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The average price that first-time buyers spent on properties in London during January 2019 is £412,620.
Many may not immediately consider London when buying their first home as it’s famous for its high prices. But there are a number of affordable properties in different areas of London that’ll make you want to immediately search for a reliable London removal company to get you started.
We’ve created this guide to help you search, featuring some of the more affordable areas of London that will be ideal places to buy your first home.
According to the UK House Price Index, first-time buyers spent on average, £412,620 on their first home in London in January 2019. To help you with your research, we’ve created a list of the types of properties you can get when moving to London with a budget of £412,620, using data from Zoopla’s current average asking prices for different property types.
|Area of London||Type of Property||Current Asking Price|
3 bedroom house
2 bedroom house
3 bedroom house
2 bedroom flat
3 bedroom flat
2 bedroom house
2 bedroom house
2 bedroom flat
2 bedroom house
1 bedroom flat
Data from Zoopla, correct as of April 2019.
According to Right Move, in the last year, the average overall sold price of properties in Harold Wood was £368,085. Semi-detached properties were selling for an average of £417,653 and terraced houses sold for £348,992. The majority of properties sold in the last year were flats as they came in as the cheapest at £335,75.
In outer London, boarding Essex, Harold Wood is named after King Harold who famously fought in the battle of Hastings. It’s well connected with easy access to the M25 and train stations that can take you to London Liverpool Street within 40 minutes, perfect for first-time buyers looking to commute.
With a mix of twentieth-century houses and Edwardian designs, there’s a variety to choose from. Right Move states that in the last year, the average sold price for all property types in Sutton was £277,107 with terraced houses being sold for an average of £418,047. Semi-detached properties were more expensive at £521,205.
Situated in South London, Sutton is perfect for artisans with the annual Imagine Festival of Arts running as well as a range of theatres, music venues and public art on display. Trains from Sutton Station take just over 30-minutes to get to Victoria and London Bridge. It’s a vibrant and creative area, ideal for students or young families.
According to Right Move, the average sold price overall in the last year in East Ham was £357,773, a great price for first-time buyers in London. Zoopla states that the average current asking price for a 2-bedroom house in East Ham is £347,762, whilst flats are priced at £279,161.
With upcoming plans to refurbish East Ham and build a variety of new houses, it’s the perfect location for prospective first-time buyers. It’s an area that caters to everyone with great schools, quirky cafes and an easy commute to the city. A mere 8 miles from London City Centre, it’ll take around 45-minutes by train or 30-60 minutes by car depending on traffic. With a diverse neighbourhood, it’s perfect for families, students or even graduates living in London.
One of the more expensive areas on the list, the average price paid for houses for sale in Kingsbury over the last year was £460,414. Terraced houses sold for an average of £485,649 according to Right Move, whilst flats sold at a slightly more appealing price of £444,245.
A perfect area for families, Kingsbury contains excellent independent and private schools as well as large, open spaces that are great for sports or nature lovers. Wembley Park tube station is within proximity and there’s easy access to the start of the M1 making commuting much easier.
Another affordable area for first-time buyers in London, the average price paid for a property over the last year in Croydon was £370,554. Flats were inexpensive, sold at an overall price of £283,215, whilst semi-detached houses were sold for £453,444.
Croydon is constantly thriving with increasing job opportunities in the tech industry. With a growth in investment, the commercial and retail sectors are flourishing making it a great area for those looking for some retail therapy. From quaint Victorian houses to large detached Twenties properties, there’s a lot to choose from catering to all tastes. London Bridge is only a 17-minute journey away by train and for those looking to travel further, Gatwick is only 15-minutes away.
The current asking price for a 2-bedroom flat in Northolt is £287,567 according to Zoopla, perfect for first-time buyers looking for smaller properties. The current average asking price for a 2-bedroom house is much higher at £409,490, but prices can vary depending on their location, so it’s worth looking around.
Northolt is a suburban town to the North-West of London, perfect for families or those wishing to commute. There are a number of train stations to choose from offering a range of lines passing in and around London, including a 30-minute journey to Oxford Circus.
Attracting a variety of people from young professionals to families looking for houses with large gardens, Bromley has it all. The overall average price paid for a property over the last year was £483,744 according to Right Move, with flats selling for £316,257 whilst semi-detached properties sold for £549,043.
There are a range of properties available from Victorian houses to cute cottages as well as a number of Shared Ownership rooms in St Mark’s Square. Bromley has the largest amount of green spaces in London, perfect for families looking to leave city life for open spaces for children to explore.
Well-connected, Hither Green is only 10-minutes from London Bridge by train. The average overall price paid for a property over the last year was £453,947 and flats there sold for £329,274. The area mainly contains Victorian and Edwardian terraced houses which sold for an average of £575,115 over the last year.
Great for families, many of the schools located in Hither Green are rated as either ‘Good’ or ‘Outstanding’ according to Ofsted reports. Gatwick is an hours journey away by car and there are also a variety of beautiful cycle routes if that’s your prefered method of travel.
In the East of London, Manor Park has a highly multicultural community and the Crossrail station allows commuters to reach Bond Street within 22-minutes. The overall price paid for properties in the last year was £420,770. There is an abundance of inexpensive terraced houses available which sold for an average of £460,490 over the last year. For those with a lower budget, flats sold for an average of £270,943.
With a busy high-street, there are plenty of quirky restaurants and stores to visit in Manor Park without having to get lost in London’s bustling City Centre. Ideal for young families, there are a number of stunning parks to explore alongside a close-knit community, a great contrast to the grey atmosphere of London centre.
One of the more expensive areas on the list, Stratford had an average sold price of £466,115 for all property types in the last year according to Right Move. Flats were sold for an average of £449,534, whilst semi-detached houses sold for an eye-watering £650,000.
However, despite the high prices, what allows Stratford to be on our list is the high amount of Shared Ownership properties available in this area. It’s extremely student-friendly with easy access to a number of universities like the University of East London and the University Square Stratford Campus. With the number of students looking for accommodation constantly increasing, the number of Shared Ownership properties available also increases, making it ideal for first-time buyers in London.
Stratford has excellent travel connections with access to the tube that includes direct services to Bond Street and Oxford Circus, taking only 20-minutes. There are also a number of train lines to use when commuting and a DLR train goes straight to Canary Wharf.
If you’re a first-time buyer looking to save for a deposit to live in London, it would be wise to explore a variety of government schemes to help you in the process. One of these available is the Help-to-Buy scheme.
For a low-interest mortgage, it’s recommended to aim for a minimum of a 10% deposit although it’s possible to put down a deposit of 5%. Help-to-Buy is a government scheme that provides you with tax-free interest on your money as well as a 25% bonus to boost your savings, a maximum bonus of £3,000 is possible. However, this bonus cannot be received on properties worth more than £450,000 in London. It’s a great way to help you take that first step onto the property ladder and ensure a quicker way to save up for that crucial deposit, beginning your London conveyancing journey towards your first home.
Not that you’ve found the most appropriate areas in London for first-time buyers, it’s time to save money on your house removal. Just fill out our quick and easy form to get connected with up to 6 verified and experienced removal companies in London. It’s that simple!