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London Buyers Opt For Homes They Can Improve And Add Value

 
 
 
 
  25 Sep 2018

Given the competitive nature of the London property market, you would think that many prospective buyers would be delighted to be in the running for any home. With demand outstripping supply in the capital, it is perfectly understandable that buyers are looking for ways to improve their chances of buying a home and with prices remaining high, you can’t blame London buyers for wanting to save money too.

All this leads to the situation where a growing number of London buyers are happy to buy homes that need fixing. A recent study undertaken in the capital suggests that over 80% of prospective buyers are happy to purchase a property that needs to be remodelled. There was also a return of 40 of respondents who said they would be happy to buy property that needed extensive work. Only 10% of prospective buyers said they were looking for their perfect home.

Most people are realistic about the London property market

There is no denying that a sense of realism has entered the London property market. It would be brilliant to move into an ideal home in a stunning area, but the reality of the market is that many people have to make significant compromises to buy property. It could be that the standard of the property provides some leeway with respect to where a buyer can live, and that is a trade-off that many people will be more than happy to accept.

While buying a home that requires repair work means that there will be costs to pay later, it can lower some key payments that a buyer needs to make. A home in poorer condition will sell for a lower price, which means that the deposit will be lower. Anything which reduces the amount of money a buyer has to find up-front is likely to be of benefit and interest. Also, if the cost of the home falls, it is likely that the monthly payments associated with the mortgage will fall, which may be of benefit to buyers.

Buyers are keen to save money when purchasing property

With these financial benefits for buying a home in poorer condition, it is only natural that many people will be keen to consider this option. However, while this is interesting news with respect to buyers, it may also impact on vendors in London.

Anyone looking to sell their home in London but who has held off because they are not convinced by the condition of their home will please buyers may find that they have a new opportunity to sell their home. It is not as though vendors should deliberately run down the standard of their home prior to selling the property, but it could save time and money for vendors looking to be active in the London market.

No matter what you want to achieve in or around the London property market, contact Jezzards on 03330 433 633 and we will do our best to support you as best as we can.


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