Are HOAs and property taxes a thing in London? Debating a job btwn nyc and London and while at first glance nyc looks better money wise, housing seems so so much more expensive if buying. HOA plus property taxes add thousands to the mortgage. Wondering how that looks like in London. Can’t find anything but initial stamp tax in whicb case the pay delta is narrowing…

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Council tax is payable by every household, whether you rent or buy, so this shouldn't be viewed as an incremental cost of buying. The amount payable is linked to property value, but the range is narrow, typically between 1-3k.

For HOA, you'll more typically see a Service Charge for flats and sometimes new developments. Similarly for leasehold properties there is a lease that defines how long you could hold the property before it reverts to the owner, typically 99 years but sometimes longer. Once this drops below about 80 the charge can be steep to renew. I encourage you to read more about it, as my explanation isn't great. This doesn't apply to freehold properties, which typically have no additional charges, especially for houses rather than flats.

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You do see similar here, mostly for the crappy new built ‘luxury’ apartments where the service charges can be £2-4k+/year, however these flats are predominantly owned through foreign (mostly Asian/middle-eastern) investors. There are new protections coming in for leaseholders to stop this exploitative practice. As mentioned above, if you want an apartment rather than a house, try and find one which gives you share of the freehold.

Council tax, leasehold fees. HOA is a new concept.

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