Top 3 Areas to Buy A Home in London23:53 - Friday 11 July 2014 - In Categories Money, Lifestyle
Location, location, location. I am sure you have heard that this is the first rule of property, and never has a truer word been said, writes Ziggy Moore
I have always been a great advocate of first time buyers purchasing an average house in a great location, as opposed to buying a property they love in an average area. My primary reason for this is to benefit from capital appreciation. I understand that you want to be comfortable in a home you love, but remember this is just your first step. The point of getting on the property ladder is to climb up, and the best way to do that is to buy a property that will appreciate over time at a greater rate than comparable properties in other areas. Your first property should always work for you.
At Moore Properties London (MPL) we specialise in helping first time buyers get on to the property ladder whilst saving our clients’ money at the same time. Currently, we have pin-pointed three main areas in London where you can purchase a home for under £300,000 and see a significant increase in capital appreciation of your home in the next three to five years.
If you are north of the river, Enfield is one of our first hotspots. Enfield has always had good transport links with trains straight into the city and a good local bus network. The Great West Anglia line, running from Liverpool Street to Enfield Town is due to be taken over by TFL and incorporated into the Overground network by 2016. This will mean station upgrades, 30 new trains, and an improved service for commuters. So anywhere from Silver Street all the way along the A10 would be a fantastic place to start looking. If the impact of the Overground network is even half that of areas such as Brockley and Forest Hill, you’ll be set to see a 20 per cent increase in prices within a year. Additionally, there are plans in place for the government’s Crossrail 2 to extend to Cheshunt. Although not set to finish until 2030, Cheshunt is a great area to consider for the future.
If you are a young professional, head straight to Croydon. With fantastic transport links and a vibrant night life, Croydon is a great place to get that first step on the ladder. Trains from East Croydon station get you to Victoria in 15 minutes and London Bridge in 13, so you you’re close enough to central London. However, the biggest draw to this area is the £1 billion Westfield development due to start next year. Developers hope to merge the current shopping malls Centrale and Whitgift to create one of Europe’s largest shopping centres. With the creation of 5,000 new jobs and 600 new homes, Croydon is set to become the hub of South London.
Barking and Dagenham is London’s cheapest borough and one of only a few places you can still buy a three-bed terraced house for under £250,000. So if you have a young family or are hoping to start one, this may be a place to consider. As one of the Olympic boroughs, the area has seen large investment come in to the local area; with the recent development of Barking Central providing 2,200 new homes and creating new open spaces. As part of the London Thames Gateway re-development, Barking Station (which is served by the District, Hammersmith & City, and Overground lines) has been earmarked for a £50m re-vamp, incorporating new retail units and a hotel. This week, a new Thames Crossing has been proposed linking Gallions Reach to the south of the borough to Thamesmead. It may only be in the consultation stage but if given the green light, homeowners could see huge economic benefits from the area.
I hope this goes some way in helping you choose a location to purchase your first property.
For further help and advice on all these matters, contact me on: MPL@gmail.com
|Borough||1 bedroom flat||2 bedroom flat||3 bedroom house|
|Enfield (N9,N18 and EN1)||£135,000- £160,000||£150,000-£210,000||£240,000+|
|Croydon (South, East, )||£145,000-£165,000||£185,000-£230,000||£260,000 +|
|Barking and Dagenham||£120,000-£150,000||£140,000-£180,000||£210,000+|