BEST PLACES IN LONDON FOR FIRST, SECOND AND FOREVER HOME BUYERS
Locations where home buyers search for when buying in London
The new research was published today by Rightmove. The research shows a typical property journey of a London resident. It reveals the areas that most buyers look at for big family homes. First-timers, second steppers, and forever buyers have an interest in these areas.
The journey begins with a relatively affordable apartment in a north London village. Afterwards, the second step involves a small home in the same location. Finally, acquire the forever home across the river.
TOP LOCATIONS IN LONDON FOR FIRST-TIME BUYERS
The study highlighted the three topmost locations for first-time buyers. These locations are far north of the river. They are Kentish, Stoke Newington, and Highbury. Typically, the homes can be as small as a studio or big as a two-bedroom flat.
Undoubtedly, there are more pricey places in north London. However, flats in the favourite Kentish Town are affordable. They cost about one-third of flats in Hampstead. Notably, Hampstead is just two miles away from Kentish Town.
Charlie Cockcroft, the director of Dexter’s estate agents, commented on this. He noted that many first time buyers have been renting elsewhere. The choice places for renting are Camden, Primrose Hill, and Islington. However, people move up north when buying their first homes.
First-Time buyers like the similarity in the style of the homes. Also, they have access to the Tube and London Overground.
Similarly, Kentish Town is close to Hampstead Heath. In fact, two locations are walking distance of each other. Furthermore, Kentish Town has a few awesome pubs. These include Lord Palmerston and The Vine, also, Parliament Hill’s lido and tennis courts are nearby.
However, Kentish Town Road can be a problem. It is grimy and filled with traffic. Nevertheless, there is a change going on concerning this. The town now has a Franco Manca pizza restaurant and a Gail’s Bakery. But it still needs more renowned brands.
Other major locations for first-time buyers are Highbury and Stoke Newington. Also, they like Dalston. Technically, Dalston is found in east London. But realistically, it is located just south of Stokey. Forest Hill in SE23 is the only choice area that is not in north London. Notably, it is quite affordable. Factually, it is cheaper than in the other four areas.
TOP AREAS FOR SECOND-STEPPERS
Buyers with other homes move close to north and north-east London. They buy three- or four-bedroom homes in Highbury, Dalston and Kentish Town.
Surprisingly, the Elephant and Castle is the fourth choicest area. It is found in South London regeneration zone. This location has several old and new bigger homes for families. Also, it consists of thousands of new flats and investments worth billions. Moreover, the Elephant features fantastic Zone 1 transport links.
The wonderful Georgian homes in West Square are probably the favourites. To buy a four-bedroom home here, you will spend about £2.5 million. Notably, West Square requires a 5-minute walk from Elephant and Castle station. Therefore, residents sometimes say they stay in north Kennington.
An early Victorian terrace house is a more affordable choice. You can find something like this on Henshaw Street. With £850,000 to £900,000, you can get a three-bedroom, 1,100sq ft house here.
Many buyers are young families in their early thirties. Most sell their property in Borough and other places. They don’t want to move further out. Also, they prefer to keep their kids in their schools. Hence, they choose these areas.
Elephant Park also consists of many three-bedroom houses. Currently, Elephant Park is a choice place for the rejuvenated Elephant and Castle. A 1,247 sq ft triplex from Leadlease goes for £1.2 million in this area.
Levers is another new development. It is located at Amelia Street, Hastings International. Here, a three-bedroom 976sq-ft flat costs about £750,000. Larcom and Charleston’s streets are also great choices. These two streets are in SE17, close to Walworth. A three-bedroom period flat will go for about £600,000 to £700,000.
TOP LOCATIONS FOR FOREVER HOMES
Some buyers are in need of lots of space. They go for homes with five or more bedrooms. These buyers consider south-east towards Forest Hill. This area has pocket-friendly large period apartments and green spaces. However, Forest Hill does not have a heart. So, residents must visit either Peckham or East Dulwich. This is because local bars and restaurants in Forest Hill are not exciting.
Javaid Ahmed, sales manager of Kinleigh Folkard & Hayward, contributed to the discussion. He classified Forest Hill into three. Neighbourhood around the fantastic Horniman Museum is the costliest. Here, you would spend around £1.2 million on a five-bedroom Edwardian house or a Thirties semi.
There are smaller houses in Honor Oak Park. For around £900,000, a Victorian terrace could be yours.
If you need the best value, consider Stanstead Road. This area is around Catford and towards the station. With about £800,000 to £850,000, you could get a Victorian home. Comparatively, a five-bedroom goes for £1.4 million in East Dulwich. Notably, East Dulwich is just five minutes’ drive away.
Furthermore, Horniman Gardens has a great sense of community. It features some great primary schools. Also, the area has a sense of safety and calmness.
Moreover, commuting is very easy. Trains would take just 15 minutes to get to the city.
Islington is another choicest place for forever buyers. This location has great Georgian homes. There are great Georgian townhouses in Camberwell. Another good area is Stoke Newington. And in north London, they go for Holloway.
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