Research compiled by Inspired Homes reveals London’s new-build hotspots for homes in reach of first-time buyers.
Selecting over 100 postcodes in Greater London and only new-build properties under the £600,000 Help to Buy threshold, the research identifies the areas in greatest demand by looking at the time properties typically take to sell and ranks them on affordability.
With average prices of £225,089, the top ranked location for first-time buyers is Plaistow (E13), followed by Penge (SE20) and Croydon (CR0) in third place (see Table 1 below).
At five weeks, the fastest selling location is Camberwell (SE5), followed by Finchley (N3) and Plaistow (E13), both six weeks. However, with an average price of £513,616, Camberwell is also the most expensive location in the top 10, followed by nearby Brixton (SE2) and Catford (SE6). The slowest selling locations are Hendon (NW4), where properties were listed for an average of 54 weeks, Tooting (SW17) and Ealing (E5).
Commenting, Martin Skinner, Chief Executive at Inspired Homes, said: “The length of time properties take to sell is the definitive indicator of demand versus supply. However, the most important thing to first-time buyers is affordability, which is why we have ranked the top 10 hotspots by price.
“Camberwell is the fastest selling location in London due to its growing popularity among buyers and an undersupply of new homes, however with prices above £500,000, it is too expensive for many first-time buyers, even with Help to Buy. Plaistow however, ranked as the most affordable location, is within close proximity to two Crossrail stations and is benefiting from the knock-on effect of Stratford’s regeneration. This should stand the area in good stead and we would expect strong price growth if property sales there continue to fly.
“However, our research shows that not everywhere in London is flying and first-time buyers are in a strong position to test developers’ resolve by making offers in areas such as Hendon and Tooting where new homes are slow to shift.”
Our research featured exclusively in today’s Metro. Click HERE to view the article.