As one of the most influential global cities, London is home to fashion, finance, and industry leaders. It is a melting pot of cultures from around the world, making it attractive for professionals and artists from all walks of life.
That is also what makes it one of the most expensive cities to live in. Finding an affordable home in London has never been easy. This is dues to sky-high housing costs and how the city demands a lot in terms of general lifestyle affordability. However, that may be about to change.
Jozef Sowa / ShutterstockA recent residential survey by RICS exposed the fact that London property prices are falling steadily.1 In fact, the prices are expected to fall by 14 percent. Furthermore, this decline is likely to last until mid-2021.2
Why Are London Housing Prices Dropping?
Even though the RICS predicts an increase in house sales activity in the UK, London’s property prices remain negative, making it the only market to experience a slide in prices.
Also, while rents are predicted to rise in other parts of the UK over the year, London is the only region that is still experiencing negative projections. The most significant decline in property prices saw savings of 36 percent for properties priced under one million pounds.3
One of the primary reasons behind this decline is the repercussions of the current worldwide circumstances. The local property market is experiencing a lack of buyers and renters from overseas, which has considerably affected sales.
Even though parts of the UK have undergone a mini-boom in their housing market after reopening, London is experiencing a slow bounce back. The shrinking economy and the loss of wealth from those who buy properties in rarified markets have further weakened the prospects of a faster revival of London housing prices.
So, even when London attracts safe investment while the market reopens completely, the price growth is predicted to be slower. With the furlough schemes and other supporting measures ending this year, only seven percent believe that sales will grow.4
How to Find Housing Deals
If you are looking for investment opportunities and excellent real estate deals, we are here with some useful tips to help you do just that.
Many people make the mistake of solely relying on a Multiple Listing Service (MLS) to find the right property. They overlook the gold mine of real estate deals that get sold out before ever entering the MLS.
Get in Touch with Local Real Estate Agents and Brokers
Despite all the advancements in technology, the traditional method of buying houses from a real estate agent still works.
To find an excellent real estate agent, you need to get in touch with someone who has extensive experience dealing with properties in the local area. They should be entirely in tune with the local market, so they’re aware of any property hitting the market before it becomes public knowledge.
Also, these agents have access to MLS. This can help you find any property listed for sale in your chosen area. 5
House Listing Websites
Thanks to the advancements in technology, you can now find properties for sale online, which makes the entire process easier and cost-effective. You will find several websites out there that hold multiple real estate listings for investing enthusiasts.
So if you are looking for a property to add to your investment portfolio, investing in a residential property, or searching for a housing deal in a specific price range, these real estate listing websites are what you should use.
Real Estate Auctions
If you are looking for bank-owned or foreclosed real estate deals, then auctions are the best place for you to find investment opportunities. These auctions are held over properties sold for less than their market value because the owner is financially distressed or has some other underlying issue.
Finding a good deal and getting it is never easy with an auction. That’s because you have to compete for the property with fellow bidders in a limited amount of time.
Find Real Estate Wholesalers
A wholesaler is solely responsible for finding the best real estate deals, putting them under contract, and then selling them to a real estate investor for a small profit. Although sometimes you end up paying more money than you specify in the contract, it still saves you from wasting your time and efforts searching for the best housing deals.6
Search Online for the Latest Listings in London
If you are looking to buy, rent, or invest in a house in London, you can find the best property deals on classified ad sites and online property portals that have evolved over the years to adapt to intense internet property browsing.
Some of the best websites include:
Zoopla
Zoopla is one of the UK’s best property website that educates its users on making the right property decisions. By offering hundreds and thousands of property listings along with local information and community tools, you can find your next home with Zoopla.7
Rightmove
Rightmove is the most significant property website in the UK with more than 800,000 property listings. Even better, it has tips on mortgages, financing, and buying or renting a property.8
OnTheMarket
OnTheMarket is an easy to use property website best for buyers, sellers, landlords, and tenants.9
Gumtree London
This classified ad site offers the newest ads on real estate properties and housing that make it the number one classified ad website for London.10
Freeads
Freeads is another popular ad site in London and the largest independent ad posting website for the UK. It displays ads on real estate, among other things.11
In Conclusion
Are you ready to get your hands on the best real estate deals in London? Well, you are in luck because the real estate market here is currently going through a dip, offering buyers a significant opportunity to secure a property at economical rates.
Get in touch with the right real estate dealers, property websites, and classified ad networks in London to find the best property deals.