It is lazy to assume there are no suitable locations in London for first-time buyers. There may not be too many areas where first-time buyers can confidently research property in the capital, but there are options. Even for households who don’t have the support of wealthy families, there are opportunities to step on to the property ladder in the capital.
While most of the affordable options are found in the north of London, there is an affordable option in the South. Areas like Kentish Town, Stoke Newington and Highbury, are commonly cited as affordable options in London, but heading South, there is a lot to be said for Forest Hill.
The SE23 postcode area is attracting attention as a place suitable for first-time buyers keen to own property. Renting in London is expensive, and it doesn’t allow people to plan for the future. Even with so much political and economic uncertainty, owning an asset appeals to many people, and people want to buy a property.
SE23 postcode has a lot to offer London first-time buyers
In the past 12 months, according to Zoopla, the average price paid for a property is £510,487. Buyers across the country will wince at that price, but by London standards, it isn’t an impossible option. Also, that is the average price for all properties; there are more affordable options to consider in the SE23 postcode area.
In the same time, the average price paid for flats in SE23 is £374,027, and for terraced properties, the average price paid is £624,514. Semi-detached properties have an average price of £766,350 and for terraced properties, the average price paid, in the past 12 months is, £923,166.
Flats are moving in the SE23 postcode
It is interesting to note that the property type with the most significant number of sales in the SE23 postcode in the past 12 months is flats. The same statistics indicate the following transactions in the past year:
· 157 flats have been sold
· 88 terraced properties have been sold
· 30 semi-detached properties have concluded
· Nine detached properties have been sold
These are figures from Zoopla so that they won’t represent the whole market, but they are representative. The figures show why the average price paid for a property in SE23 is lower than the average price paid for three property types.
With flats being the predominant property type on the market in the SE23 postcode, it is easy to see why Forest Hill is a suitable option for households looking to step on to the property ladder in the capital.
At Hunters Forest Hill, we know selling your home is hard, but we are here to assist you in the process. We also know stepping on to the property ladder is a complicated process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.