How to buy a flat in London

1. Set your budget

Before you start viewing flats, it's important to understand what you can afford. Most lenders let you borrow between four and five times your annual income, though this varies based on your circumstances. Don't forget to factor in your deposit, which is typically at least 5% of the property price for first time buyers.

Review your monthly outgoings and be realistic about what you can comfortably afford. Factor in the additional costs of owning a flat beyond your mortgage, including service charges, ground rent and buildings insurance.

2. Get a mortgage in principle

A mortgage in principle (MIP) is a written statement from your lender outlining how much money you may be able to borrow. It's not a guarantee, but it gives you a clear idea of your budget and positions you as a serious buyer.

The process is usually quick and straightforward – your mortgage adviser will assess your income, credit history and outgoings to determine your borrowing capacity.

3. Choose the right area

London offers a fantastic variety of neighbourhoods, from vibrant inner-city living to more affordable outer boroughs with excellent transport links. Think about what matters most to you, whether that's a short commute, proximity to local amenities, green spaces or good schools. Visit different areas at various times of day to get a feel for the neighbourhood.

4. Find developments that meet your needs

Once you've narrowed down your preferred areas, start exploring what's available. New build flats often feature modern layouts, energy efficiency, lower maintenance costs and developer warranties. Browse online, register your interest with developers, and don't hesitate to ask questions about specifications, completion dates and what's included.

5. Book viewings or visit show homes

There's no substitute for seeing a property in person. When viewing show homes at new developments, you'll get a clear sense of the space, finish quality and how the flat might work for your lifestyle. Take your time, ask about layouts, storage and any available customisation options. It's also worth exploring the surrounding area and local facilities.

Read our guide to learn what to look for when viewing a home.

6. Reserve a new build

Once you've found your ideal flat, you'll typically pay a reservation fee to secure the property. This takes it off the market while the legal process begins. Your Sales Adviser will explain everything in detail and ensure you understand the timeline and next steps.

7. Instruct a solicitor and begin conveyancing

You'll need a solicitor or licensed conveyancer to handle the legal side of your purchase. They'll conduct searches, review contracts, liaise with the seller's solicitor and ensure everything is in order. Choose a conveyancer experienced with leasehold properties, as flats can present specific considerations, such as lease length, service charges and ground rent.

8. Exchange contracts

Once you exchange contracts, the sale becomes legally binding. Both you and the seller will sign the contract, and you will pay the deposit. From this stage, you're committed to the purchase, and a completion date is set.

9. Completion and moving in

Completion day is when the property officially becomes yours. The remaining funds are transferred to the seller, and you'll receive the property keys. From there, you can start settling into your new home.

Choosing the right area to buy a flat in London

Finding the right location is about balancing what you need with what you can afford. Consider your daily commute and transport links – London's excellent network means you can live further out while still enjoying quick access to central London. Consider your lifestyle: do you want bustling high streets, quiet residential roads, parks, cafes or cultural venues nearby?

If you're planning for the future, research local schools and family-friendly amenities. Even if children aren't in your immediate plans, good schools can positively impact property value.

Best areas for first time buyers

First time buyers often find great value in areas like Barking and Dagenham, Croydon, Bexley and parts of Enfield. Flats in these areas may be more affordable, with excellent transport connections and regeneration investment. Up-and-coming neighbourhoods in Zones 3 to 5 often provide the best balance of affordability, space and convenience.

How much does it cost to buy a flat in London?

We've broken down the costs of buying a flat in London here to help you plan your move.

Average prices across London boroughs

The cost of buying a flat in London varies significantly by borough. Central areas command premium prices, while the Greater London area offers more accessible entry points. Average flat prices range from around £350,000 in more affordable boroughs to £500,000+ in prime locations. Your budget will largely determine where you focus your search, but remember to cast your net wide and look across the capital.

Extra costs to consider

Beyond the purchase price, don't forget to budget for the following:

• Stamp Duty

• Legal fees

• Surveys

New build developments often include incentives that can help with these costs, so ask your Sales Adviser what's available.

Mortgage options for buying a flat in London

Understanding your mortgage options is key to making the right decision for your circumstances. There are several options, and it's worth taking the time to explore what works best for you.

First time buyer mortgages

First time buyers have access to specific mortgage products designed to help you get on the property ladder. Many lenders offer competitive rates, and government schemes can provide additional support, such as the First Homes scheme. It's worth speaking to a mortgage adviser who can explain your options and find the best mortgage deal for your circumstances.

Interest rates, affordability and deposit

Mortgage rates fluctuate based on market conditions, but generally, the larger your deposit, the better your rate. Most first time buyers start with a 5-10% deposit, though saving more can significantly reduce your monthly payments. Lenders will assess your affordability based on your income, regular outgoings and credit history.

Buying off-plan and mortgage timings

Buying off-plan means purchasing a property before it's built. It can offer advantages, such as securing today's prices and selecting finishes. However, mortgage offers typically last three to six months, so timing is key. Your mortgage adviser will tell you when to apply, and many lenders offer special products for new build purchases with longer validity periods.

Ready to start your homebuying journey? Explore our range of new build flats across London and find fantastic offers to help you move. Contact our Sales Advisers today.