Posts with tag: buying a home in London

Barking and Dagenham Cheapest London Borough to Buy a Home

Published On: September 29, 2015 at 5:59 pm

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There are just two London boroughs left where the average house price is under £300,000, reveals a new report.

Recent data from Land Registry shows that despite recording the highest monthly rise in prices, Barking and Dagenham is still the cheapest borough in the capital to buy a home, with an average price of £288,809.

Barking is therefore a favourite with first time buyers, due to its good value homes and thousands of new build flats. The Essex town is just nine miles east of central London and a 15-minute commute to Fenchurch Street.

London’s cheapest boroughs to buy a home

Position

 Borough Average house price Annual change

Monthly change
1 Barking and Dagenham £288,809 11.7% 2.2%
2 Bexley £297,507 11.1% 0.8%
3 Newham £316,045 15.5% 1.4%
4 Sutton £328,091 8.5% -0.1%
5 Havering £328,822 12.4% 0.9%
6 Croydon £344,018 10.9% 0.8%
7 Enfield £347,562 12% 0.1%
8 Hillingdon £352,202 13.3% 0.9%
9 Redbridge £371,694 11.1% 0.6%
10 Greenwich £372,993 10.4% 0.2%

With an average asking price of £297,507, Bexley is the second most affordable borough to buy a home in the capital and the area is attracting young families that are priced out of more central spots.

The borough’s most popular locations, such as Bexleyheath, boast highly rated local schools and good value properties, while journeys to the City of London take just over half an hour.

Managing Director of London estate agent Stirling Ackroyd, Andrew Bridges, reports: “Today’s new hubs of activity aren’t in Kensington and Chelsea – they’re emerging in boroughs like Newham and Barking.

“Volumes matter as much as prices, and it’s here that there’s a greater supply of relatively affordable homes.”1

Newham, East London, is the capital’s fastest growing borough, in terms of annual price rises. Its average house price stands at £316,045 after a year-on-year increase of 15.5%.

The Royal Borough of Kensington and Chelsea houses some of the most expensive homes in the capital, despite experiencing the greatest monthly price decreases.

1 http://www.homesandproperty.co.uk/property-news/news/london-house-prices-barking-and-dagenham-tops-list-10-cheapest-boroughs-which-buy-london-home

Top 10 Tube Stations for House Hunters

Published On: August 20, 2015 at 5:45 pm

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Categories: Landlord News

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First time buyers and young families in London are moving their search for a home to areas around Tube stations in zones 3 and 4, according to data on the capital’s Underground network by online estate agent, eMoov.

Demand for properties near East Ham Tube station is increasing at the fastest rate of anywhere within the network, growing by 26% in the last six months. Buyers are attracted to strong transport links, including the District and Hammersmith & City lines, and good value homes.

A solid selection of Victorian properties and flat conversions is appealing to those unable to buy in nearby Hackney and Walthamstow, says Abdul Moqtadir, a sales negotiator at Bairstow Eves estate agent in East Ham.

One-bedroom flats are available in the area for around £170,000 and Victorian family houses can be snapped up for under £400,000.

Moqtadir states: “Demand certainly exceeds supply. Newham is one of London’s poorest boroughs, but thanks to the Olympics, it is now on the radar of buyers from all over London and of course, the council is investing in infrastructure. It’s an exciting time; over the next five years, the area is going to change a lot.”1

The top ten Tube stations for buyers

Position

 Tube station Increase in demand Average house price Annual house price increase

Average one-bed flat price
1 East Ham 26% £296,264 6.34% £173,059
2 Woodford 25% £503,916 5.27% £255,889
3 Upminster Bridge 23% £406,728 5.23% £183,333
4 Colliers Wood 22% £386,579 3.06% £370,000
5 Chesham 22% £428,430 6.52% £209,990
6 Upton Park 22% £316,569 6.34% £227,700
7 Barking 19% £262,337 7.71% £159,540
8 Barkingside 19% £351,624 3.6% £192,498
9 Walthamstow Central 19% £384,812 5.29% £279,975
10 Stratford 19% £355,201 6.29% £356,745

Demand has risen by 25% in Woodford, zone 4 on the Central line.

