Is now a good time to buy a home in London?

Buying a home in London is every real estate investor’s dream. Forget investors, almost every person living in the UK, specifically living in London, wants to buy a home there. London is a property hotspot and has some of the most luxurious and prime properties in the whole world. Amidst the pandemic, London and the entire UK have gone into lockdown three times, which had a significant impact on property prices in the area. Are you considering buying a home in London during the pandemic? Wondering if this is a good time to invest in real estate in London? Well, we spoke to real estate agents all over London, from Marylebone estate agents to real estate agents in Chelsea, and here is what the experts have to say.

Stamp duty holiday means prime properties at affordable prices

When you think about buying a home in London, the price of properties in the market might give you a mini shock. With exorbitantly high real estate prices, not everyone can afford to buy a home in London, especially in the city of London itself. However, thanks to the stamp duty holiday, which allowed a temporary reduction of stamp duty prices, properties in prime locations have now become a lot more affordable. This means you’ll be able to snag a great property at a relatively cost-effective price at this point, thanks to the stamp duty holiday! You might be able to save up to £15,000 and even more in some cases, which is excellent for investors who are looking to find prime properties at relatively affordable prices. Further, with the approaching stamp duty deadline on March 31, 2021, there’s been a rush to complete deals and finalise the perfect property to make use of the offer before it ends.

Interest rates are pretty low right nowThanks to the pandemic, interest rates on home mortgages are pretty low right now. Mortgage interest rates hit an all-time low in 2020! On the other side of the coin, it is pretty hard to get approved for a mortgage unless potential buyers are willing to pay at least 15 to 20 per cent of the down payment initially. However, for investors and homebuyers who are willing to pay a hefty down payment, banks offer pretty low rates of interest. Some experts believe that the interest rates will continue to decrease to boost the real estate market, but the future is uncertain. So, if you’ve been pre-approved for a mortgage at a low-interest rate that seems too good to be true, then right now is an excellent time for you to buy a home in London.

London will always be a desirable spot for investors

Be it local investors or foreign investors, London will always be a hotspot for real estate. This is due to the superior and developed infrastructure, fantastic transport system, great employment opportunities and of course, the high standard of living that London has to offer. With various high-end properties in prime locations, investors will always be willing to buy property in London, be it in the near future or even 20 years down the line. Start looking at properties for sale in Marylebone, Barking and Dagenham, Kingston and even Bloomsbury.

London is currently a buyer’s market

While London’s real estate sector has picked up, it is safe to say that London is currently a buyer’s market. That means you as a potential buyer have the opportunity to look around the available properties, ask for discounts and negotiable a good deal for your new home. Due to the pandemic, the number of buyers is relatively low while the sellers are consistent; this means that buyers might be able to buy real estate for a much lower price than the asking price. The combination of great deals coupled with the temporary suspension of stamp duty is every potential buyer’s dream!

Increase in the demand for bigger homes 

Since many people are working from home, the UK has seen a significant increase in the number of homeowners interested in upgrading their lifestyles and shifting into bigger homes. These homeowners are interested in buying or renting out more spacious properties, having more bedrooms, a home office, and outdoor space. Many homeowners are willing to leave their homes in city centres and wish to find bigger homes in the boroughs and outskirts, as these homes are more spacious and more affordable. Homeowners are also looking for properties to rent in Marylebone, Bloomsbury and Fulham, and other such areas, where they can live in bigger homes and upgrade their lifestyles while putting their own homes on rent. Essentially, homeowners are willing to pay rent to move into better properties and are becoming tenants by renting out their homes. So, if you’re thinking about investing in properties in London, get in touch with Berkshire Hathaway HomeServices Kay & Co estate agents in London.