Buying your first property in or around London can seem like an impossible task, thanks to the capital’s famously high prices – but all isn’t as bleak as it seems. If you shop carefully, there are still bargains to be had, whether by buying in areas near London such as South Oxhey Central, or by taking advantage of the flat prices in some areas. Within a quick train journey (as little as 17 minutes), developments such as South Oxhey Central will offer easy access to the capital for as little as £280,000 for a flat (see box below). Schemes such as Help to Buy can also be a godsend to buyers aiming for their first property (see our Help to Buy boxout, below). While the average house price increased by 1.3% over the year to September 2019, the average London price saw negative growth of 0.4%, according to figures from the Office of National Statistics. It’s part of a general slowdown in house price growth, but London and surrounding areas have seen the sharpest declines, the ONS says. The perfect time to buy? It could be the perfect time to buy, with Rightmove saying it expects house prices to rise by 2% in 2020, driven by the political certainty around Boris Johnson’s landslide win. Choose the right area Within London, the average price of a flat in Harrow is £358,000, according to Zoopla – but in other boroughs, and towns near London, prices are much more reasonable. Better value It’s also worth thinking outside your ‘comfort zone’ in terms of areas you’d consider. For instance, in the South Oxhey Central development, prices for new homes will start at just £280,000, with transport times such as 31 minutes to London Euston or 17 minutes to Wembley Central according to TFL. The area will see 500 new homes being built, part of a £150m investment, so new buyers may also be able to profit from the area’s regeneration as homes go up in value. The South Oxhey Central development is extremely close to TFL Lines (it’s opposite Carpenders Park Station), and is part of a 10-acre redevelopment which will also see the addition of 55,000 square feet of retail and commercial space. Do your research It pays to really do your research when buying property near London, says TV property expert Phil Spencer, founder of advice site Move iQ. Spencer says, “Look at the local housing market, study the prices paid for similar homes in the area and ask yourself this – is the asking price reasonable? Analyse the surrounding area, you can also look at existing property reports that are out there for help. First mover advantage Buyers should also be aware that as first-timers, they have a fairly strong hand – as they’re not in a ‘chain’ of buyers each selling their own property. That makes first-timers attractive to sellers. Most mortgage lenders will offer an ‘agreement in principle’ to buyers, which can help first-timers work out exactly how much money they really have to offer. A mortgage price war this year has seen rates drop to new record lows. T
This is how you might actually be able to buy property near London (yes really)
Buying your first property in or around London can seem like an impossible task, thanks to the capital’s famously high prices – but all isn’t as bleak as it seems. If you shop carefully, there are still bargains to be had, whether by buying in areas near London such as South Oxhey Central, or by taking advantage of the flat prices in some areas. Within a quick train journey (as little as 17 minutes), developments such as South Oxhey Central will offer easy access to the capital for as little as £280,000 for a flat (see box below). Schemes such as Help to Buy can also be a godsend to buyers aiming for their first property (see our Help to Buy boxout, below). While the average house price increased by 1.3% over the year to September 2019, the average London price saw negative growth of 0.4%, according to figures from the Office of National Statistics. It’s part of a general slowdown in house price growth, but London and surrounding areas have seen the sharpest declines, the ONS says. The perfect time to buy? It could be the perfect time to buy, with Rightmove saying it expects house prices to rise by 2% in 2020, driven by the political certainty around Boris Johnson’s landslide win. Choose the right area Within London, the average price of a flat in Harrow is £358,000, according to Zoopla – but in other boroughs, and towns near London, prices are much more reasonable. Better value It’s also worth thinking outside your ‘comfort zone’ in terms of areas you’d consider. For instance, in the South Oxhey Central development, prices for new homes will start at just £280,000, with transport times such as 31 minutes to London Euston or 17 minutes to Wembley Central according to TFL. The area will see 500 new homes being built, part of a £150m investment, so new buyers may also be able to profit from the area’s regeneration as homes go up in value. The South Oxhey Central development is extremely close to TFL Lines (it’s opposite Carpenders Park Station), and is part of a 10-acre redevelopment which will also see the addition of 55,000 square feet of retail and commercial space. Do your research It pays to really do your research when buying property near London, says TV property expert Phil Spencer, founder of advice site Move iQ. Spencer says, “Look at the local housing market, study the prices paid for similar homes in the area and ask yourself this – is the asking price reasonable? Analyse the surrounding area, you can also look at existing property reports that are out there for help. First mover advantage Buyers should also be aware that as first-timers, they have a fairly strong hand – as they’re not in a ‘chain’ of buyers each selling their own property. That makes first-timers attractive to sellers. Most mortgage lenders will offer an ‘agreement in principle’ to buyers, which can help first-timers work out exactly how much money they really have to offer. A mortgage price war this year has seen rates drop to new record lows. T
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