Mortgage advice in London
If you’re looking for mortgage advice, you can speak to a Rest Less Mortgages advisor and get high quality advice on residential, retirement interest-only, equity release and buy-to-let mortgages.
Buying a property in London
The average overall price of a property in London is £526,183 with house prices in the city up 8.2% year-on-year.
The average property prices for all of London are £1,082,097 for a detached property, whilst semi-detached houses sold for an average of £688,058. Flats sold for an average of £433,071, with terraced properties fetching £579,590.
Of course, given its size, the average price of properties in London can vary considerably depending on exactly where they are so while the average price of a detached property in Inner London is £1,609,538, in Outer London an equivalent property costs £1,049,959, a difference of over £500k.
Source: HM Land Registry. Figures shown are the latest available (May 2022).
Cost comparison of houses and flats in London
Source: HM Land Registry. Figures shown are the latest available (May 2022).
Property sold in London
There have been 63.2k property sales across all of the region of London in the past year, with the number of sales decreasing by 20% (-22.1k transactions). Most properties were sold in the £500k-£750k price range with 15,514 (24.5%) properties sold, followed by 11,641 properties (18.4%) sold in the £400k-£500k price range.
Source: Plumplot.co.uk
About London
As the country’s capital, Greater London covers 1,500 square kilometers and is home to nearly 9m people. Consisting of 32 different boroughs there is something for everyone – if you can afford to buy there.
Central London is a sightseer’s dream, with more famous landmarks than you can shake a stick at, as well as hundreds of restaurants, cafes and things to do. However, while it may have all the glitz and glamour you might expect from London, prices in areas such as Covent Garden and Notting Hill are eye-watering, so unless you have at least £1m or £2m to spend, you might want to look to the surrounding areas.
Greater London has a huge variety of boroughs to choose from, from trendy Hackney in the East with its restaurants, markets and independent shops, to Crystal Palace in the South East which was named the ‘Best place to live in London 2022’ by The Sunday Times. You can take your pick from leafy, suburban areas of Richmond or Putney, or maybe new build high rises surrounding the Olympic Park in Stratford.
Regardless of where you pick, London has one of the most extensive public transport networks in the UK, meaning all areas of the city are easily accessible, as well as cities across England, Wales and Scotland.
Whatever it is you’re looking for, London has something for everyone, with a never-ending list of things to do and see, places to eat or new places to explore, but it definitely comes at a price.
If you’re planning to buy a property in London, you can find out more about the mortgage options that might be available to you, and how they compare, in our articles Mortgages for over 50s: What you need to know and Mortgages for over 60s: what you need to know.
Investing in buy-to-let properties in London
There is no dearth of rental demand in London contributed by soaring employment opportunities and the thriving tourism sector.
Property prices are lower as you move further out, but rental yields are high making investing in buy to let properties in London an attractive option for those considering it. Properties in London also grow in value every year at a rate that other areas of the country can’t compete with.
Find out more about buying a property to let out in our guide Buy to let: A beginner’s guide.
Find out how much you could borrow
Get an idea of how much you can borrow, based on your monthly income and outgoings using our mortgage affordability calculator.
Compare mortgage rates today
If you’d like to find out the kind of deals available on the market now, you can compare mortgage rates from the whole of market in minutes. Our comparison tool makes it easy to try out a few scenarios to see how that affects the mortgage rates available – simply adjust your options to see how that affects the results.
Want to speak to a mortgage advisor?
Speaking to an experienced mortgage advisor can help you to understand your options and get a great deal on your mortgage. If you’re looking for somewhere to start, you can speak to a Rest Less Mortgages advisor and get high quality advice on residential, retirement interest-only, equity release and buy-to-let mortgages.
Other areas you'd like to explore
If you are in the early phases of buying a property and haven’t settled on a location for your future home yet, check out mortgage information and house prices in these areas near London.
Read our mortgages guides
Whether you’re looking to understand how mortgages work, want to refresh your mortgage knowledge or you’re looking for the latest news in the world of mortgages – our guides are here to help.
Source acknowledgement: House price data produced by Land Registry.
This material was last updated on 10 May 2022. It covers the period from 1 May 2021 to 1 May 2022 and contains property transactions which have been registered during that period.
Contains HM Land Registry data © Crown copyright and database right 2022. This data is licensed under the Open Government Licence v3.0.
If you have found an error with the data please contact Her Majesty’s Land Registry (HMLR).
Please note that we charge a fee of £495 for residential, buy-to-let and retirement interest-only mortgages, and £995 for equity release. This only be chargeable upon mortgage completion.
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