Buying a home in the capital is an exciting milestone, but it’s also full of potential pitfalls. In this article, we’ll walk you through the 5 Mistakes to Avoid When Buying Property in London This Year, mistakes that could cost you time, money, or even your dream home.
1. Skipping Mortgage Pre‑Approval
Jumping into property viewings without a mortgage agreement in principle (AiP) is a common misstep. Without pre‑approval, you could fall for a home that exceeds your borrowing capacity and ultimately lose out in competitive bids. Securing an AiP shows sellers you’re financially serious and helps streamline your offer process.
2. Underestimating True Costs
London’s upfront costs extend far beyond the price tag. Stamp Duty Land Tax, legal fees, surveys, conveyancing, and lender charges can add thousands—especially with SDLT thresholds reverting to pre‑recession levels in 2025. Budget carefully and leave room for unexpected expenses.
3. Overextending Your Budget
It’s seductive to stretch your budget for the “perfect” property—but doing so can lead to financial stress if interest rates rise or repairs crop up. Buyers should stick to comfortable repayment levels, even when competition heats up.
4. Skipping Surveys & Ignoring Structural Risks
Forgoing a detailed property survey to save costs is risky. Hidden problems—like structural defects, damp, mold, or subsidence—can cost tens of thousands later on. Use a qualified surveyor and inspect carefully during viewings, particularly for signs of damp or foundation issues.
5. Ignoring Legal Framework and Leasehold Nuances
Make sure you understand leasehold vs freehold distinctions and engage a specialist conveyancing solicitor. Failing to do so can lead to surprises in service charges, enfranchisement rights, or contract terms that jeopardize long‑term ownership goals.
Why These Mistakes Matter in London, 2025
London’s property market remains competitive but increasingly regulated. Stamp duty changes mean higher upfront taxes; vetting processes can be slow; and unseen structural or legal obstacles can derail purchases. Avoiding these five common errors can help you secure your property with confidence and spend wisely.
