There are many people who strive to live in London, allured by its numerous amenities, attractions, and job opportunities. Home to the country’s main business centres, the city bustles with activity and lively tourist crowds. Moreover, as a great transport hub, London allows even the dwellers of outer boroughs to travel around the city and beyond. Therefore, even if you live in a quiet corner away from the city centre, you’ll still be able to commute to work.
When it comes to buying property, a lot of people choose new builds as they are more adjustable: you can either pick one of the options, suggested by a property developer or renovate your home since newly-built real estate provides a better foundation for renovation works. Further perks include the latest technologies, energy efficiency, and warranties.
Another perk of new build developments is a wide range of payment options, which includes government-backed schemes that are meant to help first-time buyers purchase their first home. In London, you can acquire a home using one of the following options: a mortgage, Help to Buy, Shared Ownership, Part Exchange, or Investment Purchase.
When looking for a place to buy a new build, there is a wide range of factors that have to be taken into account, such as a history of price growth, regeneration potential, transport system, and local amenities. Bearing in mind all that, we’ve compiled the top 5 best areas to buy new property in London, which includes Westminster, City of London, Islington, Kensington and Chelsea, and Hammersmith and Fulham.
To find a new build in London, you can use Korter, a real estate website that lets you search through all new builds for sale in London in order to find the right one. The property search has a collection of convenient filters for narrowing down your search results based on your preferences as well as an interactive map in case you’d like to see exactly where certain developments are located. Once a property catches your attention, you can open its description and see detailed information about its location, amenities, facilities, architecture, surrounding infrastructure, transport accessibility, and the developer’s profile. Apart from the project itself, the website provides details on the available units, including layouts and photos. To find the right time for your purchase, we suggest analysing the price dynamics displayed on the website to see how the price has changed and seize the best moment.
The standard specifications include double or triple glazing, heat insulation, and high-quality roofing, as well as wooden flooring or carpet, a number of integrated appliances, and bathrooms.
New flats are usually sold on a leasehold basis. As for new build houses, the government is working on measures to ensure that they will only be sold as freehold.
Many first-time buyers choose a new build as it might be the only option they can afford owing to the fact that only new builds can be bought via government schemes, such as Help to Buy and Shared Ownership.
To buy a newly-built property, a first-time buyer will need to put down at least a 5% deposit.
Many people are convinced that you can only negotiate with a seller of an older house. However, that’s not true! You can make an offer to a new build property developer the same way you would if you were buying a resale home.
Usually, it takes around 7 weeks from the moment an offer is accepted to the exchange of contracts. However, it may take two more weeks or so until completion, but since new builds are chain-free, this process might be much easier.
New developments tend to have much more amenities than older ones. The list of the most common options is topped by a concierge, followed by on-site retail facilities, underground parking, a gym with a swimming pool, and a laundry facility.
Buying a new build property can be considered a good investment since new builds tend to grow in value at the same rate as other properties.
|Westminster||from £2 492 / ft2|
|City of London||from £1 370 / ft2|
|Islington||from £767 / ft2|
|Camden||from £1 450 / ft2|
|Kensington and Chelsea||from £2 496 / ft2|
|Lambeth||from £1 372 / ft2|
|Tower Hamlets||from £786 / ft2|
|Hackney||from £955 / ft2|
|Southwark||from £858 / ft2|
|Wandsworth||from £975 / ft2|
|Hammersmith and Fulham||from £1 136 / ft2|
|Waltham Forest||from £585 / ft2|
|Haringey||from £718 / ft2|
|Newham||from £577 / ft2|
|Brent||from £657 / ft2|
|Lewisham||from £596 / ft2|
|Greenwich||from £652 / ft2|
|Barnet||from £707 / ft2|
|Ealing||from £668 / ft2|
|Merton||from £660 / ft2|
|Westminster||from £525 000|
|City of London||from £785 000|
|Islington||from £530 000|
|Camden||from £570 000|
|Kensington and Chelsea||from £675 000|
|Lambeth||from £440 000|
|Tower Hamlets||from £380 000|
|Hackney||from £320 000|
|Southwark||from £290 000|
|Wandsworth||from £340 000|
|Hammersmith and Fulham||from £387 500|
|Waltham Forest||from £300 000|
|Haringey||from £417 500|
|Newham||from £276 995|
|Brent||from £285 000|
|Lewisham||from £360 000|
|Greenwich||from £345 000|
|Barnet||from £360 000|
|Ealing||from £295 000|
|Merton||from £400 000|
|Hertfordshire||from £567 / ft2|
|Surrey||from £612 / ft2|
|Essex||from £415 / ft2|
|Buckinghamshire||from £581 / ft2|
|Berkshire||from £456 / ft2|
|Kent||from £407 / ft2|
|Milton Keynes||from £349 / ft2|
|Manchester||from £366 / ft2|
|Greater Manchester||from £334 / ft2|