Senior property consultant at Hetheringtons, Richard Harman, explains: “This area is popular with families selling in zones 1-3, who are looking to get more house for their money within the catchment areas of reputable state and private schools.”1

However, many first time buyers priced out of this area are instead looking to Barkingside, where starter homes cost an average of £192,498, around £60,000 cheaper than in Woodford. Fortunately, Barkingside is still on the Central line in zone 4.

Stations in East London account for eight out of the ten fastest growing areas. eMoov’s founder, Russell Quirk, says that good transport links on the Jubilee and Central lines and the development of the Crossrail service are attracting buyers.

He adds: “Strong demand for these areas should remain due to the improving transport infrastructure, as well as the affordability of property when compared to the rest of the capital.”1

Tightly packed streets of Victorian terraces in Upton Park mean that new developments have not been possible, causing difficulty for buyers on a budget. However, football could soon change this.

Research Director at Hamptons International, Johnny Morris, says: “West Ham’s move from Upton Park to the Olympic Stadium at the end of this season will mark the first opportunity to build new homes in the area for over a generation.”1

Other popular areas with first time buyers in East London include Walthamstow in zone 3, where the Victoria line is being upgraded and Barking in zone 4, where the Overground is due for extension.

1 http://www.homesandproperty.co.uk/property-news/news/londons-emerging-homes-hotspots-top-10-tube-stations-watch

Average Price of a First Time Buyer Home in London Rises by £28,000

Published On: August 17, 2015 at 4:55 pm

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If anyone wondered if London’s first time buyers are struggling, new research can confirm that they are. According to Savills, the price of an average starter home in the capital has risen by £28,000 in a year.

This means that buyers priced out of full ownership and looking for a shared ownership deal still need £67,000 for a home, up £7,000. This is for a quarter share in a property.

Savills suggests that first time buyers stay away from Hammersmith and Fulham, Lambeth, Barnet and Ealing. All four boroughs have experienced a 20% increase in the price of starter homes in the last year; this is more than double the London average.

Average starter home prices in London

Borough

 Average price April 2014-2015 Average price April 2013-2014

Annual change
Barking and Dagenham £180,000 £162,000 11.1%
Bexley £203,000 £177,000 14.7%
Havering £215,000 £189,000 13.8%
Croydon £218,400 £191,995 13.8%
Newham £220,250 £185,000 19.1%
Sutton £233,000 £195,000 19.5%
Enfield £238,000 £210,000 13.3%
Redbridge £240,000 £222,500 7.9%
Greenwich £247,000 £215,000 14.9%
Lewisham £250,000 £214,625 16.5%
Hillingdon £250,000 £220,000 13.6%
Waltham Forest £250,000 £220,000 13.6%
Hounslow £250,000 £225,000 11.1%
Bromley £257,000 £231,000 11.3%
Harrow £273,000 £249,950 9.2%
Brent £275,000 £250,000 10%
Merton £299,713 £297,500 19.9%
Ealing £299,950 £250,000 20%
Barnet £300,000 £250,000 20%
Kingston upon Thames £305,000 £269,950 13%
Tower Hamlets £309,746 £272,000 13.9%
Haringey £310,000 £259,950 19.3%
Southwark £320,000 £265,000 20.8%
Lambeth £330,000 £275,000 20%
Hackney £336,350 £297,500 13.1%
Richmond upon Thames £390,000 £330,000 18.2%
Wandsworth £401,625 £350,000 14.8%
Islington £410,000 £347,625 17.9%
Camden £470,000 £420,000 11.9%
Hammersmith and Fulham £480,000 £400,000 20%
City of Westminster £572,625 £485,000 18.1%
Kensington and Chelsea £740,000 £623,750 18.6%

As starter home prices in Hammersmith and Fulham have grown from £400,000 to £480,000, a quarter share would be £120,000.

Average Price of a First Time Buyer Home in London Rises by £28,000

Average Price of a First Time Buyer Home in London Rises by £28,000

In Lambeth, a quarter share would cost a first time buyer £82,000, £75,000 in Barnet and £35,000 in Ealing.

