7 Best Areas for First-Time Buyers in London
London is beautiful, boasting numerous in-demand properties readily waiting for buyers. But, regarding property rates, the capital is not the ideal place for first-time buyers because it does not come cheap. And for this reason, most young Londoners worry they may never own properties.
Zoopla reported that the average price for a house in London is a whooping £505,700 with an average down payment of £150,000. Even with assistance from family members, first-time buyers are searching for more extended mortgage offers with flexible repayment options.
In 2021, over 10,000 first-time buyers applied for mortgages of at least 25 years, with most of the buyers being around 33 years of age. Despite the situation, London properties are in high demand and continue to surge.
So, what are the best places for first-time buyers in London? Read on to find out.
1. Royal Docks
The first option I have for you as a first-time buyer in London is Royal Docks. It is located in East London. It is one of the most thrilling regeneration areas in the city. The city has seen an increase in demand from tenants and home buyers, triggering prices and development in the area.
Royal Docks features a mix of new and old, with gorgeous modern residential developments and listed buildings. One thing that first-time buyers would love about this place is its bustling nightlife, not forgetting the peaceful riverside environment for families to enjoy.
The Beckton District Park’s Millennium Tree Trail and Beach Lake offer a conducive green space. There are also cosmopolitan restaurants and trendy bars in the area. Moreover, Royal Docks is close to the O2 Arena, bringing global superstars near you.
What makes Royal Docks even more appealing is the lovely views of the London skyline and River Thames.
2. Wandsworth, South London
Wandsworth is yet another affordable place to buy property in London. The employment rate in the region stands at 77%, and the most affordable quartile of properties cost, on average, £472,348. You will require more than 14 times your salary to climb the property ladder. However, it is still cheap in relative terms compared to other London cities, such as Chelsea and Kensington.
Wandsworth’s fantastic transport links and green spaces make it an ideal spot for first-time buyers. The further south one goes, the more area you will get for your budget.
There is always a high demand for outside space, and many first-time buyers are looking for homes that are easy to extend, perhaps purchasing a two-bedroom flat that they can expand into a three-bed later when they have sufficient funds. Amid increasing electricity and gas costs, first-time buyers also look for properties with good insulation and decent boilers.
3. Bromley, South East London
More than 50% of Bromley comprises meadows and parks, making it a favorite among young professionals and families looking for some open space. Rightmove conducted a survey where they ranked Bromley the second-happiest town in London.
Richmond took the first spot. Bromley has six stations, and it would take approximately 25 minutes to go to Central London.
From quaint cottages to Victorian houses and new build developments. The city also features an eclectic range of homes on the market. If you are looking for a fixer-upper, you do not need to break your bank.
The average price paid in Bromley is about £483,744 based on the Right Move report. If you are smart enough and do your mathematics well, you can change your property without hurting your savings.
Greenford in west London is situated between Southall and Wembley. The town houses a range of 20th-century conversions, such as flats below the market stamp duty threshold. Because Greenford is located in the west of the capital, it offers quick access to Heathrow Airport and central London through the Underground network.
Additionally, the Grand Union Canal passes by the town, meaning you have a lot of green open spaces to enjoy.
Wembley is not only for those who love sports. In fact, the town recently benefited from significant investments that quickly made it proliferate, becoming a vibrant and attractive community that young professionals and first-time home buyers love.
The Iconic Wembley Arena and the Wembley Stadium are located only ten miles northwest of central London. In just a 30-minute train, you’ll arrive in London Bridge.
Wembley Arena is currently under revitalization and attracting new homeowners and tenants with good shopping, excellent schools, and bustling nightlife.
Many French families come to the new Lycee International de Londres to spend some time. The communities here offer bright, lively, pedestrian-friendly living with a rich history and a host of concerts throughout the year.
New off-plan opportunities and new projects are perfect for first-time buyers. With off-plan properties, buyers should expect to pay less than the home value, especially if you purchase a home during the early stages, and if you are getting a home in a new and upcoming area, expect the value of the properties to increase by the time you are moving in.
6. Manor Park
Manor Park is located in East London. This multicultural neighborhood is easily accessible through the Crossrail station, letting passengers get to Bond Street in only 22 minutes.
Last year, the average house price was £420,770. Many affordable terraced properties were selling at £460,490 in 2021. For buyers with less budget, flats were selling for approximately £270,943.
Manor Park has a bustling high street with countless stores and quirky restaurants. So, if you are looking for a place with plenty of offerings without having to get lost in the bustling City Center of London, Manor Park is the right place for you.
The town is ideal for young families. A close-knit community with several dashing parks to explore.
See related post: 6 Best Places to Live in East London (Updated in 2024)
7. Bounds Green
Bounds Green is strategically situated north of Muswell Hill and Wood Green. First-time buyers can find decently priced homes in the town, even though it is close to costlier areas in North London.
Alexandra Park, one of the best open spaces in London, is only a few stones from Bounds Green. A solid transport link also connects the town to Central London. The average property price here is £482,439.
Similar article: 10 Cheapest Places To Rent or Live In London
Conclusion: Save Money While Moving to London
Now that you know the best places to buy in London for first-time buyers, it is essential to save money on your purchase. It is always advisable to talk to an expert to help you find the best home at the best deal in London.