by Housesimple on 14th February 2018
If you’re a first-time buyer in London with a ready deposit and a budget for mortgage repayments, congratulations! Hopping up onto the capital's property ladder is no easy feat, but with the funds in place, you're already most of the way there. However, London's boroughs reach far and wide, and it's not always easy knowing where to start your property search. Whether you're looking for a savvy investment or a well-located commuting pad, here's our rundown of the best city boroughs with plenty to offer the first-time buyer.
For the investor
When you’re looking for a glamorous London pad, Barking and Dagenham might not immediately spring to mind. However, this borough is already pipping others to the post as a good value spot for 2018. The latest asking price data from Rightmove found that it’s currently the cheapest area to buy, with an average asking price of £312,248. What’s more, with ambitious development plans set to turn the area into ‘Barcelona on Thames’ by 2020, there’s every chance prices could soar.
For culture on the cheap
Tower Hamlets in the East End has long been a melting pot of cultures. It hosts the bustling markets of Whitechapel and Mudchute City Farm on one side and some of the City's historical gems, including the Tower of London, on the other. Despite its pretty central location, it has the widest range of new home options in London. That means it’s still possible to pick up a bargain.
For the commuter
If you’re thinking of heading outside the city proper, Croydon offers excellent value for money. Although average asking prices are still around £421,782, the town centre has seen some major regeneration in the last few years. This includes micro homes for low budget buyers, as well as affordable housing. It has also introduced Boxpark retail developments that encourage small, independent sellers to set up shop – a savvy move that's bringing plenty of interest to the area
For the best of both worlds
Despite being one of the city's most historic boroughs, Greenwich has been out of favour on the property market until recently. The arrival of Crossrail in nearby Abbey Wood and Woolwich is adding to the already ample transport links. And with a road tunnel to nearby Silvertown and neighbouring London City Airport potentially on the cards too, the former home of the Royal Navy could once again become a major hub. You’ll get the central London lifestyle with access to amenities across the city while still being able to head home to the suburbs after a long day's work.
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