If Brexit will benefit first time buyers, where should you buy?

If Brexit will benefit first time buyers, where should you buy?




By Luc Hill 16th June 2016

With talks of Brexit at the moment reaching an apogee which have included Bob Geldoff and Nigel Farage in a flotilla standoff - all eyes are looking towards the EU referendum. 

As the polls currently stand, the votes are leaning towards a British exit, which the press are insisting would be good for first time buyers in London. The words 'First time buyers' and 'London' however are not normally words that go together in a sentence but for those determined to own property in the capital, now could be a great opportunity. 

Ideally as a first time buyer you want your property to appreciate whilst living there, to be able to upgrade when the time is right to move so where are the hotspots for buyers? 

Topping numerous lists of late is Croydon - which has seen an influx of first timers, with reports of 20% price increases in the past year. Developments are springing up across the area and according to Rightmove average house prices are at £311,567, a considerable amount less than central areas. 

Within the West London area it is Brentford that is capturing the attention of first time buyers which is vastly more affordable than neighbours Chiswick and Kew. The Brentford area is regenerating - including a loft-style conversion of a sheets factory into new apartments. At only half an hour away from Waterloo it is obvious why the area is attracting interest. 

Once you have contacted your mortgage consultant to work out your affordability - why not try out this useful BBC price map, a handy tool which allows you to see which areas of London or further afield in the UK you can afford to purchase property. Regardless of the referendum outcome, a slowdown in the property market means first time buyers should strike while the iron is hot!

With average house prices more than £500,000, nowhere in the capital is cheap but there are a few places where housing costs are still comparatively low.

http://metro.co.uk/2016/01/10/where-are-the-best-areas-in-london-for-first-time-buyers-5607265/

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