Now first time buyers are more able to enter the market due to the Help to Buy scheme helping to enhance the UK’s Property market, as well as low interest rates and improvements to the mortgage market.
London has always and will always continue to attract international investment across its residential, commercial and retails sectors, this has now been further enhanced by Crossrail, Europe’s largest infrastructure project. Many of London’s boroughs are set to benefit from further regeneration and this will also help to unlock those areas across the capital which are ideal for the first time buyers.
Here are the areas of the capital which best meet the needs of the any keen first time buyer:
Croydon – Best for Redevelopment: the Average flat price is £183,359 and the predicted annual house price growth is 4.4%, Croydon provides great entry level housing for first-time buyers and excellent value for money. The Mayor of London has already committed over £1bn to regenerate London’s ‘third city’, with the view to transforming the local economy and rejuvenate Croydon town centre. Plans to create a world-class retail destination just 15 minutes travel time from the capital has spurred investors’ confidence which is already starting to benefit the areas residential offering.
Stratford – Best for New Community: It has become one of London’s most important infrastructure, retail and transports hubs following London’s Olympic and Paralympic Games, Stratford has enjoyed substantial investment and wholesale regeneration.
With current flat prices in Stratford reaching £212,047, the continuous investment has encouraged first time buyers to enter the market, as it turns into a much more attractive place to live. The Crossrail will also give Stratford an even greater boost to the area’s economy, with added lines radically reducing journey times with an increase to capacity.
Elephant and Castle – Best for Gentrification: At present one of the capital’s most affordable locations with average flat prices of £335,538, it is a Zone One location, just ten minutes from London Bridge and the City, this has led to 40% of the borough undergoing major regeneration, with current new development valued at about £4bn.
The extensive regeneration plans including a brand new pedestrianized town centre, 5,000 new and replacement homes, and up to 450,000 sq ft of retail space will allow for an anticipated annual house price growth of 10.5%.
Lewisham – Best for Regeneration: It is very well positioned for direct transport links into the City and Canary Wharf situated in the heart of South East London. The average flat price is £238,017, the local property market remains affordable, and this allows for a considerable annual house price growth, forecasted to reach 9.4%.
Regeneration will play a major part in Lewisham’s appeal to new buyers with a major collaboration between Lewisham Council, the Greater London Authority, Transport for London and developer Lewisham Gateway Developments to completely transform the town centre, enjoying brand new shops, restaurants, bars, cafes and new leisure facilities, around 700 new homes, and a new park.
Barking – Best for Value for Money: Currently London’s most affordable borough, with average flat prices £143,764; Barking is forecasted to enjoy an annual house price growth of 2.6%. Situated towards the east of the region, Barking remains very appealing to first-time buyers, particularly as it undergoes one of the most ambitious and important new developments in the UK, at Barking Riverside. The 443 acre site close to Barking Town Centre is set to deliver over 10,000 new homes along the river, with substantive supporting development.
Wembley – Best for New Retail and Entertainment Provision: Universally recognised across the globe as the home of English football, Wembley continues to undergo major regeneration, with a significant drive on retail and entertainment amenities. The flat prices in Wembley are currently £213,351, with a projected annual house price growth of 8.8%.
Canary Wharf – Best for Location to Financial District: With an annual house price growth of 3.1%, and the average flat price £361,311, Canary Wharf is already a vibrant place to live.
The addition of Crossrail at Canary Wharf will increase capacity of the area’s transport system by 50% which is set to further trigger substantial development, making it no longer just a residential destination for those in the financial sector, but now appealing to a much broader demographic.
Ealing – Best for Mature Residential Market: set to enjoy an annual house price growth of 9.0%, with average flat prices in the area £354,999. Traditionally popular with families, Ealing is one of the capital’s most established residential locations which offers transport links to the M40, M4, and the M25 – as well as direct rail and tube links into the heart of Central London.
The addition of Crossrail in 2018 will boost Ealing’s appeal to first time buyers considerably, with journey times into Central London cut by around 30 minutes. The infrastructure improvements are also occurring in tandem with significant regeneration efforts around Ealing Broadway station, which will help lift the entire area.
Aldgate – Best for City Living: With average flat prices currently £420,000, Aldgate is the most central of the Top 10 locations for first time buyers. While the average flat price remains higher than other entry level locations, Aldgate offers values at 15% below the current City prices, and is just a short walk to the increasingly popular areas of Shoreditch and Brick Lane.
Set to benefit from Crossrail from 2018, Aldgate is experiencing significant regeneration, with outward expansion of the City and the rise of brand new high quality development surrounding the financial district.
Fulham – Best for Riverside Location: Already one of the capital’s most sought-after places to own a property, the average flat price in Fulham stands at £627,034. Often recognised as the more affordable alternative to nearby Chelsea, Fulham continues to prove popular with first-time buyers and predominantly by those who are helped to buy by their families.
With an annual house price growth of 12.0%, Fulham is a mature housing market with considerable depth and breadth in demand, particularly from cash rich buyers. This has provided it with additional insulation from wider economic shocks over the last five years.