Before COVID-19 the housing market was enjoying its strongest start to the year, each year.
52% families in the UK own their own home according to latest statistics, with 28% owning properties outright and 20% with a mortgage. Decisions pertaining to housing require analysis of several factors.
Siddharth Mahajan London says, “Buying a property is always going to be stressful but now after the pandemic, the British real estate market is going to witness mammoth change in terms of policies as well as pricing. In the past few weeks the government has set out a complex set of new guidelines to help the British public, and economy, adapt amid coronavirus. Now experts claim the new rules will help boost the housing market.” Additionally, restrictions have been loosened on who can legally identify buyers and allowed deeds to be signed without in person witnesses. In totality, the British real estate market is set for evolution following the COVID 19 pandemic.
Read more to understand these better if you are a fence-sitter awaiting an opportunity to take the plunge.
- It’s been said before, and will be repeated a million times over – but location, location, location is key when it comes to buying a property. Neighbourhoods that no-one in their right mind would have considered buying in only a decade or two previously have now received the gentrifying touch, and become the ultimate in ‘des res’ living (with the price tags to match). Areas such as Marylebone, Paddington, Notting Hill and Earls Court require deep pockets if you intend to purchase. Instead, look at areas such as Hounslow, Croydon, Bromley and Barking. Not quite so central but offering far better value for money.
- Haggling is key – yes, even in the ultra-reserved society that is the British public! Just because a property is listed at a certain price, it doesn’t mean that a) It’s what it is worth, or b) It’s what the seller will accept. Do your homework as to what other similar properties in the area are worth.
- Consider less sought after properties, such as an apartment above a shop. In many cases this can provide you with far more space for your money. Siddharth mahajan london read more
- Check out your transport options. All of London, including the suburbs, is covered by the underground train system known as ‘The Tube.’ For your own ease of travel (and for future ‘saleability’ ratings), try not to buy a property located more than 10 minutes’ walk from a tube station. However, properties that don’t hit this mark are likely to be cheaper. Over-ground connections or a bus route can see you saving thousands on the price of a property.
- Temper your enthusiasm when viewing. If the estate agent or vendor gets the vibe that you love the property, you’re automatically on a losing streak when it comes to getting as much off the asking price as possible.
Talk to the locals. If you like a property you’ve just viewed, take the time to explore the immediate vicinity. Are there any open spaces nearby for kids and/or animals to play in? Where is the nearest shop? Is there space to park your car? What are the pubs like? The clientele that frequent the local drinking establishments will give you a good idea as to the type of neighbourhood you’re in. If you’ve got the front, it doesn’t hurt to knock on neighbours’ doors and ask them what it’s like to live in the area. Most people are happy to give advice to the folk who may well become their next-door neighbours.