Thinking of Buying in Central London? Here's What You Really Need to Budget For
Thanks for joining Greater London Properties — we’re excited to be part of your journey.
Whether you’re upsizing to a lateral apartment in Marylebone, downsizing to a Soho pied-à-terre, or relocating from abroad, buying in Central London is a significant investment — and not just in bricks and mortar.
While your deposit and mortgage may be top of mind, the true cost of buying goes far beyond that. Markets shift, taxes change, and fees can vary — so here’s a clear, up-to-date breakdown of what to expect when buying in Central London.
1. Deposit
If you’re not a first-time buyer, most lenders will ask for at least 10%, but ideally 15%–25% to access the most competitive rates.
For example: on a £1,000,000 flat in Fitzrovia, a 10% deposit is £100,000 — but a 20% deposit could lower your mortgage rate significantly.
2. Stamp Duty (2025 rates)
There’s no relief for repeat buyers, so expect to pay:
0% on the first £250,000
5% from £250,001 to £925,000
10% from £925,001 to £1.5 million
12% above £1.5 million
📌 Example: For a £1.2 million apartment in Bloomsbury, you’ll pay £63,750 in Stamp Duty.
📌 Buying a second home? There’s an extra 3% surcharge on the entire purchase price — so always confirm your status before proceeding.
3. Mortgage Fees
Some mortgages come with product or arrangement fees, usually between £500–£1,500.
We work closely with whole-market mortgage advisors who specialise in high-value Central London lending — and can often secure fee-free or flexible deals based on your needs.
Important: We have no financial interest in the mortgage brokers we recommend — they’re suggested purely on merit and reliability.
4. Solicitor / Conveyancing Fees
Expect to pay £1,500–£2,500, depending on whether you’re also selling or if the property has a complex lease.
We can introduce you to solicitors who truly understand the quirks of Central London property — from historic freeholds to mansion block covenants — and who prioritise speed, clarity, and a smooth transaction.
And just to be clear: We do not receive any commission or incentive for these introductions. Our recommendations are completely independent and based solely on who we know will get the job done well.
5. Survey Costs
Buying a period conversion in Soho or a Georgian terrace in Fitzrovia? Then a proper survey is essential.
Homebuyer Report: £500–£800
Full Building Survey: £800–£1,500+ (recommended for older properties)
We'll help you choose the right level of survey depending on what — and where — you're buying.
6. Moving Costs
Removals across Central London come with logistics — from controlled parking zones to narrow staircases.
Costs typically range from £700–£2,000+, and we can introduce you to our preferred removals partner for competitive rates and proper Central London experience.
Again, our referrals are purely to help you — we don’t benefit financially from any of the third parties we suggest.
7. Selling Too? Factor in Estate Agent Fees
If you’re also selling a Central London home, estate agency fees usually range from 1%–2% + VAT of the sale price.
At GLP, we offer a full-service, high-impact marketing strategy with no upfront fees — designed to achieve a premium price in the shortest timeframe.
Where You Can Save
✅ Use a whole-market mortgage broker — We’ll connect you with trusted experts.
✅ Choose fixed-fee solicitors — To avoid hourly-rate surprises.
✅ Move mid-week — Avoid Friday congestion and premium costs.
✅ Clarify if your purchase counts as a second home — To prevent unexpected Stamp Duty charges.
Why Work With Greater London Properties?
For over 20 years, we’ve specialised in Central London’s most in-demand postcodes. From Soho studios to Marylebone penthouses, we know the local streets, blocks, and buyer behaviours inside out.
We only work with tried-and-tested professionals — mortgage brokers, surveyors, solicitors and movers — without any financial interest on our part. We recommend them purely because they get results and treat our clients well.
And with every sale, we give back. Through our Support Our Schools initiative, we donate 10% of our sales fee to a school of your choice — a small way of helping your move benefit the wider community.
Feel free to call us with any questions,
Warm Regards
Greater London Properties
Founders of GLP and Support Our School Initiative