How do you buy London property off-plan?

Buying off-plan means you are buying a property before it is finished. Sometimes, construction has not even started. You are not seeing the actual apartment.

You are buying based on plans, layouts and the developer’s design.

What is an off-plan property?

An off-plan property is a home that is not ready yet. It may still be under construction or only planned. Buyers enter early as prices are usually lower during the first phase of development.

By the time the building is finished, the value often increases as prices are typically set at today’s rates while the market continues to grow during construction. This means that buyers benefit from capital appreciation even before they move in or rent it out.

Investors get access to brand-new homes with modern designs, fittings and features - complete with developer warranties.

How to buy off-plan in London

Begin by understanding your buying goals. Are you looking for rental income, long-term capital growth or a home for personal use? Your objective shapes the type of property and location you choose.

Next, you move on to proper research. This includes checking the developer’s track record and reviewing past projects.

You will also need to understand the area, the rental demand, transport links and nearby future development.

Next, understand what you are buying. Even though the property is not built, developers provide show homes or virtual tours.

This information will help you understand the layout, size and finish.

Ensure you also get a detailed breakdown of the payment process.

You start with a reservation fee to secure the unit. After that, you pay a deposit, usually 10 to 20%, within about 28 days.

Some projects may require payments during construction. The final amount is paid when the property is completed.

You will need a solicitor; one is required for all UK property purchases.

For mortgages, approvals usually last around six months. Since off-plan takes longer, buyers often get an Agreement in Principle first and then apply for the full mortgage closer to completion.

Some lenders are stricter with off-plan, so planning early is important.

During construction, you should stay updated. Developers usually share progress reports and timelines.

If you onboard with Benham & Reeves Taiwan services, we can manage updates and keep everything clear for you.

Pros and cons of buying off-plan property in the UK

Buying early often means a better deal. There is also a chance of price growth by the time the property is ready.

Everything is new, so maintenance is lower. There is also no chain, which simplifies the process.

The downside is that delays can happen.

Construction timelines are not always exact. The market can also change during the build period.

You are also committing to something you cannot fully see yet and mortgage options can be slightly limited compared to completed properties.

This is why having professional guidance is important. Benham & Reeves Taiwan can assist you with every step, right from shortlisting the right

development to understanding financing options and managing the buying process.

Is it safe to buy an off-plan?

Yes, the UK is a well-regulated market. Your deposit is usually held in a protected account.

Most new properties come with a 10-year structural warranty, such as an NHBC warranty.

What happens after completion?

Once the property is ready, you pay the remaining balance and take ownership. You can then move in or rent it out.

A snagging check is usually done to fix any small issues before handover.

Advice for Taiwan buyers

For buyers in Taiwan, the process can be managed fully from overseas with the right support. Benham & Reeves Taiwan provides Taiwan-based investors with direct access to London property, with support both locally in Taiwan and across its 21 London offices.

Our agents support you at every stage, including sales advisory, negotiation with developers, full lettings and management service from furnishing to tenant search and profiling, UK landlord tax and asset disposal services.

Most importantly, everything can be managed from the comforts of your home in Taiwan, with dedicated team members operating in your time zone. Speak with our Taiwan Office today to discuss your overseas investment plans.