A survey by Rightmove this week looked at the best performing locations for first time buyers in the South-East. Among the top ten were Dartford, Watford and Luton, where prices have risen by over 18% in the last year, presumably driven by continued price growth in the increasingly unaffordable central London boroughs.
Leading the way was Croydon, with an 18.6% price rise in the last year and an average first time buyer property price of £297,000. The surge in buy-to-let demand ahead of Stamp Duty Changes appears to have left the Spring market place a little short of stock, which will only make it harder for first-timers to make their first purchase.
So what does nearly £300,000 get you in Croydon? You could buy a 1 bed flat in Green Dragon House- at 440sq ft, this is a £per square foot rate of £681. The apartment is available off plan and has access to a roof garden but has no parking. Alternatively, you could buy a 2 bed end of terrace cottage with a yard and in need of full modernisation but ‘within easy reach of both East and West Croydon’. Not sure if that’s a good thing.
If you’re feeling really competitive, you could join the ‘Open house’ at a 2 bed apartment in Ashley Lane on the market at £300,000 where apparently ‘buyers fees apply’ and ‘you should see the bid pack’. Mmmmmm.
Then again, head to Leeds and, as at 20th May 2016, you could take your pick on Rightmove of 250 different 3 bed properties at £125,000 or less.