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The best places in London to purchase a property

Great news for first-time buyers

The announcements in the 2017 Autumn Budget were designed to help first-time buyers by abolishing Stamp Duty fees for properties under £300,000. But if your property is worth between £300,000 and £500,000, you'll pay 5% Stamp Duty on this segment of the purchase price.

Autumn Budget 2017: First Time Buyers won't buy stamp duty on properties purchased under £300,000. Any properties between £300,000 - £500,000 the first time buyer will pay 5% on that portion of the property

For example, if the property is worth £350,000 the buyer will pay 5% (£2,500) on £50,000.00. If a first-time buyer’s purchase price is over £500,000, there will be no discount on Stamp Duty Land Tax.

  

Stamp Duty Land Tax Calculator

Find out how much Stamp Duty Land Tax you'll need to pay with our free calculator.

For more information on Stamp Duty Land Tax, please visit our Stamp Duty Budget 2017 page. 

 

The average price of a property in London

(Data taken from UK House Price Index)https://www.gov.uk/government/news/uk-house-price-index-for-november-2017)

 London Local Authorities Average property price (November 2017)

Rank cheapest to dearest
Barking and Dagenham £289,992 30
Bexley £339,166 29
Newham £356,216 28
Havering  £365,693 27
Croydon £373,581 26
Sutton £385,717 25
Hounslow £398,473 24
Greenwich £401,226 23
Enfield £406,300 22
Hillingdon £419,369 21
Redbridge £425,582 20
Waltham Forest £442,704 19
Guildford £443,044 18
Bromley £447,338 17
Harrow £478,039 16
Kingston upon Thames £486,707 15
Ealing £487,535 14
Tower Hamlets £497,403 13
Lambeth £516,104 12
Southwark £524,579 11
Merton £538,347 10
Haringey £546,185 09
Barnet £550,344 08
Wandsworth £595,574 07
Hackney £599,035 06
Richmond upon Thames £663,921 05
Islington £686,637 04
Hammersmith and Fulham £739,997 03
Camden £861,159 02
Kensington And Chelsea £1,258,948 01

In the table above, most of the cheapest areas are currently in the East of London.

If you are living in Barking and Dagenham but work in the City of London, you would expect a commuting time of around 45 minutes each way (according to Google Maps).

Things to consider when buying a house in London

The deposit

With the rising costs of living, it can be difficult to gain enough capital for the deposit. There are many options to help first-time buyers including shared ownership, help to buy and even new build properties. To get on the housing ladder, we recommend setting a budget and see what non-essential items you can cut back on.  This little sacrifice can serve you well in the long term. 

The commute

Sometimes it can be cheaper to relocate to another part of London or even moving on the outskirts. However, if moving to a new location requires a longer commute, it is essential to understand what you’re getting into.  If your new property is one hour away from work, that’s 40 hours per month travelling back and forth.

The mortgage payments

Whether you’re sharing a property with a loved one or going solo, it is crucial that you can keep up with the mortgage payments. It is highly recommended that you speak with an independent financial advisor for some impartial advice.

Family and Friends

If you’re going to relocate to a different area, how far away are you going to be to your friends and family? How nice is the area your looking to move to? These are all important questions to ask yourself.  Visit where you could be potentially living first. Spend some time in the local bars and restaurants. Find out where the local shops are. Find out as much as you can about the area.

Finally, getting the best price for your conveyancing

There are two types of homeowners in London.  The first homeowner will pay a premium to attend meetings at their solicitor’s office.

The second homeowner uses a different top-quality conveyancing solicitor in London, but does the entire process conveniently over the phone and by email. 

At Banner Jones, we offer a great conveyancing package where you don’t need to visit our offices. Therefore, saving you time and money.

We know how frustrating London traffic is, so why pay more to see your solicitor when the process can be done from the comfort of your home? 

 To find out how, call Banner Jones Solicitors today on 020 8031 3618

Talk to our friendly team today on: 0330 017 6309

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