Buying a house in London is not for the weak, especially if you are a first time buyer.\u00a0<\/p>\n
If you are looking to purchase your very own abode, here\u2019s something that could come in handy.\u00a0The people at reallymoving, a home comparison site, have created\u00a0new interactive map that shows which parts of the city are most affordable for first-timers.\u00a0<\/p>\n
The interactive affordability map allows buyers to search for a home by budget and number of bedrooms. It is coded in green, orange and red, with green meaning that\u00a090 percent or more properties are within the budget, orange indicating 10-30 percent are in budget, and red meaning less than 10 percent are in budget.\u00a0<\/p>\n
Where is the cheapest place to buy in London for first-time buyers?<\/p>\n
The average budget for a first time buyer\u00a0looking for a one-bed flat in\u00a0London is \u00a3315,000. Setting this as the budget, the capital\u2019s east end\u00a0has much more home availability than the rest of the city. No, we\u2019re not talking about the\u00a0highly\u00a0sought-after Hackney, but further-out areas like Canning Town, Stratford, Plaistow and East Ham.\u00a0<\/p>\n
Parts of Tower Hamlets\u00a0also had a fair amount of availability within this budget, with Shadwell, Mile End and Bow showing\u00a030-70 percent of properties in budget.\u00a0<\/p>\n
In the south, Brixton, Streatham and Rotherhithe had 30-70 percent availability, while further out suburbs like Mitcham, Morden and New Maldon were also in the green on the map.\u00a0<\/p>\n
Out of the top 20 most affordable place on the map,\u00a012 were\u00a0in east London, Essex and Kent.\u00a0<\/p>\n
\u2018First-time buyers will find the greatest choice of properties by looking east towards east London, Essex and Kent, with affordability hotspots such as Purfleet, Gravesend and Watford all commutable by train into central London within 30 minutes,\u2019 said reallymoving chief executive Rob Houghton.\u00a0<\/p>\n
\u2018But there are also locations in north, south and west London in the top 20 list, where first-time buyers with an average budget can access huge swathes of the market.<\/p>\n
\u2018I would urge first-time buyers to focus their search on the areas with good transport links which offer them a really wide choice of properties, rather than assuming a purchase is unachievable.\u2019<\/p>\n
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