Greater London has plenty of potential for those considering settling in the capital, so we've put together a list of the top-five London boroughs that could provide a great home for a first time buyer, with the average property price of under £500,000.
Getting onto the property ladder is an exciting prospect. And with low interest rates and the new London Help to Buy scheme available, this year looks positive for those wishing to become homeowners. So we've looked at various factors such as transport links, affordability, local schools and community feel, amongst others, to narrow down our top five boroughs for first time buyers.
Croydon
“Croydon is a vibrant neighbourhood that feels like a town in its own right, rather than a suburb of London. With a great cultural and musical history to it, an ongoing regeneration programme aiming to rejuvenate the town centre – bringing trendy Box Park and a Westfield shopping centre to the area – as well as its fantastic transport links, Croydon is very popular with first time buyers.
"Croydon has great cultural and musical history..."
Prices for one bedroom flats in the area start from £250,000, demonstrating the area’s affordability in comparison to neighbouring Crystal Palace, Streatham and Dulwich. And with a good choice of local parks and schools, Croydon is a great option for professional buyers and families alike.” – Ashley Whitehouse, Sales Manager of Foxtons Croydon
- Croydon's average property price: £379,887*
- East Croydon to London Victoria: 15 minutes
- Investment in the area’s regeneration: £5.25 billion
- Famous for: its connection to the music scene! Croydon’s The Greyhound once hosted the likes of Jimi Hendrix, David Bowie and Queen, and the Brit School in Selhurst has produced some of the best British musical talent, including Adele, Amy Winehouse, Leona Lewis and Jessie J amongst others.
Greenwich
“Greenwich has a wonderful ‘historic village' feel with its many historic landmarks, plenty of green open spaces and a developed riverside with fantastic amenities, all of which make the area attractive to buyers.
"Greenwich offers reasonable prices in comparison to the London average."
Greenwich is very well connected, offering easy access to Canary Wharf and Bank via the DLR and central London via the Jubilee Line from North Greenwich Station, as well as the option of commuting to work via the Thames Clipper. London City Airport is also easily accessible and there's plenty of things to entertain the residents too, including the iconic O2 arena, which is one of the largest domed structures in the world!
The property portfolio in Greenwich comprises a mix of family houses and newly built apartment blocks, offering good choices for potential buyers at reasonable prices in comparison to the London average.“ – Christopher Venter, Sales Manager of Foxtons Greenwich
- Greenwich's average property price: £405,099*
- Greenwich to Bank: 24 minutes
- Famous for: its history! The birthplace of many Tudors, including Henry VIII and Elizabeth I, Greenwich is also notable for its maritime history and Royal Observatory, from which the world’s first weather forecast was issued in 1848.
Waltham Forest
“A diverse and exciting neighbourhood, Walthamstow has grown outwards from its Walthamstow Village nucleus, but has maintained a strong sense of community. The local culture is so diverse – there literally is a group, a club, a pub or a café for everyone.
"It is a mystery how Walthamstow has managed to remain affordable."
With great connections from Walthamstow Central Station, providing access to both the Overground and Victoria line, it is a mystery how Walthamstow has managed to remain affordable. You can still get a fantastic one bedroom flat just minutes away from Walthamstow Central Station for £350,000.
My family and I moved to the area three years ago and we still continue to discover more and more of what this neighbourhood has to offer. Walthamstow is ideal for first time buyers who are looking for a bit more personality in their neighbourhood.” – Alastair Cochrane, Sales Manager of Foxtons Walthamstow
- Walthamstow's average property price: £435,021*
- Walthamstow Central to Oxford Circus: 19 minutes
- Famous for: its vibrant hive of alternative activities and culture! This includes God’s Own Junkyard cult yard and shop, award-winning The William Morris Gallery, Cuttlefish Studios hosting art workshops and exhibitions by local artists, and the historic Walthamstow Market, to name a few.
Bromley
“With its great transport links into central London, the appealing ‘old market town’ feel, beautiful leafy streets and a developed town centre with plentiful amenities, Bromley is a fantastic place for first time buyers.
"In Bromley, two bedroom apartments start from £350,000."
Bromley currently offers good value in comparison to other London boroughs, and the property portfolio in Bromley is diverse – there are great family starter homes towards Downham and Grove Park, as well as a selection of two bedroom apartments for young professionals starting from £350,000.
Bromley also has a wide range of schools and a great mix of historic and cultural amenities, as well as quirky modern bars, making it perfect for all types of buyers.” – Ryan Ninnis, Sales Manager of Foxtons Bromley
- Average property price: £427,562*
- Bromley South to London Victoria: 18 minutes
- Famous for: the perfect combination of both worlds – urban and rural! Bromley’s pedestrianised town centre boasts Intu shopping centre comprising 135 stores, the historic Charter Market, lots of places to eat and drink and the popular Churchill Theatre. Offering all the conveniences of a large town, there is still an abundance of green space, local parks and pretty leafy streets that create a lovely village feel.
Sutton
“Surrounded by greenery and with a distinctive family-friendly vibe, you’d be excused for placing Sutton somewhere far from central London – but it’s only 20 minutes from Clapham Junction by Overground! The OneFamily Hotspots report concluded that the postcodes SM1, SM2 and SM3, all in Sutton, were in the top ten places in London for a family to live. And it’s easy to see why.
"Sutton has no less than 73 schools with fantastic Ofsted results."
Tree-lined streets, local sports clubs and no less than 73 schools with fantastic Ofsted results are only a few reasons why more and more families are choosing Sutton as their first permanent home town. The predominantly Victorian architecture is a visible recognition of the traditional feel of the area, along with Sutton’s two popular theatres and several beautiful churches.
New developments are also being introduced to the area, such as Sutton Court, which is currently under construction. Located next to Sutton Station, it will provide 73 luxury apartments, attracting professional buyers who are looking to escape the hustle and bustle of central London and embrace a more peaceful life.” – William Campbell, Sales Manager of Foxtons Sutton
- Average property price: £360,135*
- Sutton to London Victoria: 30 minutes
- Famous for: educational facilities and the happiness of its residents! On top of boasting some of the best school results in the country, the borough was voted the fourth happiest place to live in Rightmove’s survey last year.
*Average price as per Land Registry House Price Index March 2016
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