Is London a good place to live? The Pros & Cons

One of the biggest cities in the world and home to one of the most diverse communities out there, London is a property treasure trove for anyone who falls in love with the capital of England, however is it all what it’s cracked up to be? As some say, the city never sleeps or the lights are always on, this can be perfect for some and a nightmare for others.

During this article we will be going through all the positives and negatives that come with living, buying, selling and renting in London, check out or below page navigation:

What are the pros of living in London

London is a bustling city full of many positives that you can take away from it. London holds many unique opportunities and valuable experiences that make it one of the best cities in the world to live in. It has a rich culture with a strong sense of diversity, with endless entertainment options and historical landmarks.

Here are our top pros of living in London:

Job Opportunities

London has a population of 8.9 million people and that number just keeps on growing, the capital offers a thriving job scene with many of the biggest and richest companies in the world. Working in London offers a host of different industries to choose from, this can be anything from law all the way to hospitality and more, London offers limitless potential of what type of job suits you. A competitive market but a solid one, London offer the highest weekly wage in the country, meaning you earn more for your work than you would if you lived elsewhere.

Cultural Diversity

The perfect blend of cultures, London has one of the most unique and amazing communities going. Every culture from around the world is welcome and celebrated, culture is at the heart of London and it is what makes it thrive the way it does. The simple blend of languages, foreign cultures and traditional cultures creates a different vibe like no other, that celebrates inclusion where people of all backgrounds are respected.

Cultural Diversity gives the city so much character, with its unique food choices taken from around the world, agriculture that has a mix of old with the new or even fashion. Inclusivity has allowed the city to expand the way it has, allowing creative perspectives to flourish; this creative side has attracted businesses from across the globe to invest in London.

Public Transport

London is well known for its amazing transport options, from lime bicycles to the London underground, you can get from a to b in a flash. London has excellent options for travel, starting from electric bikes or scooters, they offer a quick cheap alternative to cars that can zip you around short to longer distances for cheap with very minimal effort.

London also has a fantastic bus service, with hundreds of different bus routes scattered all around London it is once again a great alternative to a car. If you don’t fancy the bus and want something more private, Uber’s and taxis are regularly available all around London.

Another great option would be the world-famous London underground train system; the fastest and cheapest option to take you across London in a flash and used by thousands of people every single day.

The cons of living in London

London offers those who want to live there many advantages however it comes with its downsides as well. Here are our top cons when living in London:

House Prices

London is still the most expensive place in the whole of the uk to buy a house and this does not look like it will change anytime soon or even ever. With an average house price of £530,000 it is by far higher than second place Cambridge that sits at £469,000. This massive gap in house price leaves a lot of people struggling to live in London, the simple cost of a house will stop many from being able to even think about settling down there, never mind actually buying the house.

Cost of Living

If the house prices weren’t enough, surviving in London is another bite out of your bank that many simply cant afford. The constant increases in daily necessities will simply be too much for many, on average to live comfortably in London you would have to ear roughly £50,000- £60,000 a year for themselves. If you add a family into the mix, you will most likely have to be earning even more than this to survive and afford the simple things to keep a family afloat.

If you don’t buy a house and choose the option of renting instead then you will come to realise that London also has the highest rent prices in the UK, this has been a consistent theme since London became the capital of England! To rent, you will be looking at around £2,805 a month for an average 3-bedroom flat, if that isn’t high enough the childcare cost is also extortionate, so much so that on average you will be spending £1,829 a month.

City Population

To some people the London population could be seen as a significant negative that makes them think otherwise to investing or living in London. The sheer size and density of the city can be too much, often being considered overcrowded especially in public spaces. With the high population comes longer waiting times for some services that London provides like healthcare, restaurants and more.

Is it a good idea to buy a property in London?

For many, the London housing market is a treasure trove of potential profit. Buying a property in London can be a good idea for those with the financial backing to get started, long term goals and an understanding of property and the housing market. Here are some key considerations when buying a house in the London area:

High Demand

London is the most popular city in the UK, with its global interest London’s property market is always booming however it is also as competitive as ever with very wealthy people from all around the world investing in London property. London property can be a good way to build wealth over time especially in areas that are sought after.

Housing Market

The London property market is typically stable even during these turbulent times. Not often is the market not stable as the city has a solid financial structure and culture hub that makes it resilient that attracts all types of buyers domestically and internationally.

Is it a good idea to sell a property in London?

Selling a property in London all depends on personal circumstances and where you stand financially. Selling a property can be beneficial for some but unnecessary for others, here is what to consider when deciding to sell your house:

Property Value

Checking to see the value of your property is crucial in determining if you should sell your house or not, if your property value has gone up significantly since buying then it could be a good idea to capitalize on these gains.

Financial needs

If you need money for different investments or other reasons then your property could be the first thing you look at for a large sum of money. Depending on your circumstances this should be your last option if you do not have another place to live.

Cost of selling

Cost of selling a house can be expensive with multiple costs that add up in the sale process can really hurt you financially. Costs that might effect you would be estate agent fees, legal fees and capital gains tax.

However, when you sell your house fast with us, we cost you NOTHING!

Rent or Sell

Rent or sell is a good question anyone looking for funds would ask. Renting would be the most beneficial option for the long term if you have the luxury to do so however, if you need cash quickly for other reasons then selling your house would be the quickest option for money in your pocket.

Should I let instead of selling a property in London?

Letting can allow you steady income which can be especially attractive to those thinking long term or maybe retiring. This income can help cover your mortgage payment, property maintenance and more. Letting instead of selling can be a smart move if youre interested in general passive income and benefiting form long term appreciations.

On the flip side, letting does take a lot of management and comes with risks and many responsibilities, especially if you do not have the money to be able to afford a property and your own home at the same time. We would advise if you need cash urgently then selling your home would be a better option for the short term rather than letting.

Overall Is London a good place to live?

Yes and no, it all depends on your own circumstances. It is widley considered a fantastic place to live with cultural diversity and great transportation and food options, however for general life it is more expensive than everywhere else in the UK. You need to weigh up the pros and the cons to decide for yourself if this leap is right for you.

If you have already made the leap and regretted it then don’t threat, it is very easy and simple to sell your house and move elsewhere fast. If you need help selling your house we are here to help you every step of the way, so much so that we will buy your house off of you with our own cash giving you the money you might desperately need. Get in touch with us to find out more, you can do this by finding our number at the top of the page or by entering your postcode at the top of the page and we will get in touch as soon as possible to work out a house sale that is right for you!