Getting your foot onto the property ladder in London can seem like a bit of a tricky task. What with the need for an income of around £140,000 to secure a mortgage and a 10% deposit, it’s not always feasible for everyone. However, if you find yourself in a position that you can buy, we’ve got you covered. Here’s our pick of five of the best areas for first time buyers in London.
Since 2011, Croydon has seen a growth in investment especially in the commercial and retail sectors so if you’re a shopaholic, Croydon could be a good option for you! Ever dreamed of running your own business? Croydon also plays host to it’s own Tech City that is dubbed the ‘Silicon valley of South London’. These two factors alone and with a full economic development plan in action, Croydon is sure to be a popular option for buyers in the future.
If that’s not enough to sway you, the figures aren’t too shabby either. According to Rightmove the average prices over the last year are as follows:
If that still isn’t enough, the growth in property prices have been excellent at 12% in the past year (source: Rightmove). So the area is thriving with some fantastic prospects in the future - definitely worth considering while growth is so strong.
Still feeling the Olympic spirit from the London games? Stratford definitely is. Stratford has enjoyed substantial investment and has since become one of London’s most important infrastructure, retail and transport hubs. With more affordable flat prices and the implementation of the crossrail, Stratford is going to benefit from a boost in the local economy and a great reduction in journey times.
So does this modern side of London have the prices to match? We would say so. According to Rightmove the average prices over the last year are as follows:
The growth in Stratford, like Croydon, has been fantastic too. Property prices rose 18% in the past year (source: Rightmove). So, in regards to return on investment, this could be another area to get your monies worth.
With the Crossrail in London set to be complete by 2018, anywhere along the line is seen to have big growth in property values. However, Manor Park is seen as a particularly strong location for young professionals and families, thanks to its period properties and more ‘bang for your buck’. Alongside the strong growth forecasts, Manor Park boasts a buzzing high street with a whole host of restaurants and shops.
Can you really get more bang for your buck in Manor Park? The average prices over the last year from Rightmove are as follows.
Manor Park has had the lowest growth of our trio at the moment with prices rising 19% over the last year (source: Rightmove). However, with Crossrail set to be finished in 2018, this could likely only be a temporary factor. Definitely worth considering, especially for those of you looking for a good return on investment.
Crossrail will be an even bigger game-changer for this West London town, which is currently only served by Great Western railway at Hayes & Harlington station. In 2018 it will be suddenly connected to central and eastern London with journey times 35 minutes or under.
The average property prices on Rightmove are as follows:
Since Crossrail’s announcement, the area has had a huge amount of interest from developers and buyers and subsequent regeneration plans are to follow, which should encourage further growth.
Hither Green in the borough of Lewisham, is still a somewhat undiscovered area of London but with families being priced out of nearby Blackheath and Peckham, it has recently been declared an ‘up and coming’ area.
Property prices are currently as follows on Rightmove:
Hither Green has good transport links too with trains reaching London Bridge in 10 minutes, or a short walk to Lewisham offering access to the DLR.
So that’s our roundup of five great areas of London that tick all the right boxes for those first-time buyers out there. But it doesn’t stop here, we’ll be keeping a constant eye on the property market across the UK, so be sure to subscribe to our blog to get the latest news and updates to your inbox.