House prices remain a significant hurdle for first-time buyers looking to make a home in London.
The Co-operative Bank’s research reveals that London is the most expensive city for those seeking to get their foot on the property ladder.
The total average spend for first-time buyers in London is a whopping £547,560.
According to Nationwide, London first-time buyers also spend an average of two-thirds of their income on mortgage payments.
However, there are some cheaper options south of the river, with Bromley being the most affordable borough in the capital.
These south east homes could be ideal for first-time buyers looking for an affordable entry into London’s property market.
Bromley:
In Bromley, a chain-free three-bedroom end terrace house at Belle Vue Road, Downe, Orpington is listed for £460,000.
Located in a rural village setting, the house boasts a large open-plan lounge/dining room, a well-sized galley kitchen, and extra utility space.
Other perks include private parking for four cars, garage space for storage or parking, and a garden perfect for outdoor dining.
Bexley:
Over in Bexley, a three-bedroom terraced property in Morris Drive comes with an asking price of £425,000.
A desirable neighbourhood hosts this charming property, furnished with a modern kitchen, a spacious living area, and extra bathroom spaces.
Outdoor facilities include a lovely garden and resident parking.
Lewisham:
Lewisham has on offer a three-bedroom terraced house situated in Knapmill Road, Catford, for £400,000.
The property is a stylishly designed mid terraced house with off-street parking and a delightful private garden.
It benefits from a spacious living room with a feature fire, an eat-in kitchen/diner, and a modern bathroom.
Greenwich:
In Greenwich, first-time buyers could consider a two-bedroom terraced house in Hither Farm Road which is listed for £475,000.
Recently refurbished, the property offers two bedrooms, a spacious living room opening to a fully equipped kitchen.
The property also has a private garden, and accommodates its own parking space.
Southwark:
Meanwhile, at Reedham Street, Peckham Rye, a 2-bedroom warehouse conversion is available for £550,000.
Although more expensive than the other properties, this house is still around the average price first-time buyers pay in London.
The unique property sits within a secure gated entrance and offers a generous open-plan kitchen and living space, as well as private patio.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel