First time buyer in London

zarf2007

Try Enfield/Bush Hill Park (EN1), zone 5, London overground goes directly to Liverpool Street in 35 mins then tube one stop to bank on central line. You will get something within your budget. Also Enfield chase station has train directly to Moorgate for 35 mins.

kopper

Most people ignore 'undesirable' areas of East London which are the cheapest areas in London at the moment.
You can get 3 bedroom houses under £300k and flats from £150k in areas such as East Ham and Barking. You can easily reach the city within 30 mins from this location and there's a article in today's Evening Standard about this:
http://www.homesandproperty.co.uk/property-news/news/londons-emerging-homes-hotspots-top-10-tube-stations-watch

The area is ideal for first time buyers but be quick as prices are rising as more people move in.

devidmore

The financial challenges facing would-be home owners will be laid bare on Monday by new research showing that a first-time buyer now needs to earn £77,000 a year to get on the housing ladder in London.

Across the UK, a first-time buyer needs a minimum income of £41,000, according to the report from KPMG. It also shows that affordable housing has become an issue for all but the above-average earners and those coming into inheritances.

With the election just a few days away, the consultancy is calling for an apolitical long-term housing strategy to tackle the worsening housing crisis.

The research by KPMG comes as analysis pointed to a 64% increase since 2010 in new mortgage lending that would be viewed as risky by the Bank of England. According to the accountancy firm Moore Stephens around 88,817 mortgages were lent at 4.5 times salary or abovelast year. In 2010 the figure was 54,023.

The annual wage of nearly £77,000 that a first-time buyer needs in London compares with the average annual wage in the capital of just £27,999. Across the country, a first-time buyer needs to earn £40,553 to get on to the property ladder, against an average wage of £22,044.

DandelionPatrol

devidmore wrote: »

The financial challenges facing would-be home owners will be laid bare on Monday by new research showing that a first-time buyer now needs to earn £77,000 a year to get on the housing ladder in London.

Across the UK, a first-time buyer needs a minimum income of £41,000, according to the report from KPMG. It also shows that affordable housing has become an issue for all but the above-average earners and those coming into inheritances.

With the election just a few days away, the consultancy is calling for an apolitical long-term housing strategy to tackle the worsening housing crisis.

The research by KPMG comes as analysis pointed to a 64% increase since 2010 in new mortgage lending that would be viewed as risky by the Bank of England. According to the accountancy firm Moore Stephens around 88,817 mortgages were lent at 4.5 times salary or abovelast year. In 2010 the figure was 54,023.

The annual wage of nearly £77,000 that a first-time buyer needs in London compares with the average annual wage in the capital of just £27,999. Across the country, a first-time buyer needs to earn £40,553 to get on to the property ladder, against an average wage of £22,044.

Lifted from http://www.theguardian.com/business/2015/may/04/first-time-buyers-need-to-earn-77000-a-year-to-live-in-london

TrixA

Consider Walthamstow or Tottenham Hale - excellent transport connections via the Victoria Line or Overground to Liverpool St and on the weekends you have access to lots of green space in the Lea Valley and Epping Forest. Prices have risen in recent years but you should still get a nice flat for your budget.

gaz141

You could also look SW London, i.e Morden, Colliers Wood. The Northern Line goes direct to Bank in about 30 mins and you will also get a seat!

[Deleted User]

Beckenham is great, direct train to Cannon Street. Your budget might be tight for the area but worth a look!

bouicca21

I'll second Beckenham, which is where I have ended up. Really like it. Lots of cafes, independent and chain. Genuinely leafy, lots of open space, 3 stations so 3 different routes into London. Prices rocketing but your budget would definitely get you a 2 bed flat.

AndyBSG

Couple of questions.

- Are you willing to walk for about 10 minutes to get to Bank? Almost anywhere on the Fenchurch Street or Liverpool Street line take less than 45 minutes by train. Chelmsford for example is about a 32 minute train journey and for your budget you can get a 4 bed detached there. Brentwood is also a really nice place but a bit more pricey.

- If you want to stay within the underground zones Upminster isn't too bad and Harold Wood could be a good investment as it will increase in value once Cross Rail is complete.

- Hainault, Woodford, Wanstead etc on the Central line are quite good places to live and commute from to Bank.

- Most places on the East End of the District Line I wouldn't recommend

- As mentioned, South of the river like Croydon are also options but I don't know too much about those areas