If you are setting out on the path to owning your first property and you currently live and work in or near the capital, you’ll be keen to learn more about London first time buyer areas. London is a sprawling city, offering a huge variety in the type of area you can live. There are built up areas closer to the city, quieter suburbs a little further out and green open space further still. When looking at London first time buyer areas you need to have a good idea of the type of property you want and how the location you choose will fulfil your needs and interests.
London first time buyer areas have changed noticeably in recent years. In years gone by, first-time buyers in London would be drawn towards the cheaper, less classy areas of London such as Hackney and Shoreditch. Not any more. These places have become hipster hotspots with a cool, trendy vibe that attracts fashionable folk with a work hard play hard attitude. So what are today’s London first time buyer areas? Where can you find your modern day Hackney or Shoreditch?
Here we will take a look at three of the top London first time buyer areas. (data sourced from Rightmove).
Stratford has seen a boom in recent years and has evolved into a popular residential, retail and business hub. Building on the back of the successful 2012 London Olympics, Stratford has superb transport links and affordable property. This is why it is considered one of the top London first time buyer areas.
According to Right Move, the average house prices over the last year were:
Flats – £256,462
Terraced House – £376,594
Semi-detached – £355,667
And in terms of capital growth on your home, Stratford is hugely appealing for first time buyers, with property prices rising 18% in the last year.
Sutton is popular choice for first time buyers due to its quick transport links into Central London and affordable housing. It appeals to young professionals and couples. And families are drawn to the town by the excellent schools and plentiful parks and green open spaces.
The average houses in Sutton over the last year were:
Flats – £256,669
Terraced House – £377,242
Semi-detached – £452,058
And house prices have increased by 13% in the area since 2014. Inspired Homes have a superb new housing development in Sutton – you can find out more about Sutton Court here.
Like Stratford, Croydon has been growing hugely in recent years. A regeneration project has transformed the town into one of London’s premier commuter and commercial hotspots. And this, coupled with superb transport links, has resulted in a huge upsurge in the availability of residential properties at affordable prices. When looking at London first time buyer areas, Croydon is definitely worth considering.
The average house prices in Croydon over the last year were:
Flats – £240,420
Terraced House – £331,933
Semi-detached – £413,385
The area has experienced a 12% growth in property prices in the last year and are set to rise further in 2016. Inspired Homes have a number of affordable housing developments in Croydon, many available under the Help to Buy Scheme. Find out more here.