Associate director in Savills’ residential research department, Sophie Chick, says that increasing prices and lender demands for high deposits have caused many prospective first time buyers to be trapped.

She comments: “They cannot find the deposit, but with the current low interest rates, owning a home is often within affordable levels.”1

Barking and Dagenham is the only borough where a property costs less than £200,000. A typical first time buyer property is £180,000, up from £162,000 a year ago. A quarter share in a starter home is now £45,000, up £4,500 in the past year.

Kensington and Chelsea is still the most expensive area for a starter home.

The data is based on the annual change in the average price of a first time buyer home in the year to April. These are the most recent figures available.

1 http://www.homesandproperty.co.uk/property-news/news/london-house-prices-average-price-first-time-buyer-home-has-risen-ps28000-year

The Most In-Demand Tube Stations for House Hunters

Published On: August 4, 2015 at 2:50 pm

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Categories: Landlord News

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Research has revealed the most in-demand London Underground stations for house hunters.

Online estate agent eMoov found that Watford is the most popular tube station for house buyers, despite not actually being in London, but in Hertfordshire.

The study highlighted the growing popularity of outer London among property hunters, with all stops in the top ten located in zone 5 or beyond. Homes here are more affordable than inner London areas.

Contrastingly, the ten least in-demand stations are all in zone 1, the most central area of the capital.

Watford, in zone 7, has a demand rating of 78%, calculated by eMoov by comparing the amount of properties listed against the number that have sold in a certain period.

The Most In-Demand Tube Stations for House Hunters

The Most In-Demand Tube Stations for House Hunters

Bond Street is the least popular, with a demand rating of just 13%.

The top nine most in-demand stations are all in North West London. East London is also popular, with most of the stations with the highest increases in demand located in this area.

East Ham, in zone 3, experienced a 26% increase in demand since February.

The Central line is the most popular with house hunters, with demand at 48%. However, the Jubilee line saw the largest rise in demand in the last six months, up 18%.

The least in-demand lines are the Circle, Northern and Victoria, all at 37%.

Founder and Chief Executive of eMoov, Russell Quirk, comments: “It is interesting to look at the data not only by the popularity of the station, but also which zones are most in-demand, as well as the lines that run through them.

“West Ruislip is the only top ten station on the Central line in terms of property demand, even though the Central line as a whole accounts for the largest demand percentage of all the lines.

“Based on our research, the most in-demand area of London is currently East London, home to the majority of the most in-demand stations, all of which are positioned in zones 5 and outwards. But zones 3 and 4 are also enjoying strong demand and big increases since January.

“With great transport links via the Jubilee and Central lines as well as the development of the Crossrail project, strength of demand in these areas should remain strong.”1 

The top ten most in-demand tube stations

Position

 Station Zone

Line
1 Watford 7 Metropolitan
2 Eastcote 5 Metropolitan and Piccadilly
3 Ickenham 6 Metropolitan and Piccadilly
4 West Ruislip 6 Central
5 Ruislip 6 Metropolitan and Piccadilly
6 Ruislip Manor 6 Metropolitan and Piccadilly
7 Pinner 5 Metropolitan
8 Croxley 7 Metropolitan
9 Rayners Lane 5 Metropolitan and Piccadilly
10 Hornchurch 6 District

The top ten least in-demand tube stations

Position

 Station Zone

Line
1 Bond Street 1 Central and Jubilee
2 Oxford Circus 1 Central, Victoria and Bakerloo
3 Marble Arch 1 Central
4 Marylebone 1 Bakerloo
5 Baker Street 1 Bakerloo, Circle, Metropolitan and Jubilee
6 Knightsbridge 1 Piccadilly
7 Piccadilly Circus 1 Bakerloo and Piccadilly
8 Regents Park 1 Bakerloo
9 Green Park 1 Jubilee, Piccadilly and Victoria
10 Hyde Park Corner 1 Piccadilly

1 http://www.telegraph.co.uk/finance/property/buying-selling-moving/11780834/Revealed-the-most-in-demand-Tube-stop-for-house-buyers-isnt-even-in-London.html