As one of the world’s greatest cities, London offers an eclectic mix of real estate properties across different price ranges. Whether you have set your eyes on a property already or plan to get help from online property agents in the UK, it’s crucial to consider the area you will buy in.
London’s real estate market is constantly brimming with opportunities for house buyers, new modern houses as well as vintage residences from the last century, and including detached, semi-detached, and terraced houses.
But not all areas are equally profitable for buyers. And while some areas enjoy a certain prestige and are closer to the city’s main attractions, the right area for you is, ultimately, one that’s determined by the reason behind your purchase as well as your individual preferences.
So, how can you find the most profitable area for your new house?
Define Your Expectations
If one area of the city would be universally profitable for all house buyers, everyone would know about it and your choice would be easy. However, whether an area is good for you depends on the type of property you intend to buy, your budget, and your long-term plans for that property.
For buyers who intend to let the property later on, being closer to the centre of the city can be more important than any other factor. For those who want to avoid an overtly urban setting, however, the outer boroughs that are undergoing constant developments can be more appealing.
Just as important is whether you are upsizing from a flat to a house or looking to move into a bigger, more spacious house than the one you already have.
Let’s explore some of these considerations more in depth.
Consider the Location
London’s West End is known for its expensive residential properties. Districts such as Covent Garden, Soho, and Mayfair include some very expensive properties for which there has been, historically, a steady demand.
But population growth, rising house prices, and infrastructure upgrades are drawing attention to outer borrows in Greater London which have not appealed to buyers before. When you look at property for sale, UK’s capital is diverse enough to accommodate all buyers.
The crucial thing then to finding the most profitable area is to have access to a wide catalogue of up-to-date properties for sale with a good valuation and an accurate description.
Decide on a Type of House
Detached, semi-detached, and terraced houses are not equally distributed across London. In the heart of the city, most of the properties are apartments, while houses tend to be some of the most expensive in the UK, without necessarily offering as much space as properties in other boroughs. If you’re hunting for a budget house, you should turn to other areas.
Consider Whether It Will Be a Home or an Investment
A crucial aspect when looking to buy a home is whether you intend to live in it or only use it as an investment. For example, you may plan to live in it for a few years only, before selling it and moving to another place. If this is the case, it’s important to consider the property’s potential long-term value as an investment.
Determining Whether an Area Is Profitable or Not
Keeping your objectives and individual preferences in mind, there are a number of key questions that can help you filter listings to find the most profitable area for you. These are questions that you can and should clarify with your real estate agent.
·Is the area close enough to London’s best-known attractions?
·If it’s well outside the centre, does it allow for a fast commute?
·Is it safe? Does it have a low crime rate?
·Does it have good schools, markets, and shops?
·Is the area undergoing any rejuvenation projects?
·Is the traffic fluid in and around the area?
·Does it face any pollution risk?
·Is the area vulnerable to floods?
How Online Estate Agents in the UK Can Help
If you have positive answers to these questions, you are looking at a profitable area, one that’s likely to stay profitable in the long run, despite shifts in real estate trends.
Real estate property trends are dynamic, and so are some of the other key factors governing your decision, including whether the area you have set your eye on is financially stagnating or attracting new buyers and whether it’s undergoing new developments.
For this reason, it’s important to have access to accurate, up-to-date and transparent data. You can and should count on your real estate agent to help you choose the right area for your next property purchase, whether you intend this to be an investment or not.
At Doorsteps, our online estate agents in London can help guide your decision. We can help you buy a great property online for less than high-street agents. Contact us now to learn how we can help.