First-time-buyers in their twenties spend an average of £316,000 on their home. Those in their thirties spend £380,000. New research from estate agents Bairstow Eves and Countrywide shows the difference a decade can make when it comes to entering London’s property market.
One in four homes in south London’s Crystal Palace, with its slightly alternative vibe and burgeoning café culture, is sold to younger first-time buyers who spend £330,000. Sidcup, 10 miles further east and on the fringes of Kent, is their second choice, with the average first-timer spending almost £257,000.
Woodford, on the cusp of London and Essex, also attracts hefty numbers of first-time buyers who spend just over £372,000 — which allows them to skip the flat stage altogether and move straight into a family-size home.
The most popular central London option for twenty something first timers with a bit of help from Mum and Dad is Battersea, where the average spend is £404,000. Peckham, Stratford and Acton are also popular choices.
First-timers in their thirties, on higher pay and, have had more time to save a deposit, are most likely to buy in Isleworth — near the Thames and Kew Gardens, and more affordable than neighbouring Richmond. They spend about £428,000 and represent four in 10 buyers here. “Sales to first-time buyers in the capital are on the up,” says David Fell, research analyst at Countrywide and author of today’s report.
“This year they make up the highest proportion of buyers since 2001.”
Estates House, 122 Nelson Road, Whitton, Twickenham, TW2 7AY/ 0208 898 4242 / firstname.lastname@example.org
Registered Address: 122 Nelson Road, Whitton, Twickenham, TW2 7AY
Registered in England & Wales No. / VAT No. 234633903
© 2017 Dunlop & Co. All rights reserved. / Powered by Homeflow