Last year was quite a positive one for first time buyers in London. According to the latest figures around 50% of the total homes sold in the capital were to these buyers. This was the highest percentage since 2001. It marks a period when local councils across the capital have been doing more to encourage developers to build more affordable homes. In fact a number of these authorities have gotten much tougher on planning requirements to ensure this.
Generally there is a slowdown in the market towards the end of a calendar year. This didn’t happen in 2017 though; activity in the last quarter actually saw a slight rise. First time buyers were the major cause of this as they looked for homes to get a fresh start in the New Year.
There are a number of Boroughs that perform better than others in terms of the activity of first time buyers. Bexley held the position as the cheapest spot and saw a huge amount of demand. This pushed up prices though and resulted in it losing this title. Instead Barking and Dagenham now holds the honour.
Bexley remains the second most affordable area in the capital. Although the growth has pushed up prices this does in fact bring some benefits. Most notably, it increases the amount of amenities on offer in an area. When demand is high and a large number of people move to an area it also attracts new businesses. This makes the area even more attractive.
The rising prices in Bexley also make it a destination that investors should look at. People may choose to rent in the area for a period before looking to get on the property market. This can create demand and opportunities.
At Finefair we can handle property investments of various sizes. In fact we excel most with challenging projects. That is why we are one of the very best for estate management Bexley has to offer. The size of the job doesn’t deter us; we can still achieve incredible standards for our clients.
If you would like to find out more about our services or Bexley, please get in touch with us.