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The average house price in London is £500,000, and that’s more than double the average house price in England. London’s average has risen by 4.1 percent in the last month, according to the Land Registry. Express.co.uk chatted to YOPA Property’s London Regional Director Mathew Loach to find out everything you need to know about buying a house in London in the next year.
If you’re eager to move out into the bustling city, you might be wondering whether now is the right time to do so.
According to Mr Loach, now is a fantastic time to buy.
He said: “With the stamp duty holiday in place, lots of sellers have been inspired to make a move themselves, which means there is a good choice of property available across the capital in an active market place across all price ranges.
“The money saved can be used to stretch your deposit, which could mean buying a property you may previously have not had the deposit for, or could be used to ensure a larger deposit meaning you could get a better interest rate on your mortgage.”
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There have been calls to extend the Stamp Duty Holiday, but Mr Loach doesn’t expect this to happen.
He said: “It does not seem likely that the stamp duty holiday will be extended; the Government needs to start recouping its recent expenditure.
“They might however allow for sales that are already in progress to complete.”
If you’re looking to buy in London, you should take advantage of the Stamp Duty holiday while you can.
Mr Loach stressed how much money London buyers in particular have saved due to the scheme.
He explained: “London buyers have had a massive boost thanks to the stamp duty holiday with so many buyers saving so much money, enabling them to buy when some lenders have introduced restrictive lending criteria.
“The stamp duty holiday has helped some London buyers to secure mortgages with 15 percent plus deposits which they would not have been able to afford previously.”
To make the most of the Stamp Duty holiday, you’ll need to buy a home before the end of March 2021.
You’re better off moving into London rather than out to the countryside, according to Mr Loach.
Even though buying in the home counties is a good idea, London homes tend to be worth more.
He explained: “If we look over the history of the London and wider UK housing market we can draw some sensible conclusions, and base our predictions upon this information.
“Property prices in London have always outperformed the rest of the country.
“We can also see that money in property in London has been well invested and offered a fantastic return.
“When we do eventually return to normal London will still have amazing infrastructure, brilliant public transport, and fantastic employment opportunities, along with lifestyle perks.
“London will always be desirable among local, national and international buyers.”
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What is going to happen to house prices over the next year in London?
Mr Loach reckons house prices in London will remain stable over the next year.
He said: “The stamp duty holiday has certainly given the market a boost, and we have seen the volume of instructions increase over recent months.
“This has also been supported with an increase in transactions as buyers have also been out in force.
“I anticipate a fair level of supply and demand over the next 12 months, and that prices will remain stable.”
On the other hand, Mr Loach said there has been an increase in demand for properties with home office space and outdoor space.
These properties will be the most sought after over the coming year and prices on them will remain particularly high.
Mr Loach added: “Beyond 2021, with the Brexit transition and the end of the stamp duty holiday, accurate pricing will be key to securing a buyer.”
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