Best Area To Buy A House In London – Unless you’ve been to the moon in the last decade, you know that getting to the top of London’s famously expensive property ladder is no easy task.
Although the uncertainty brought on by the UK’s Brexit negotiations has stagnated and even shifted growth in some regions, first-time London buyers still need deep pockets.
Best Area To Buy A House In London
But there are great zip codes within reach of the average first timer, and we’ve listed five here, including the reasons we think they’re so awesome.
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A first-time buyer in the capital would need to save for 17 years to have enough money for a typical deposit, according to research last year.
But there are still great opportunities for potential new homeowners, and with prices leveling off after so many years of growth, the door is open for many to buy their first home. But you have to choose your region and act according to your budget.
London is full of great areas to live in, but first-time buyers need to think about more than worrying about how long the pub is or where to get a nice latte in the morning.
First timers should consider affordability and growth potential. After all, growth could allow them to move further up London’s property ladder.
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Young creatives from trendy Hackney have flocked to South Tottenham in recent years, which means it’s on the rise.
Rows of Victorian terraces dominate, ideal for first time buyers or those with children or looking to grow a family.
Transport links: Seven Sisters and Tottenham Hale are both on the Victoria Line Tube, meaning quick access to the West End.
Must visit: Definitely Tottenham Green Market. Just five minutes from Seven Sisters station, this market is a kaleidoscope of colour, street food and stalls every Sunday.
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If you are looking for a solid 1920s or 1930s house close to central London, then Greenford, West London could be the answer for you as a first time buyer.
With semi-detached houses averaging under £500,000, Greenford is a real choice for many first time London buyers.
Must visit: Take a trip to Horsenden Hill for some peace in the hustle and bustle of London.
After a stunning walk through Perivale Wood, the summit is reached with excellent views over Greenford and its neighbours.
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Harrow can sometimes seem a million miles away from London. But it’s actually only 15 minutes away by train.
Property North Harrow’s broad strips of 1920s and 1930s houses have broad appeal and with prices currently between £500,000 and £700,000 for semi-detached properties, it’s still a potentially affordable area for first timers.
Transport links: Trains from Harrow on the Hill to Marylebone take just 15 minutes, while North Harrow, West Harrow and Rayners Lane are also on the Metropolitan Line. South Harrow and Sudbury Hill are on the Piccadilly Line.
Must visit: For a taste of cozy village life, head to Harrow on the Hill and have breakfast at the Doll’s House on the Hill.
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The growth of its housing market is reflected in its newfound popularity, but there is still plenty of value for first-time buyers looking for that first apartment or condo.
Victorian conversions abound, but there are also a number of new build options as Leyton continues to enjoy a period of regeneration brought on by the 2012 Olympics in nearby Stratford.
With apartment sale prices averaging just under £350,000, this is one area of London that first-time buyers can’t ignore.
Transport links: Leyton tube station is on the central line and there are trains to Oxford Circus in just 21 minutes.
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Must visit: Stroll down the High Road and grab a drink and some food in one of Leyton’s great pubs. Best of the bunch is Leyton Technical, located in the former town hall!
A jewel in the crown of the East End, Bethnal Green has become very popular with tech types looking for value properties outside of central London.
Like its East End neighbor Leyton, its Victorian houses and conversions are where first-time buyers should focus.
Transport links: Bethnal Green Tube station is on the Central Line, Whitechapel District and Hammersmith City lines.
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Must-See: Bethnal Green is famous for the area’s world-famous boxing ring, York Hall, and a visit here for a night of high-class boxing is an assault on the senses not to be missed.
If you are looking for a new home in London, take a look at our list of available properties or contact your local office.
The market has spawned many horror stories, with people paying big bucks to rent tiny rooms barely big enough to squeeze in a bed.
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The government has even tried to compensate for this by offering additional support to those who want to buy apartments in the capital. For example, he introduced the London Help to Buy scheme, which saw the government offer a 40 per cent equity loan to help people buy property. Elsewhere in the country, it is limited to 20 percent.
However, all is not lost. Yes, London is expensive and you can’t hide from it. But there are places in Greater London that offer better value – and homes on the market well below the £500,000 plus average price paid in the capital.
If you travel a little further, you will also find parts of the capital with more land and therefore more opportunities to take advantage of new construction.
At the top of the list is Bexley, where the average house price is around £320,000. It is more popular with young families who cannot afford central locations and is located on the south-eastern edge of Greater London. It is well connected to the rest of the South East of the country, close to Dartford and the popular Bluewater Shopping Centre.
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Not far behind Bexley are Barking and Dagenham, which together with nearby Newham make East London a convenient place to buy property. It is also a good time to buy with the area to enjoy the growth thanks to the mayor who approved the Barking Riverside project. The scheme, which includes 10,000 homes, nature reserves and a marina, is the largest regeneration area in London.
Barking Riverside may be the biggest project of its kind, but it is far from the only part of London to benefit from the investment. Croydon is set to undergo a major transformation over the next few years, with billions of pounds worth of work to boost housing and leisure in the south London borough. Homes here are currently more than £150,000 below the London median price (£530,000).
Enfield is another small town in North London where property prices are below the London average. It has good connections to the north of the country, being close to the M25 as well as central London on the Piccadilly line. However, with many shops and attractions in the city, including a nearby Ikea, you don’t have to go far, which is useful for furnishing your home on a budget.
For each of the four areas above, buyers can find properties on the market that are well below the London average as a whole. With help – With schemes like Help to Buy and some smart savings, choosing areas like these is key to buying property in London on a budget.
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Angelica Malin is the founder and editor-in-chief of About Time magazine. An entrepreneur with a passion for women’s entrepreneurship and empowerment, Angelica also hosts the #TheyStartedIt podcast and is a global event moderator and keynote speaker. Contact: [email protected]
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