According to the experts the average house price in London has risen by 83 per cent in the last 10 years, vastly outstripping income growth which estate agents in Ilford also agree with. And while if you were to travel by public transport 15 minutes from main employment hubs to the west you would arrive in South Kensington, where you might buy a house for £1.8 million, a quarter of an hour’s travel from main employment hubs in the east would take you to Stratford (one of east London’s highest value areas) and, like for like, you might pay £562,000.
Over 80% of people who have moved into newly constructed homes along the Eastern Corridor in recent years already live in London, and nearly two-thirds are under the age of 40. High-earning city professionals prefer Hackney, Newham, Tower Hamlets, and Waltham Forest, as do younger inhabitants just starting out in their jobs who are looking for more affordable housing in the three most easterly boroughs. There is a demand for properties for sale in East London where purchasers are looking for small, family homes after leaving the rental market.
It’s not just the price that’s grabbing people’s attention. Between 2007 and 2017, Hackney, Barking and Dagenham and Newham led the way in terms of increased cultural and recreational services in the night-time economy, with all east London boroughs outperforming the London average.
Despite the fact that this area of London has already seen tremendous growth and investment, we anticipate a growing demand for new accommodation as a fully operational Crossrail allows people to take advantage of both value and a faster commute.
SIZE OF THE PROPERTY
It is vital to inspect numerous properties before purchasing a property. If the person is a bachelor, they may like modern flats in the area. Growing families can choose larger houses with more rooms and a backyard, such as townhouses, villas, or separate cottages. This will also influence the cost of maintenance and electricity usage, as well as how long-term expenses should be handled. Finding the ideal property size is critical to living a long and happy life.
Even before you start looking for a home, you should create a budget. Setting a budget is essential for determining whether a buyer is qualified for and can afford the property’s mortgage repayment rates. The budget is determined by a number of elements, including the buyer’s annual income, the cost of living in the area, credit score, mortgage loan, previous debts, and more.
THE PROPERTY’S AGE
There’s a big difference between buying a new house and buying an old house in the London suburbs. The historic charm of the structure is preserved in old properties. The long-standing property is ideal for those who want to preserve and maintain timeless beauty. Newly constructed homes, on the other hand, are invigorating and inviting. Building your own home from the ground up is a unique experience that can be had with new construction. In comparison to newer homes, older properties require more TLC. Before proceeding with the complete property purchase procedure, people should carefully select a suitable property.
The number of bedrooms and where they are located within the residences are also important factors to consider based on the buyer’s requirements. Families with small children, for example, would like to have their children’s bedrooms on the same floor. Likewise, closets, room sizes, extra space for a home office if needed, and enough ventilation are all important considerations.
EXTERIOR AND INTERIOR DESIGN
Before buying, the first thing to do is inspect the property’s interiors, such as furnishings and other areas such as the attic and basement. Before finalising the property, evaluating the size of lawns, backyards, roofs, walls, and other aspects is also required. Other items to consider are peeling side walls and degraded lawns.
These are some of the basic things to consider after you have chosen to buy your home in East London. Working with a local estate agent is always the go-to option for most property buyers. They will help the buyers and guide them from the beginning till the closing stage. The entire process becomes seamless with an agent by your side. Buyers on the lookout for the best place to find an agent can approach local estate agents in East London to find the perfect property that suit their needs.