Getting on the property ladder can be difficult for first time buyers in London. Prices keep on rising so there’s the added pressure to jump on now before it’s out of reach. The trick is to find the “up-and-coming” areas that have been promised redevelopment. Here are three locations, perfect for first-time London buyers.
Croydon
Despite being named one of the least happy places to live last year, things are actually looking good for Croydon. The town is a part of a one billion pound retail revolution set to transform the centre of Croydon, creating 5,000 jobs in the process and acting as the catalyst for the wider regeneration of the town as a whole. Terraced properties in the area sold for an average price of £281,878, while semi-detached properties fetched £363,049. The priciest place to live in Croydon was Woodcote Green (£656,196) and the least expensive was Selhurst (£202,950). With prices on the low-end by the capital’s standards and future investments already approved, Croydon is an ideal spot for first-time buyers looking to get in before the prices rise.
Stratford
Stratford saw significant regeneration due to the 2012 London Olympic Games and it isn’t stopping there. Stratford station will also be a part of the Crossrail project, due to begin operation in 2018, offering greater transport routes throughout Greater London. The development is helping to drive the property boom and areas alongside the route are already seeing growth. Most of the sales in Stratford over the past year were flats which sold, on average, for around £224,738. Attractive terraced properties can be found from agents such as Morgan Randall for around £325,821 and, similarly, semi-detached properties averaged at £321,714.
Barking and Dagenham
Barking and Dagenham may offer the best value for money to first time buyers as last year terraced properties in the area sold for on average £217,337. Flats sold for an average price of £148,294, while semi-detached properties fetched £233,794. The priciest area within Barking and Dagenham was Upney (£282,668) and the least expensive was Castle Green (£184,856). The Barking Riverside project, built on land formerly occupied by the Barking Power Station across from the River Thames, plans to create a population 26,000 strong from the 10,800 new homes to be built alongside the river. The area will feature new healthcare, leisure, and shopping, facilities to the community, all supported by new public transport links.
Buying before the development projects have been completed is the best way to beat the eventual rising prices. Remember to put aside any preconceptions you have over the areas as they stand now and think about the longer term.