Portico London estate agents have identified 10 first-time buyer hotspots in London and listed some perfect first homes. Prices in some of the most popular areas fall below £250,000.
Walthamstow is a vibrant and buzzing postcode that is rapidly redeveloping. Trendy cafes and independent shops are popping up all over the place, and first-time buyers are flocking to this part of Zone 3 conveniently located at the end of the Victoria line.
Property here is excellent value, with the average flat costing around £300,000.
The fictional home of Del Boy and Rodney Trotter is now a hipster paradise, with roof-top bars on top of multi-storey car parks, anti-chain restaurants and affordable property.
The average price for a 1 bedroom property stands at a reasonable £350,000 – though you could secure an ex-council home for around the £250k mark.
- Finsbury Park
With property prices in London at an all-time high, we’re seeing a lot of first-time buyers turn away from the more expensive enclaves of London – like central Islington – in favour of cheaper yet well-connected postcodes like Finsbury Park. It’s just a couple of stops from King’s Cross, so ideal for commuters too.
In fact, there are a lot of good-value pockets of north London that are attracting first-time buyers – Holloway, Caledonian Road and Stoke Newington are all popular hotspots.
Average house prices in the Battersea area are high compared with other parts of the capital. It’ll set you back around £485,000 for a 1 bedroom property – but that doesn’t stop Wandsworth in Battersea being an extremely desirable place to call home.
The average age of a first time buyer in London is edging toward 40, and that fits the demographic of Nappy Valley to a T – young professionals in their thirties looking for 2 bedroom properties, great schools, a middle class feel, open space and fantastic amenities.
- Bethnal Green
Buyers in great numbers are heading to Bethnal Green, in search of warehouse conversions, quirky property and a young, trendy vibe. This east London area is also popular with investors and landlords, as rental yields are high (around 5.3% near Bethnal Green station), and demand from tenants is strong.
- Acton / Ealing
Crossrail will soon be launching in Acton, making it an excellent choice for young first-time buyers who are working in the City or West End.
As well as an imminent transport upgrade, W3 offers period property and a quaint village feel – ideal for those thinking of starting a family. We love the string of healthy brunch spots, bakeries and traditional pubs on lively Churchfield Road.
- Stoke Newington
“Stokey”, as locals affectionately call it, has come on leaps and bounds in terms of regeneration in the last five years – with a large number of new apartments popping up to accommodate growing demand.
First time buyers are attracted by the Victorian property stock, the arty, creative vibe and the village feel. There’s a farmers’ market on the High Street on the weekend, and shops are brimming with indie labels and vintage goods.
If you’re looking for a fantastic investment, this rare period house – a short walk from Leyton Central Line Tube – will not disappoint.
Still revelling from the ‘Olympic effect’, we expect property prices in affordable Leyton to continue to rise this year, so this property could get a big boost from both cosmetic renovation and capital growth.
Crossrail has powered Tottenham’s popularity and regeneration, transforming the area into an up-and-coming hotspot.
And with journey times of just 15 minutes into central London, the area is slowly becoming a firm favourite with those looking for value and space for their money.
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Ilford is one of the best-value areas in London, and though property prices have been rising since the announcement of Crossrail, the average price of a two bedroom property in the area is still an extremely reasonable £280,000.
Better still, buyers looking in this part of east London can jump straight into a house rather than buy a flat. A great investment hotspot.