Buyer’s Guide
Buying in London right now looks a little different to a couple of years ago. There’s more choice on the market than usual, but financing costs have also shifted recently, so getting the process right matters more than ever.
1. Get Your Finances in Order First
Mortgage rates have moved around more than expected this year, the average two-year fixed rate climbed from under 5% in February to around 5.6% by mid-August, largely on the back of wider global uncertainty. A mortgage agreement in principle before you start viewing isn’t optional in this environment, it tells sellers you’re serious, and it means you’re not scrambling to lock in a rate once you’ve found the right property.
2. Define What You Actually Need
Area, budget, bedrooms, and outside space are the obvious ones. Less obvious, but just as important, how you actually use a home day to day. A home office, proximity to a particular school, or step-free access can matter more than square footage on paper.
3. Use the Current Market to Your Advantage
The number of homes for sale across London is currently at its highest level for this time of year in over a decade, which genuinely shifts negotiating power toward buyers who are prepared and decisive. Properties are also taking longer to sell than they were earlier in the year, which means less pressure to rush, and more room to negotiate on price, if you know what a property is actually worth.
4. Search Beyond the Portals
Rightmove and Zoopla only show what’s actively listed. A meaningful share of good properties move through local relationships and off market conversations before they’re ever publicly advertised, particularly in sought after pockets of West and SW London.
5. Get a Proper Valuation Before You Offer
Asking price and actual value aren’t always the same thing, particularly in a market where prices have been gently declining. Comparing recent, genuinely comparable sales, not just similar-looking listings, tells you what a property is actually worth before you commit to an offer.
If you’d rather have one person handling this from search to completion, rather than juggling it yourself, that’s exactly what I do. Get in touch to talk through your search.
