Buying a property in London is becoming increasingly difficult for many people as prices in the capital continue to rise.
But those who are struggling to get the funds required to buy a home in the capital together may wish to look towards the south-east of the city.
New research by CBRE shows several areas that were once among the most affordable in the city are now out of reach for young professionals and families. Boroughs such as Tower Hamlets and Newham, which were among the ten cheapest areas in 2014, have now risen in cost considerably.
In their place, locations including Bromley in the south-east of the city have been named as the cheapest places to buy in London.
Jennet Siebrits, head of residential research at CBRE, says: “After comparing local average house prices to average earnings, it is clear from our analysis that south-east London continues to offer a range of appealing locations for first time buyers to invest.”
Other spots that are well worth considering if you are moving on a budget include Greenwich and Kingston upon Thames, which are identified as among the most reasonably priced boroughs.
A number of regeneration projects across London are thought to be behind substantial rises in house prices in some areas, with CBRE citing the development of London Docks as an example of how areas can become extremely attractive to buyers.
However, while Londoners will have noticed house prices rising over the last year, the number of first-time buyers entering the market is actually rising. Indeed, numbers are now 64 per cent higher than in 2008.
For more information on selling or buying a property, please contact your local Leaders branch today.