The top London hotspots for first-time buyers: a decade makes all the difference as buyers in their twenties flock to Crystal Palace and thirtysomethings head for Isleworth
First-time-buyers in their twenties spend an average of £316,000 on their home. Those in their thirties spend £380,000. New research from estate agents Bairstow Eves and Countrywide shows the difference a decade can make when it comes to entering London’s property market.
One in four homes in south London’s Crystal Palace, with its slightly alternative vibe and burgeoning café culture, is sold to younger first-time buyers who spend £330,000. Sidcup, 10 miles further east and on the fringes of Kent, is their second choice, with the average first-timer spending almost £257,000.
Woodford, on the cusp of London and Essex, also attracts hefty numbers of first-time buyers who spend just over £372,000 — which allows them to skip the flat stage altogether and move straight into a family-size home.
The most popular central London option for twentysomething first timers with a bit of help from Mum and Dad is Battersea, where the average spend is £404,000. Peckham, Stratford and Acton are also popular choices.
First-timers in their thirties, on higher pay and having had more time to save a deposit, are most likely to buy in Isleworth — near the Thames and Kew Gardens, and more affordable than neighbouring Richmond. They spend about £428,000, and represent four in 10 buyers here. “Sales to first-time buyers in the capital are on the up,” says David Fell, research analyst at Countrywide and author of today’s report.
“This year they make up the highest proportion of buyers since 2001.”
FIRST TIME BUYERS IN THEIR TWENTIES
| Postcode | Area | Sales to first time buyers in their 20s | Average price paid by first time buyers in their 20s |
|---|---|---|---|
| SE19 | Crystal Palace | 25% | £330,000 |
| DA14 | Sidcup | 24% | £256,917 |
| E18 | Woodford | 23% | £372,156 |
| CR7 | Thornton Heath | 21% | £328,333 |
| SW11 | Battersea | 19% | £404,000 |
| UB6 | Greenford | 18% | £317,990 |
| RM7 | Romford | 17% | £308,773 |
| W3 | Acton | 17% | £410,000 |
| E15 | Stratford | 16% | £406,661 |
| SE15 | Peckham | 15% | £338,500 |
| All first time buyers in their 20s | 9% | £316,032 |
|---|
FIRST TIME BUYERS IN THEIR THIRTIES
| Postcode | Area | Sales to first time buyers in their 20s | Average price paid by first time buyers in their 30s |
|---|---|---|---|
| TW7 | Isleworth | 39% | £428,167 |
| SE16 | Rotherhithe | 36% | £473,100 |
| CR8 | Purley | 32% | £361,150 |
| HA6 | Northwood | 30% | £297,000 |
| SW12 | Balham | 29% | £455,000 |
| N21 | Winchmore Hill | 27% | £485,000 |
| NW10 | Willesden | 25% | £503,500 |
| N10 | Muswell Hill | 24% | £414,000 |
| SW9 | Brixton | 22% | £375,000 |
| W13 | West Ealing | 22% | £583,000 |
| All first time buyers in their 30s | 18% | £380,546 |
|---|
Source: Countrywide/Bairstow Eves