Hope for First-Time Buyers in London
First-time buyers can get onto the property ladder in London for £159,995, over fifty per cent less than the cost of an average London flat, which is currently £339,141.* While recent statistics revealed that current first-time buyers could become ‘Generation Rent’ in a matter of years,** those looking in the right areas, such as in Camberwell, are finding a plethora of affordable homes within easy reach of central London.
Becky Munday, Head of Sales at leading South East London online estate agency, Wooster & Stock, comments: “The first-time buyer crisis is now in full-swing. As it is becoming increasingly difficult to find affordable homes in central London, buyers are starting to look further afield. When many come across areas of South East London, like Camberwell, East Dulwich or Peckham, they often can not believe the comparative value for money on offer. For example, the average price of an apartment in Islington is currently £388,937 or £340,779 in Wandsworth, whereas one bedroom apartments are available in Camberwell for under £170,000*** and it takes the same time to get into central London.”
Adam Hendricks, 34, is a project manager at an online research company. He says: “When I was looking eight years ago, young buyers wanted property in places like Camden and Hackney as these areas provided great transport links, a vibrant nightlife and they are just ‘very London’. I spent some time looking for a suitable one-bedroom apartment in these areas but the only affordable option for me was a tiny studio flat.
“It was then that I discovered Camberwell, a real hidden gem. Property prices were reasonable, in fact I could get a great one bedroom pad for the same price as a studio in Hackney and there are fantastic transport links straight into central London. The area is also buzzing with trendy eateries, bars and shops and there are so many green open spaces that it felt as if I could have the best of both worlds.”
Adam is now selling his ground floor apartment, located in a purpose built block just behind the iconic St Giles Tower and is hoping that another first-time buyer will be able to make a home there.
“My apartment is the perfect opportunity for a first-time buyer to enter the property market. It is a great price and comes with a parking space, low maintenance, low service charges and it has an extended lease. There is also a brand new bathroom, the kitchen has been redecorated and new flooring laid throughout. The other benefit is that the neighbours are all so friendly. We have got to know each other over the past few years and so it is an incredibly close knit and safe place to live.”
Adam’s property is located in Zone 2 and is walking distance from Oval Underground station (Northern Line).**** A number of buses also provide direct links into central Camberwell, Dulwich and Elephant & Castle. Local attractions include the leafy oasis of Brunswick Park with a number of public facilities like tennis courts and the Camberwell Baths are just down the road.
This fabulous first-time buyer flat is currently on the market for £159,995.
For examples of the properties Wooster & Stock has available in south London, please visit www.woosterstock.co.uk or
call 020 7708 6700 for Camberwell | 020 7952 0590 for Brixton | 020 8613 0060 for Sydenham.
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Sources:
* BBC News: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/regions/html/regions.stm?f#table
**National Centre for Social Research and Halifax: “Half predict Britain could become nation of renters within a generation – Credit crunch has created ‘Generation
Rent’ in Britain” (31.05.11) http://www.natcen.ac.uk/media-centre/press-releases/2011-press-releases/generation-rent
*** BBC News: http://news.bbc.co.uk/1/shared/spl/hi/in_depth/uk_house_prices/counties/html/county39.stm?f#table
****Google Maps and National Rail: Denmark Hill and Peckham Rye rail stations are approximately a 20 minute walk away and provide frequent services to London Victoria in about 15 minutes (28.06.11) www.google.co.uk/maps or www.nationalrail.co.uk