London’s Top 10 Boroughs For First Time Buyers
The introduction of the Help to Buy scheme along with low
interest rates and improvements to the mortgage market has
seen an increasing number of first time buyers on the property
Here, we highlight the top 10 areas in the Capital which best
meet the needs of any keen first time buyer.
London has always and will always continue to attract
international investment across its residential, commercial and
This has now been further enhanced by the Crossrail, Europe’s largest infrastructure
project. Many of London’s boroughs are set to benefit from further regeneration and
this will also help to unlock those areas across the capital which are ideal for the first
The Average flat price is £183,359 and the predicted annual house price growth
is 4.4%, Croydon provides great entry level housing for first-time buyers and
excellent value for money. The Mayor of London has already committed over
£1bn to regenerate London’s ‘third city’, with the view to transforming the local
economy and rejuvenate Croydon town centre. Plans to create a world-class
retail destination just 15 minutes travel time from the capital has spurred
investors’ confidence which is already starting to benefit the areas residential
Stratford has become one of London’s most important infrastructure, retail and
transport hub following London’s Olympic and Paralympic Games in 2012. Since
then, the area has enjoyed substantial investment and wholesale regeneration.
With current flat prices in Stratford reaching £212,047, the continuous investment
has encouraged first time buyers to enter the market, as it turns into a much
more attractive place to live. The Crossrail will also give Stratford an even
greater boost to the area’s economy, with added lines radically reducing journey
times with an increase to capacity.
Currently one of the capital’s most affordable locations with average flat prices
of £335,538. A London Zone One location just ten minutes from London Bridge
and the City with 40% of the borough undergoing major regeneration, with
current new developments valued at around £4bn.
The extensive regeneration plans including a brand new pedestrianized town
centre, 5,000 new and replacement homes, and up to 450,000 sq ft of retail
space will allow for an anticipated annual house price growth of 10.5%.
Situated in the heart of South East London, Lewisham is very well positioned for
direct transport links into the City and Canary Wharf. The average flat price is
£238,017, the local property market remains affordable, and this allows for a
considerable annual house price growth forecasted to reach 9.4%.
Regeneration will play a major part in Lewisham’s appeal to new buyers with a
major collaboration between Lewisham Council, the Greater London Authority,
Transport for London and developer Lewisham Gateway Developments to
completely transform the town centre, enjoying brand new shops, restaurants,
bars, cafes and new leisure facilities, around 700 new homes, and a new park.
Currently London’s most affordable borough, with average flat prices £143,764;
Barking is forecasted to enjoy an annual house price growth of 2.6%. Situated
towards the east of the region, Barking remains very appealing to first-time
buyers, particularly as it undergoes one of the most ambitious and important
new developments in the UK, at Barking Riverside. The 443 acre site close to
Barking Town Centre is set to deliver over 10,000 new homes along the river,
with substantive supporting development.
Universally recognised across the globe as the home of English football,
Wembley continues to undergo major regeneration, with a significant drive on
retail and entertainment amenities. The flat prices in Wembley are currently
£213,351, with a projected annual house price growth of 8.8%.
With an annual house price growth of 3.1%, and the average flat price £361,311,
Canary Wharf is already a vibrant place to live.
The addition of Crossrail at Canary Wharf will increase capacity of the area’s
transport system by 50% which is set to further trigger substantial development,
making it no longer just a residential destination for those in the financial sector,
but now appealing to a much broader demographic
Set to enjoy an annual house price growth of 9.0%, with average flat prices in the
area £354,999. Traditionally popular with families, Ealing is one of the capital’s
most established residential locations which offers transport links to the M40,
M4, and the M25 – as well as direct rail and tube links into the heart of Central
The addition of Crossrail in 2018 will boost Ealing’s appeal to first time buyers
considerably, with journey times into Central London cut by around 30 minutes.
The infrastructure improvements are also occurring in tandem with significant
regeneration efforts around Ealing Broadway station, which will help lift the
With average flat prices currently £420,000, Aldgate is the most central of the
Top 10 locations for first time buyers. While the average flat price remains higher
than other entry level locations, Aldgate offers values at 15% below the current
City prices, and is just a short walk to the increasingly popular areas of
Shoreditch and Brick Lane.
Set to benefit from Crossrail from 2018, Aldgate is experiencing significant
regeneration, with outward expansion of the City and the rise of brand new high
quality development surrounding the financial district.
Already one of the capital’s most sought-after places to own a property, the
average flat price in Fulham stands at £627,034. Often recognised as the more
affordable alternative to nearby Chelsea, Fulham continues to prove popular
with first-time buyers and predominantly by those who are helped to buy by
With an annual house price growth of 12.0%, Fulham is a mature housing market
with considerable depth and breadth in demand, particularly from cash rich
buyers. This has provided it with additional insulation from wider economic
shocks over the last five years.
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