London property: The area where competition to buy a home is most intense

Buying a property isn’t a walk in the park and that if you’re able to save up the money for a deposit. From lawyer fees, to mortgage approvals, securing a home can be a painstaking process.

But as well as all the different stages you have to go through to get your dream home , there’s another hurdle that might come your way. As well as hoping your offer will be accepted, there’s also the added stress that someone might put in a higher one.

Since pandemic restrictions ended, the housing market has become more competitive according to Rightmove. And one area in London has become a competition hotspot in the last year.

READ MORE: Commuter town named one of the for best for getting to capital with house prices £150k less than London

Balham’s streets are lined with beautiful deli’s and shops
(Image: (Photo by TOLGA AKMEN/AFP via Getty Images))

The south west London area of Balham has seen an increase in buyer competitiveness by 113% according to the real estate portal. Balham sits in the borough of Wandsworth which has the second lowest council tax in the capital.

Located on the Northern Line, it takes approximately 20 minutes to get to London Charing Cross. Along with a tube line, Balham railway station is a mere 12 minute journey to London Victoria station. As well as good transport links, the district is close to three greenspaces in nearby Tooting, Clapham and Wandsworth common.

It’s easy to see why buyers are looking to this lively area of London which has a number of good restaurants, bars and daytime activities such as literary and comedy festivals.

All around Balham diners can be spotted relaxing
(Image: Hollie Adams/Getty Images)

As well as Balham, another London area has seen a rise in buyer competition since restrictions were lifted. East London’s Upminster is second on the list of London hotspots with an increase of +108%.

Living in Upminster, you’ll be able to hop on the District Line and C2C railway service into central London. Being the last stop on the District Line, passengers are almost guaranteed a seat during the morning rush hour.

Upminster is full of charm and anyone who moves there will get a taste of the countryside as well as the city in this greater London town. Although it’s a small town, there are plenty of restaurants and cafes to indulge in. As well as retail spots with department store Roomes of Upminster.

But how can buyers get an advantage over the competition?

According to Rightmove, estate agents are saying that “those who have already found a buyer for their current property, subject to contract – are more likely to succeed in securing the property they really want.”

But the great news is that the property market is busy so they’ll be more options to choose from.

Do you want to stay up to date with the latest news, views, features and opinion from across the city?

MyLondon’s brilliant newsletter The 12 is absolutely jam packed with all the latest to keep you keep you entertained, informed and uplifted.

You’ll get 12 stories straight to your inbox at around 12pm. It’s the perfect lunchtime read.

And what’s more – it’s FREE!

The MyLondon team tells London stories for Londoners. Our journalists cover all the news you need – from City Hall to your local streets, so you’ll never miss a moment.

Don’t skip a beat and sign up to The 12 newsletter here.