Last week, senior mortgage and protection advisor at Oportfolio Mortgages, Jade Pinkerton attended the latest Coutts and Savills market update webinar. Many interesting property related discussions were held. Perhaps the most interesting and thought provoking discussions was the questions “Where is the best place to buy property in 2024?”. When it comes to answering the question of where to buy property in the UK, the insights from the Coutts webinar were clear: prime central London offers some of the best value in a historical context. But while high-end areas like Knightsbridge, Belgravia, and St James’ are seeing prices that are 23% below their market peak, this advice isn’t one-size-fits-all. In this blog, I will give an overview of what was discussed in the webinar.
London: Prime Central Locations Are “Cheap” (But Only For Some)
For those with the budget to enter London’s prime property market, now might be a smart time to buy. According to Savills, buyers are currently able to negotiate an average discount of around 8% off asking prices, making it a buyers’ market. However, it’s important to note that recovery in these areas is expected to be slow, due in part to the non-domicile tax rules and the aftermath of Brexit.
A Broader View: Consider Personal Circumstances
But is central London really the best place to buy for everyone? As someone who works with clients from all walks of life, I always caution that the “best” place to buy can be very personal. While Coutts’ wealthy clientele may find central London appealing, for most buyers, factors like commute times, local schools, and community connections are far more important than scoring a deal in Knightsbridge. For families or first-time buyers, areas offering good transport links, schools, and future rental demand may be better investments. It’s important to think long-term—will you be able to resell or rent out the property easily? Ultimately, while prime London may be attractive for some, the best place to buy depends entirely on your individual circumstances and goals.
Speak To A London Mortgage Broker
If you or anyone you know is interesting in purchasing a property in London or the surrounding areas, the make sure you speak to the premiere London mortgage broker Oportfolio. Our advisors are experts in the London property market. Give us a call or drop us a message today to set up a meeting with our team.
