First Time Buyer Hotspots

While there is a lot of doom and gloom when it comes to property market predictions for 2018, there are some causes for optimism. This is definitely the case for first time buyers. There is hope that the removal of stamp duty and the reduction in stamp duty for purchases of up to £500,000 will galvanise more first time buyers into getting onto the property ladder. There has also been a greater level of interest in the Help To Buy London scheme, which will hopefully assist people to find their ideal first home.

It would be wrong to suggest that these measures will transform the property market in the English capital, but they can play a role in making a difference. There is also a need for people to find the areas that are suitable for first time buyers and there are a number of hotspots in London.

First time buyers can still purchase in London

One area that has been tipped as a suitable location for first time buyers in 2018 is Gidea Park. This is a suburb on the Essex border and it is possible to find a home at an affordable price, including:

  •    One bedroom flats begin at £220,000
  •    Two bedroom flats cost between £280,000 and £320,000
  •    A two-up and two-down cottage starts at around £325,000
  •    A three bedroom semi-detached property begins at £400,000

While the prices are affordable by London standards, there is an affluent and safe atmosphere in the local area which still offers plenty of pubs and leisure activities.

Of course, this destination may be a little too far East for some people's tastes but there is a lot to be said for looking at the North East of the capital.

There are affordable options in the East of London

As of January 2018, Zoopla lists the average price paid for property in Wanstead over the past 12 months as £518,500 with the average price paid for flats coming in at £360,060. In Bow, the average price paid for property in the past 12 months is listed as £475,306 while for flats; the average price paid comes in at £378,069. For Bethnal Green, the average price paid for flats in the past 12 months comes in at £473,445.

Will stamp duty changes help you step on to the property ladder?

With many of these prices eligible for the reduction in stamp duty for property prices up to £500,000; there is a helping hand on offer to first time buyers that can make a difference in buying a home in the East-end of London.

Other areas that have been recommended for first time buyers in London include Sydenham in the South East and Surbiton in the South West. There are definitely pockets of affordable options across the capital but for the most consistent range of affordable property options, the North East of London has the most to offer. If you are a first time buyer and would like to discuss your property options, come and speak to Unico Property Group. We are North East London property specialists and we look forward to helping you step on to the property ladder.


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