Of course, there are certain criteria to adhere to when buying apartments in London that should ensure you make a safe solid investment and I have made a list below but I would now also argue that the size of the property is important also.;
- Long lease though preferably with a share of freehold
- Reasonable service charge (not too high that it eats into the yield & not too long that the building is neglected)
- Close to amenities & transport
- Close to open spaces, communal garden or direct access even better
- Small low rise block (mortgage companies prefer this)
- Construction style. (Ask regarding potential cladding issues).
- Follow me on social media and you’ll see many other useful tips – example below.
So, since the search for space has been the trend since the COVID-19 pandemic, I would encourage you to purchase an apartment with a minimum of two bedrooms. Space and square footage are key and I would go further to say that for now two-bedroom apartments will be in higher demand from prospective tenants. Working from home has become the norm with tenants sleeping in one bedroom and then using the other as an office.
Demand should also increase from those that are fed up with their new commute (people that have moved to more rural areas but are now working back in town) so I see a situation where smaller units will be purchased to use as a pied-à-terre. These can also potentially be let out on a short-term basis when not in use.
Often apartment blocks do not have outside space and although even apartments with balconies can carry a premium, those with great communal gardens, terraces, direct access with let faster than those that are merely “square boxes” with only windows.
London does have great parks so when buying for investment and you are thinking to be close to amenities, transport, etc, think parks and outside space too.
One example is this two-bedroom which is within 400m of Hampstead Heath and 700m of the underground station and shops that I sourced for a US client this summer.
If you are looking for a London property get in touch to see how I can assist with your search.