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Buying a house in London is not for the weak, especially if you are a first time buyer.
If you are looking to purchase your very own abode, here’s something that could come in handy. The people at reallymoving, a home comparison site, have created new interactive map that shows which parts of the city are most affordable for first-timers.
The interactive affordability map allows buyers to search for a home by budget and number of bedrooms. It is coded in green, orange and red, with green meaning that 90 percent or more properties are within the budget, orange indicating 10-30 percent are in budget, and red meaning less than 10 percent are in budget.
Where is the cheapest place to buy in London for first-time buyers?
The average budget for a first time buyer looking for a one-bed flat in London is £315,000. Setting this as the budget, the capital’s east end has much more home availability than the rest of the city. No, we’re not talking about the highly sought-after Hackney, but further-out areas like Canning Town, Stratford, Plaistow and East Ham.
Parts of Tower Hamlets also had a fair amount of availability within this budget, with Shadwell, Mile End and Bow showing 30-70 percent of properties in budget.
In the south, Brixton, Streatham and Rotherhithe had 30-70 percent availability, while further out suburbs like Mitcham, Morden and New Maldon were also in the green on the map.
Out of the top 20 most affordable place on the map, 12 were in east London, Essex and Kent.
‘First-time buyers will find the greatest choice of properties by looking east towards east London, Essex and Kent, with affordability hotspots such as Purfleet, Gravesend and Watford all commutable by train into central London within 30 minutes,’ said reallymoving chief executive Rob Houghton.
‘But there are also locations in north, south and west London in the top 20 list, where first-time buyers with an average budget can access huge swathes of the market.
‘I would urge first-time buyers to focus their search on the areas with good transport links which offer them a really wide choice of properties, rather than assuming a purchase is unachievable.’
This interactive map shows how much it costs to live at every London tube stop.
And this map shows where you are most likely to get your phone stolen in London.
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