Four bedrooms good, seven figures bad
Quoting Sara Ransom of Stacks Property Finders
The average price of a family home in London is nudging £1m.
For those moving from a below-average-priced suburb to a more expensive area in inner London, for buyers whose previous house was purchased on an interest-only mortgage, the sums become scarier still. “Even with equity from the sale of your previous home, a leap from on London property size to another is enormous,” says Sara Ransom, managing director of Stacks London Property Search, a buying agency. “It’s often only those in the legal profession or with financial-sector bonuses who can afford to do it.”
According to Ransom, a few parts of the capital, such as Fulham, have a wide range of small, medium-sized and large houses, but most areas – ‘Whether you’re talking Tooting or Hampstead” – have little to offer between a standard terrace and a much bigger house. “That’s why families extend upwards and sideways to get every bit of space from a tiny house – it puts off the expensive move for a couple more years.”
She explains that, for many owners, forking out £70,000 for a loft conversion or extension is preferable to spending £400,000 on moving to a bigger property.
Start your property search today
Call us on +44 (0) 1594 842880 or complete the form below
How we can help you
View our property finder services
When making probably the most important financial decision of your life, it pays to have the right advisors at your side.
Downsizing or Resizing
Retirement or semi-retirement is an exciting stage in life. Finding the right home to live in and enjoy it to the full is important. We know that and will do all that we can to understand what you’re looking for… before starting to search. And search we will, until we find the house of your dreams.
Moving from Abroad
Relocating is time consuming and stressful. We regularly work with clients who live abroad. We hunt, short-list, prepare your viewings, and make the search process as easy as possible. We oversee the negotiations, manage the conveyancing, and deal with the headaches, so you can concentrate on other aspects of your move.
Holiday Home Hunt
A holiday home is often an interesting mix of investment and heartfelt connection. You want to use it, but you may well also be keen for others to use it too. We can advise you on what factors to consider in making your decision. And we can then find the perfect holiday home for you to enjoy.
Investing in UK Property
Others say, ‘location, location, location’. We say, ‘location, purpose, price, capital growth, rental returns’… the list goes on. Knowing the market is critical. Local knowledge is key. We ensure all aspects of your investment decision are addressed. Finding, analysing, negotiating, and completing… it’s what we do.
Subscribe to our newsletter
Receive updates about the world of property, straight to your inbox.
Stacks Head Office
Old Severn Bridge House
Purton, Blakeney
Gloucestershire
GL15 4AX
+44(0) 1594 842 880
