The capital city of the UK is a vibrant and exciting place to visit, and each year it attracts thousands of tourists. As well as people flocking there to visit, London is also full of young professionals who move to the city to find work and higher-paid jobs. While the city is full of exciting new opportunities for graduates and those looking to move up in their careers, the property market comes with its own challenges which must be faced.
Other people are looking for properties
It’s not like moving to a quite suburban area where there is little movement and few people looking to buy and sell. The London property market is almost constantly booming, since people are searching for their first home, a business address or a second house to rent out. Whether you’re looking for a rental property or you’re hoping to buy your own place, there are countless other people after the same places. You might find that you consistently lose out to other people who are outbidding you or proving to be more suitable tenants/buyers.
Location, location, location!
If you’re looking for a Fitzrovia property or a house in another popular part of central London, this will come with its own set of problems and challenges. Not only is it more expensive to buy or rent somewhere the closer you are to the centre, but there is also more competition with people trying to buy or rent the same properties. You might find that you have to sacrifice the central apartment you really wanted, and spend more time commuting to work in the morning. In many cases, you’ll find yourself having to think about what is really important to you when it comes to living in London. Do you want to pay more for the location you really want? Are you happy to rent a smaller-than-average apartment just to be near Westminster or the West End?
Finding a sizeable property can be difficult
This is particularly true if you’re moving to London with your family and need some extra space for everybody to live. While there are large properties in London, these come at a cost, and if you’re a graduate or you’re starting out on a junior salary, it might not be possible to afford a property which is big enough. When you’re on your own and you’ve only got to worry about having space for yourself, you can rent a room in a family home or a tiny studio somewhere in the centre without having to worry too much. However, bringing other people along with you can create extra problems that will have you scratching your head and thinking of a way around it.