First-time buyers naturally tend to be nervous when it comes to choosing their first home; a house is a huge investment after all. In terms of London house prices however, Croydon’s starter homes have risen by almost 20% in terms of price over the last year. It still remains one of the most affordable areas in the capital but the properties are also proving to be good investments. This means there is high competition and people may not have the time they want to consider their purchase.
The starter homes of Croydon are roughly £185,000 cheaper than the capital’s average. This makes it no surprise that so many first-time buyers are choosing to live here. Regeneration has been prominent in the Borough for the past few years, with it being described as the area with the fastest growing tech cluster in London. This is a result of rents being about a third cheaper per square foot than London.
Accompanying the low prices are thousands of new residential development plans, with 5,000 planned for this year, 6,300 for next year and a massive 8,200 properties for 2018. A number of these properties are part of the Help to Buy scheme, where government loans of up to 40% of the property value are available to first-time buyers. This means that only 5% deposits are required to get onto the property ladder.
Over the past half year, a huge influx of first-time buyers have come to the area, with the tram link train system and the Westfield shopping centre, due to open in 2022, being notable attractions. New cafes and restaurants are also opening up to accommodate the city workers moving from Brixton, Tooting and Streatham.
At Finefair we have an extensive experience when it comes to selling and letting out properties. Clients come to us on a regular basis looking for their ideal property, whether as an owner occupier or an investor. We do everything in our power to help each of them find it. Investors are particularly well served with our services, particularly the guaranteed rent. This means we can ensure each property that is let makes a set amount every month. Many landlords appreciate this security.