London new homes on Korter
Moving to or within London might seem like a daunting task. But with the right preparation and knowledge, you can easily find new build homes in London.
What do you need to know about new developments in London?
The most important things to know about new developments in London are location, the stage of construction, and the ownership type.
- Location: Think about things as the distance to your work, (public) transport options, the proximity of shops, restaurants, schools, and other social infrastructure, as well as the availability of parks and sports facilities.
- Construction progress: Buying off plan in London (i.e. buying a new build property before construction has been completed) often means a lower price. However, buying a property that is ready to move in offers fewer risks and the possibility to move in straight away.
- Ownership type: For new homes in London, there are 2 ownership types: Freehold and Leasehold. Freehold means that both the building and the ground underneath it belong to the owner. Leasehold means that you are the owner of the new build property but not the ground underneath it. This results in having to pay additional fees such as ground rent.
Why buy new build homes in London?
The reasons that people buy new build homes in London are mainly related to comfort and price level.
Other benefits of new real estate include:
- Government incentives: The Help to Buy program offers equity loans for certain developments. With this scheme buyers only need 5% as a deposit, making it easier for first-time buyers to climb the property ladder.
- Energy efficiency: New-built homes get more energy-efficient each year, with savings of up to 60% on energy costs compared to properties on the secondary market.
- Personal touch: Most real estate development companies in London offers various options to personalize your new home with a wide range of choices when it comes to kitchen styles and appliances, flooring, tiling, as well as options for landscaping in the garden.
- Peace of mind: Most new homes come with a 10-year warranty from large insurance companies such as The National House Building Council (NHBC). This protects buyers against any defects or malfunctions as a result of the construction process.
- Promotions from developers: When buying a new home, there are many deals that can’t be found on the secondary market. Promotions that are frequently offered include free furniture packages, cashback schemes, mortgage discounts, as well the Part Exchange program.
- Security and safety: New homes in London adhere to the latest security and safety regulations. Examples include fire safety alarms, video entry systems, high-end locks on windows and doors, and CCTV.
What are the most popular boroughs with new homes for sale in London?
The most popular boroughs in London are the ones that are located in Inner London, in the most central part of the city.
Some of the most in-demand areas are:
- Westminster: Located in central London, the Westminster borough is home to many of the world-famous attractions in London, such as Buckingham Palace, Westminster Cathedral, and a large part of the West End shopping and entertainment area. Real estate here consists mainly of residential apartments and large private homes, aimed at wealthy residents.
- City of London: Although officially not one of the 33 London boroughs, the City of London is the oldest district in the city, with a history dating back to the times of the ancient Romans. The area serves mainly as a business center with less than 10.000 residents but with more than 500.000 people working there.
- Islington: This residential district in the central part of Inner London is home to roughly 215.000 residents. Some of the landmarks in this area include the Emirates Stadium, where football club Arsenal plays its matches, the London Canal Museum, and a wide range of theatres. Islington boasts an abundance of public transport options, making it the ideal place for those that have to commute.
- Kensington and Chelsea: With a royal status, this is the smallest borough in London. However, it is also one of the most densely populated areas in the capital. As a result, this area is home to some of the most affluent neighborhoods in London, including Chelsea, Knightsbridge, and Notting Hill.
- Hammersmith and Fulham: Part of the top 5 of most expensive residential areas in London, this borough also houses the offices of several multinationals, such as Sony Mobile Communications, All Nippon Airways, Coca Cola, Disney, and the Virgin group.
Where to find new homes in London?
On Korter you can find all new developments in London which you can conveniently filter by price, location, and other important traits.