The biggest and most metropolitan city in the UK is also the most expensive. Each year, thousands flock to London and its surrounding areas from other parts of the UK and abroad. Is your family growing, or are you simply looking for more space and a better quality of life for your brood? And what would it cost you to move into a larger home in London?
What are your move criteria?
Moving a family is no easy feat, and there are many factors to consider. Having a clear idea in mind of what your criteria are and the ideal living situation for your family will have a big impact on the cost of moving. What is your list of essential move requirements?
- Schools: For many, their children’s education is the first factor for consideration when choosing where to move within London. Most parents are aware of the high demand for schools, which is definitely a big issue in London. What type of school do you want for your children? Private or state maintained? Do lots of research on the catchment areas of your preferred school. You can check the distance from a property you are interested in buying to schools with places available on the Local Authority website.
- Transportation: Only around 50% of London dwellers own a car, which is understandable when you consider the high congestion and emissions charges. Be sure to check out what transportation links are available in your desired location. The majority of London has excellent transportation services: the tube, overground, rail, buses and commuter trains.
- Boroughs: Besides central London, there are 32 boroughs to choose from. The borough you choose is, of course, all about what you want. Are you looking for the most affordable area in London? Then Bexley is a good place to start. Do you want plenty of green space for your family? Check out Lewisham, which has been awarded Green Flag Awards.
How much will a move cost?
Like anywhere else, prices in London vary depending on the area and borough you choose. The average house prices in London are currently:
- £529,709 for a 1 bed
- £753,690 for a 2 bed
- £1,233,262 for a 3 bed
- £1,779,353 for a 4 bed
- £3,520,673 for a 5 bed
This means that you are looking at an average price change of £479,572 when moving from a 2 bedroom to a 3 bedroom home within London. The average asking prices have actually decreased by 1.4% in the last six months. In such a competitive market where the house prices tend to change every few months, choosing the right estate agent is crucial. Use an estate agent comparison site, such as GetAgent, which can compare the agent performances and fees for you. On average, it takes 16 weeks to sell your property in London, so keep this in mind when approaching any agent.
Which additional costs should I consider?
Remember to also factor in additional costs such as stamp duty, legal fees, and insurance.
Moving an entire family and all your belongings and making it homely is a daunting prospect. Take into consideration the cost of using a removal firm or hiring a van. Of course, hiring a van and doing everything yourself is the cheapest option, but this is just not feasible for many busy parents. Often moving companies will offer a service that even includes all the packing materials you need, like boxes and bubble wrap. Also, consider if you will need some storage space for a time during the moving process.
Whatever your reason for moving to a larger home, set yourself a realistic budget and remember all the additional costs of moving within London.
