanting to find a property here, it is important to know more about the different areas and average property prices.
Average property prices in London
In terms of property prices, the average asking price for properties over the past year in London are as follows:
The overall average price for a property in London is around £670k-£718k. Most of the property sales in recent years have involved flats, which sell for an average price of £496k-£550k.
According to Rightmove, the priciest area within London is Central London with an average property sale price of £1,610,154.
The least expensive area within London is East London with an average property sale price of £535,429.
Different parts of London to buy a property in
There are a number of great places in and around London for those interested in purchasing a property. We are going to take a look at some of the main ones:
For affordability, consider East London
As well as being a vibrant and multicultural area of the city, East London has undergone major regeneration over recent years and is a vivid mix of older Victorian properties, new build apartments, studios, and townhouses.
While properties around the Docklands and newly regenerated areas can be at the higher end of the scale in terms of property prices, there are more affordable East London homes available.
The transport system, including regular bus routes, underground system, and Docklands Light Railway, means that even if you are working within the more expensive East End areas, commuting is not a problem.
Older Victorian-style homes offer residential space that is not generally found in newer estate properties, and most have private enclosed gardens, something that is much harder to find in other areas of London for the same price.
Additionally, older children have access to colleges and universities across London without the need to move out of their home. Younger children benefit from numerous schools and playgroups as well as a variety of parks and open spaces. There are plenty of things to do that are within easy reach of a home in East London, whether you are looking for family entertainment, shows, or restaurants. The legacy from the London 2012 Olympics also means that there are many top-level sporting facilities available to those living nearby.
London’s fast-changing areas
There are some locations in London that have experienced regeneration in recent years. You may want to consider looking into one of the upcoming areas when purchasing a property in London.
Barking Riverside is a good example of this, with one-bedroom flat prices starting at £262,500. A London Overground extension should be completed next year, which means that Barking Riverside is going to have a train link. It will take only 20 minutes to get into Central London. This could see prices in the area increase considerably, meaning now would be a good time to invest.
Another area considered one to watch is Woolwich. This is because it has enjoyed the greatest regeneration property price growth premium, coming in at 7.6 per cent per annum. There is a lot of green space here and the river is a real highlight, offering tranquility in London.
How to get a mortgage in London
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As property prices are higher in London, you may be feeling nervous about the prospect of securing a mortgage in this part of the UK. However, there is no need to fret, as YesCanDo Money is here to assist. We have many years of experience when it comes to helping people to get the mortgage to buy a property of their dreams.
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