It’s a topic on many a young person’s mind…“will I ever own my own home?” Many moons ago, it was the done thing. And to be fair, it was a much simpler and less painful process. But the simple fact of the matter is that owning your home is a dream many people probably won’t fulfill during their lifetime…especially those living in London.
We are a nation of house-buyers. Owning your own home is the mark of a person; a mark of their success, a mark of how settled they are into a relationship or family life. For many countries, buying a house isn’t necessarily on the agenda; many people prefer to rent. But it looks like the Brit obsession with taking out a mortgage, paying stamp duty and putting up with the dull arrogance of an estate agent is here to stay.
With the average house price in London floating around the £450,000 mark, and deposits looking equally as bank-breaking, most young Londoners feel they have no chance. And this figure is set to rise. It is estimated that the average London home will be worth over a million pounds by 2019, should property prices in the capital continue to soar.
So where should you look to spend your money in London? How can you make your money worth its while? Here is a run-down of some of the up and coming areas in our nation’s capital…
Although the view of Croydon in the past has been pretty grim, the area has benefitted from the announced £1billiom investment plan put in place by old Boris Johnson. There are several factors that Croydon has got going for it, from its fantastic shopping facilities to its own ‘tech city’ and a whole host of residential redevelopments, namely Saffron Square.
With the average asking price floating around the £256k mark, the area is an absolute bargain considering the short commute; 15 minutes to London Victoria and 13 to London Bridge…go on then, you’ve twisted my arm!
They say dark clouds can have a silver lining, and Tottenham is a perfect example of how a lot of bad press can give way to improvement. Following the 2011 riots, the area has undergone a load of regeneration. With the average property value of £280,000, Tottenham is fast becoming a property hotspot, with the areas boasting several housing developments.
And if you’re a fan, Spurs are only around the corner!
With an average asking price of around £300k, Morden is attracting a host of buyers; the old, young and families alike. It is a great area to grow your property value, and homes here make for attractive investments.
The area boasts great transport links, and is serviced by the Northern Line; taking you into the heart of London in 30 minutes. However, if the quiet life is more your thing, then a leisurely stroll through the surrounding parkland will do the trick on a Sunday morning.
Who needs Shoreditch when you have Peckham? It’s cheaper at half the price for starters. From a rather grim and shady past, Peckham has rose from the flames like the proverbial phoenix. With pop-up restaurants and trendy hangouts setting up shop all over the area, hipsters need not look eastwards any more.
So with the average property value teetering around the £330k mark, this is definitely a well-connected, vibrant part of town that you could call home!