These are the London boroughs first-timers are buying homes in
It may come as surprise to many that the notoriously expensive capital is seeing more and more first-time buyers (FTBs) purchase properties there.
Almost half of the properties sold in London last year were to FTBs. This is the highest proportion since 2001.
How is this a reality then for so many young buyers? It’s all about location, location, location. FTBs are opting for traditionally less popular outer London suburbs, where more and more attractive middle-income housing is being built. Here are three of the top London areas for FTBs…
Barking and Dagenham
The zone 4 borough is the cheapest in the capital for first-timers. A new study by CBRE has revealed, the average home costs 7.26 times the area’s average salary.
Homes at 360 Barking, one of the newest schemes under construction in the borough, start from £305,000 for a 545sq ft flat, to give you an idea.
Massive regeneration, including new schools, transport links and public space, are planned there too.
Croydon has been on the smart property investor’s radar for some time now. The outer city borough is the fifth most affordable and Croydon council is actively trying to entice first-time buyers to live and work in this south London town.
As more jobs come to the area (The Body Shop, for instance, recently moved from London Bridge to new office space in Croydon) and transport links improve, property sales in this mini London-city are only expected to boom.
The east London borough is another popular spot for FTBs.
In Upton Gardens, an 842-home development being built on the site of West Ham’s old stadium, apartments start at £329,995. Help to Buy as well as a discount on stamp duty is available for FTBs.
Content correct at time of publication.