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London is by far the largest city in the United Kingdom, populated by over 9.5 million people of various ethnicities. The megalopolis is home to 32 boroughs and the City of London. Thanks to one of the best transport systems in the world with over 270 Underground stations, it doesn’t really matter whether you live outside the city centre or not. London attracts homebuyers from all over the world with its constant capital growth as well as the country’s leading business centres and excellent job opportunities.
London’s residential buildings range from ultra-modern skyscrapers to cosy Georgian townhouses. All new homes, in general, can be divided into the following types: detached, semi-detached, terraced, flats, and townhouses.
A home is strongly associated with the sense of belonging and something your own, which is why it’s no surprise that many people choose new builds, knowing full well that no one has ever lived in their home before. Add pristine finishes and fittings as well as modern technologies to that, and a newly-built property seems like a perfect option. However, there are some drawbacks, such as probable delays in construction, unreliable developers that fail to deliver what’s been promised, and some additional charges that come with new homes.
|+ Brand new home. There is something more appealing about a property that hasn’t been accommodated by anyone yet.||- Questionable quality. You may come across a home builder that will fail to deliver the quality you expected.|
|+ Energy efficiency. New build homes must comply with the latest building regulations that ensure a higher level of energy efficiency compared to older homes.||- Space. In general, new homes tend to be smaller than older ones. Although it depends on the property’s price, location, and other characteristics, you are more likely to find a spacious old home than a new one.|
|+ Incentives. In an attempt to attract more buyers, developers may offer some additional perks such as paying your Stamp Duty.||- Limited options. Although you can customise your future home, there is a limited list of available options. For instance, you can choose only between two colour options.|
|+ Government help. There are government-backed schemes that can help you buy a new build home, such as Help to Buy and Shared Ownership. The Help to Buy programme provides an equity loan for first-time buyers, while Shared Ownership allows you to buy only a share of the property if you can’t afford the whole sum, and pay the rest as rent to a landlord.||- New home premium. New properties are often sold at a premium price as you’re not only paying for the real estate itself but also for the fact that it’s new, no one has inhabited it before, and other perks. Therefore, you may get less for your money compared to an older property.|
|+ Modern living. New build homes are usually equipped with the latest technologies and solutions, accompanied by modern amenities.||- Delays. If you’re buying off-plan, it means that your property hasn’t been built yet. Therefore, there is a certain risk that the completion date could be delayed.|
|+ Warranties. All newly-built properties come with a warranty, providing homebuyers with some peace of mind.||- Estate management charges. Some developments are managed by private companies, leading to additional expenses, such as maintenance fees.|
|+ Interior customisation.|
The answer to this question depends on your needs and preferences. If you’re buying a home in hope of getting significant capital growth, then you need to consider the areas undergoing regeneration. Outer London is better for those who prefer some peace and quiet, while the city centre attracts a younger crowd with a good budget.
It all depends on the developer, but, in most cases, you can expect the following appliances: a dishwasher, a range hood, an oven, and a stove. Premium houses are equipped with much more options, such as a fridge, a microwave, blinds, and fences.
New build homes help investors rise their property's appreciation rate and build equity faster, which is why new real estate is especially popular among investors. However, it’s always important to conduct a survey of the market before buying a property as there are many factors at play.
New build homes are generally cost more than resale properties.
New homes often get critisized for its bad quality. Even when purchasing a premium home, you might find some snags and imperfections. Therefore, you should get a snagging survey done as soon as possible to make the developer fix everything in time.
First-time buyers usually opt for more affordable areas, such as Bexley and Bromley that, despite not having any Underground stations, are well-connected via other transport links. Other popular options include Bexley, Newham, Croydon, Sutton, and Enfield.
Typically, you would need to put down at least a 5% deposit. However, on average, people buy properties with a 15% deposit.
London is one of the best cities for real estate investments in Europe. It’s widely known for exceptional capital growth and high rents.
London is a very popular location among overseas investors as there are no restrictions forbidding foreigners from buying property.