While the world has come to grips with coping and living with COVID, London. in particular, is a city that is starting to show signs of it coming back to life and returning back to normality. 

Prior to the pandemic, almost 40% of homes were purchased by residents seeking to escape the hustle and bustle of the London city lifestyle. But now a few years have passed since then, what’s changed? 

The property market is showing an indication that people are seriously considering returning back to London. For those who are inheriting property in the capital, executor insurance may be a wise investment. Beneficiaries and executors alike are covered under this type of insurance.

Nevertheless, just how much is the average house price in London these days?

Price of a house per borough in London

With the average cost of a home in London now at £677 110, this figure is almost 40% higher than the national average of just over £450,000. The most expensive boroughs in London are Kensington and Chelsea, where the average price is £1,736,077.

The third most expensive borough is Westminster, where the average price is almost £1,441,340. By contrast, the least expensive borough in London is Barking and Dagenham, where the average price is just under £365,907. 

These figures show that there is a huge variation in house prices across London and  it's important to make sure that all assets are protected. By taking out executor insurance similar to Emerald Life, beneficiaries can rest assured that their inheritance is safe and secure.

5 House Buying Tips for Londoners in 2022

1. Do your research

Before you start looking for a property, it's important to do your research. You need to have a realistic idea of what you can afford and what type of property you're looking for. 

It's also worth considering your long-term plans. Once you have a good understanding of your needs, you can start to look for properties that match them.

If you're not sure where to start, you can speak to a professional property buyer's agent. They will be able to help you find the right property and negotiate the best price.

2. Get a mortgage agreed in principle

Once you've found a property you're interested in, the next step is to get a mortgage agreed in principle. This will give you an idea of how much money you'll be able to borrow and what your monthly repayments will be. It's also worth considering your deposit. The larger the deposit, the lower the interest rate you'll be charged.

If you're a first-time buyer, you may be able to take advantage of the government's Help to Buy scheme. This allows you to buy a property with a deposit of just five per cent.

3. Find a good conveyancing solicitor

The next step is to find a good conveyancing solicitor. They will be able to handle the legal aspects of the purchase and help to make sure that everything goes smoothly. It's worth getting quotes from a few different solicitors before you choose one.

You can find conveyancing solicitors online or through your estate agent. Once you've found one you're happy with, you can start the process of buying your property.

4. Make an offer

Once you've found a property you're interested in and have your mortgage agreed in principle, it's time to make an offer. Your estate agent will be able to help you with this. They will also be able to negotiate on your behalf if the seller is not willing to accept your offer.

It's important to remember that you don't have to pay the asking price. In fact, it's often possible to negotiate a discount of up to 20 percent. However, you should be prepared to pay at least the asking price if you're in a competitive market.

5. Exchange contracts

Once you've agreed on a price, it's time to exchange contracts. This is the point at which the sale becomes legally binding. At this stage, you'll also need to pay your deposit. Once the contracts have been exchanged, you'll be able to move into your new property.

Moreover, you need to take into account the extra costs associated with buying a property, such as stamp duty and legal fees. These can add up to a significant amount of money, so it's important to factor them into your budget.

Final Words

If you’re looking to buy a home in London by 2022, you should seriously consider these few things. The city is constantly changing, so what may be an ideal neighbourhood today may not be as desirable five years from now. 

Additionally, the cost of living in London is only going to continue to rise, so it’s important that you factor this into your budget when planning your purchase. By following our advice, you’ll be able to find the perfect home for your needs and make the transition back to city life as smooth as possible.