London is one of the most developed cities in the world, and investing in property here would be an excellent decision. But because of the high demand here, the property rates have significantly increased in the last two decades. For those who are buying a property for the first time, they will find the rates here a little daunting. But there are certain areas in London which have properties at affordable rates.
List of Best Areas in London
The following list is a guide for those first-time investors who have no idea where to invest:
- East Ham: It is a perfect place for first-time investors. It is not far from the city and takes one hour to reach by car and around 45 minutes by train to reach London City Centre. The schools in East Ham are good, and there are many cafes here where you can spend the evenings. The asking price for a two-bedroom house in East Ham is £347,672, and for flats, the price is £279,161. It is a suitable place to stay for students or families.
- Sutton: Sutton is the ideal place for families and students to stay. It is perfect for lovers of art, as there are many music venues and theatres. It also holds the annual Imagine Festival of Arts and other exhibitions of art. London Bridge and Victoria are just at a commuting distance of 30 minutes from Sutton, which is located in South London. The area is very vibrant and is a suitable place for creative people. The average selling price for properties here in the last year was £277,107.
- Croydon: Croydon is ideal for first-time property buyers as the prices here are affordable, with the flats being sold at £283,215. Croydon has both classic Victorian houses and modern houses. There are excellent job opportunities in the tech industry here. The retail and commercial sector is also developing well here. The area is not far from the city with London Bridge less than 20 minutes away by train. Gatwick is also located nearby.
- Bromley: There are suitable properties for investment at Bromley, ranging from Victorian houses to cottages. Shared ownership rooms are also available at St. Mark’s Square. The average price for a property last year was £483,744, and flats are cheap at £316,257. There are many houses with gardens here, and Bromley is well-known for its green spaces. For those who prefer to live close to open spaces away from city life, Bromley is the right place.
- Hither Green: The area has many Victorian and Edwardian terrace houses. It is very near to the city with London Bridge just about ten minutes away. Last year the average price for properties sold was £453,947 while the rate for flats was £329,274. The schools here are excellent and have an outstanding reputation. By car, you can reach Gatwick in an hour. For cycle lovers, there are many cycle routes here as well.
- Manor Park: Manor Park, which is located in the east of London, is a multicultural place having plenty of restaurants. There are also amazing parks here where you can have a relaxing time away from the bustling cities. From Manor Park, you can reach Bond Street in approximately 20 minutes through the cross rail station. The average property rates last year were £420,770, while the low-budget flats, the selling price was £270,943. Terraced houses are also available at cheap rates here.
- Harold Wood: Harold Wood, named after King Harold, who is reputed for fighting in the Battle of Hastings, is located in outer London. The average selling price for properties here was £368,085 last year. Flats were the cheapest at £335,75. The train stations and M25 are easily accessible, and you can reach London Liverpool Street in less than 45 minutes. All these make it a good investment for first-time buyers.
All the above places are ideal for investing for first-time buyers, and there are all types of properties available, such as terraced houses, flats, or houses with gardens. These places are also well connected to the main parts of the city by roads and railways, and finding a good removals company in London wouldn’t be difficult either. Choosing to invest your money in one of these places would be a sound and profitable decision.