London Deposits Could Buy Levenshulme Property
It is not as if you need us to tell you that the price of property in London is out of line with the market in the rest of the country. When industry experts and the media talk about property prices, it is clear they often mean the capital as opposed to the country in general, and hopefully, you are aware of the value to be found in areas like Levenshulme when compared with London prices. At Peter Anthony, we like to think we help people find fantastic value for money in the property market, so get in touch for assistance.
The cost of the average starter home in the capital comes in around £420,000 and with the average deposit reaching 27%, first-time buyers are spending £114,952 just to step on to the property ladder.
Levenshulme property offers value for money
According to Zoopla, the average price paid for property in Levenshulme comes in at £151,803 while the average price paid for a flat is £89,643. The average price paid for a flat is considerably cheaper than the average deposit in London, which gives further proof that there is more value for money to be found in the north.
Of course, it should also be pointed out that rents in London are increasing too. The most recent HomeLet index suggests that the annual rent in London is close to £20,000 per year and that the average London tenant is paying £1,615 a month on rent. According to Zoopla, as of September 2018, the average asking rents in Levenshulme stands at £646 per calendar month.
There are reasons people want to buy property in the capital
It is fair to say that there are many reasons why some people are looking to buy property in London, even though it is more expensive. Given the number of jobs on offer in the capital and the type of jobs available in the capital, it is natural that some people have to look for a home in the capital. There will also be people who have family reason or childcare factors to consider and this leads to the having to buy property in London.
If your personal circumstances dictate you must stay in London, you need to find the money to buy property in the capital, including the elevated deposit. However, if you have more flexibility, there is no denying that areas like Levenshulme have a considerable amount to offer. The fact that it is possible to buy a flat for less than the average deposit for a starter property in London should be all the incentive people need to look beyond the capital for property.
Whatever you are looking to achieve in the Levenshulme market, you will find that Peter Anthony is here to help. We’re delighted to say that we are local property market specialists and we have helped many people make their next move. No matter what your budget is or what area you want to move into, get in touch and we’ll be happy to talk you through the process.