London has been one of the most desirable cities in terms of property investments for many years with it ranking in first place in a 2016 study conducted by PwC. While demand for high-end central London properties has plummeted since the Brexit vote with boroughs such as Westminster, Chelsea, Kensington and Southwark recording the largest declines, all hope is not lost. Prospects for first-time buyers are looking better than ever thanks to the abolition of stamp duty for properties up to £300,000. The sky-high average asking prices in the capital, however, mean that the majority of properties remain out of reach for first-time buyers, necessitating many to consider other areas, such as the following, to help get their foot into the local property market.
Although best known as the setting for the acclaimed 70s sitcom “The Good Life” in which it was depicted as a somewhat dreary neighbourhood, Surbiton is far from boring. While it is located in zone 6, it is a swift commute to the city with Mainline services only taking in the region of 20 minutes to reach Waterloo. Property in Surbiton is diverse, ranging from Art Deco apartments and ultra-modern semis to conversion flats and Victorian villas. A 2-roomed apartment in a 60s building starts at around £375,000 while a flat in the area carries a price tag of about £450,000.
Hayes and Southall
Hayes is situated approximately 13 miles to the west of central London and will be one of the greatest beneficiaries when Crossrail service commence between London and Reading in 2019. At present, the average price of a one-bedroom apartment is approximately £275,000 with a range of new developments popping up that is worth taking a look at. Southall also boasts a number of one-bedroom flats for below £300,000. Being so close to Hayes it is also on the Crossrail route and is also a current developmental hot spot with West Works and St Bernard’s Gate being two developments to keep a close eye on.
The tranquil, leafy suburb of Gidea Park is also set to benefit from the Crossrail developments and has a lot to offer first-time buyers. One bedroom apartments start from as little as £220,000 while a two-up two-down cottage can be acquired for approximately £350,000. A 3-bedroomed semi costs in the region of £400,000 which is significantly less than the average of £1,675,000 a similar property costs in central London. While Gidea Park is certainly affordable in terms of property finance, many claim it is too suburban with its three large shopping malls. For younger families that enjoy the convenience of nearby amenities, it is, however, ideal.
The UK property market can be as volatile as it is lucrative, necessitating any prospective buyers to conduct sufficient research before parting with any money. If you have your heart set on owning a place of your own in the Greater London area, be sure to deal with a reputable property broker or estate agent and only settle on the purchase once you have no reservations left about your decision.