South East London is emerging as one of the best parts of the capital for first time buyers, as 15,000 starter homes have been bought in this area in the last year, revealed Hamptons International.
The highest levels of demand have been felt in areas furthest from central London, such as Beckenham, Crystal Palace and Bromley, where it is still possible to buy a house with two or more bedrooms for less than £300,000.
For first time buyers wanting to stay closer to the centre, one-bedroom flats in areas such as Brixton and Surrey Quays are the most popular.
Head of Research at Hamptons International, Johnny Morris, comments: “For some first time buyers, it’s simply a case of finding a home that they can afford. But an increasing number are choosing to skip a step in their housing journey, looking for a bigger home they can stay in for longer.”1
The following areas in South East London offer the best value and lots of potential for buyers:
Beckenham, Zones 4/5
Beckenham has nice shops, cocktail bars, good schools and a village feel. Young professionals and families are moving to the area, not too far from the City.
Average price of a flat*: £313,790
* Property prices from Zoopla
Brixton, Zone 2
Brixton Village, featuring cool bars and restaurants, has made the area one of the trendiest spots in London.
Average price of a flat: £375,954
Bromley, Zone 5
This town is 12 miles from central London and has been promised huge investments, marking a bright future.
Average price of a flat: £277,709
Camberwell, Zone 2
Beautiful architecture with an urban lifestyle makes Camberwell appealing to young professionals and families.
Average price of a flat: £340,182
Catford, Zone 3
Eight miles from central London, Catford has a strong community, popular schools and well-priced homes.
Average price of a flat: £235,012
Dulwich Village, Zone 2
There aren’t many parts of London that feel rural, but Dulwich Village has that vibe, with Georgian houses, cottages, good schools and independent shops.
Average price of a flat: £387,274
Greenwich, Zone 2
Historic Greenwich will soon see a new 24-hour community and 15,000 new homes.
Average price of a flat: £424,676
Kennington, Zones 1/2
Kennington has been redeveloped, bringing in an eclectic group of residents. The new Damien Hirst gallery adds culture.
Average price of a flat: £429,701
Lee, Zone 3
House hunters have previously overlooked Lee, but the area has a good community spirit, fascinating history, good schools and good value Victorian properties.
Average price of a flat: £251,356
Lewisham, Zone 2
For commuters, fast trains are attractive, while families look for homes in the conservation areas. If buyers are quick, they can get in on London’s next big Tube project.
Average price of a flat: £309,826
Nunhead, Zone 2
Between East Dulwich and Peckham, Nunhead has a neat high street and prospering local festivals.
Average price of a flat: £316,943
Peckham, Zone 2
Peckham is young and exciting in parts, but also has a solid scene of good cafes, bars, shops and schools.
Average price of a flat: £316,943
Penge, Zone 4
Investors and young professionals are taking advantage of Penge’s low property prices, train links and fast commute.
Average price of a flat: £242,372
Vauxhall, Zone 1
For buyers with larger budgets, Vauxhall is having an artistic renovation, providing a creative place to live that’s close to the West End.
Average price of a flat: £1,484,560
Woolwich, Zones 3/4
Commuters and investors are looking to Thames-side town Woolwich for its new redevelopment opportunities.
Average price of a flat: £272,440