London’s property market has been booming in recent years, bouncing back after the recession far faster than anywhere else. But for those in the capital who want to get onto the property ladder for the first time, affordability is a major issue, with the average cost of a new home currently at £639,774*.
So it is no surprise then that a quarter (25 per cent) of Londoners who currently rent believe it will be at least ten years before they can afford to buy their first home.
But all is not lost. There are pockets of Greater London, including up-and-coming areas that are affordable to first time buyers wanting to get on the property ladder for the first time. Croydon in South London is one of them.
Here are our Top Ten Reasons to Get on the Property Ladder in Croydon:
- Croydon, strategically located on the edge of the capital, is on the receiving end of a multi-billion-pound regeneration programme and was the first suburban “super-hub” as part of Boris Johnson’s plan to reshape London during the next decade.
- It is one of the UK’s largest commercial centres, with 20,000 businesses, attracting 50,000 office workers a day, and is London’s fastest growing tech cluster, tipped as a future technology base to rival east London’s Silicon Roundabout. A growing community of digital, creative and IT companies have all moved themselves into the area.
- Croydon has a buzzing cultural quarter and the town’s entertainment venues are on the tour list of most major productions and artists. Fairfield Halls regularly hosts major star performances, whilst scores of clubs, bars and small stages host live music, stand-up comedy and up-and-coming talent. And there’s not just one but two cinema multiplexes to keep the most devoted film-goers happy.
- If you like shopping, Croydon already has a great range of outlets, from high street favourites to chic one-off boutiques. However, the forthcoming Westfield development, due to the open in 2018/19, will take Croydon to the next level. It will be the home to leading retail and luxury brands, new restaurants, 400-600 homes, a multi-screen cinema and a bowling alley, creating a unique shopping and leisure experience. If you’ve experienced Stratford or White City you’ll know what this will mean for those lucky enough to live on its doorstep.
- Foodies will love Croydon for its sheer variety of eating locations on offer. Whether you’re starting the day with a nice breakfast in Matthew’s Yard (famous for its baking), browsing the stalls of Croydon’s famous Surrey Street Market in the day, perhaps stopping for sushi or a burger for lunch, dining in a Michelin Guide quality restaurant in the evening or rounding off the day with a late-night cocktail, there’s something for all tastes.
- Inspired Homes is offering first time buyers the chance to own innovative, high specification and high tech living spaces right in the heart of Croydon, from just £199,000. Canius House, Green Dragon House and Surrey House, all in Croydon’s buzzing cultural quarter, will offer a range of one and two-bedroom apartments which have been cleverly designed with first-time buyers in mind. Every single fixture, fitting and finish reflects a touch of class including: hardwood flooring, granite kitchen worktops, Bosch kitchen appliances, contemporary tiling to kitchens and bathrooms, Villeroy & Bosch sanitary-ware and Hans Grohe taps, efficient heating system with heat recovery ventilation, ‘Smart Thermostat’ technology by NEST, Low energy LED lighting and Hyperoptic broadband – 1 Gig connection (fastest in UK). Apartments are due for completion from autumn 2015, are available off plan now and are already selling fast.
- Croydon is brilliantly connected – you can reach London Bridge or Victoria by train in less than 15 minutes and out to Brighton on the coast in just 35 minutes. Croydon’s trams take you as far afield as Wimbledon and Addington Hills. And if you’re off on holiday, Gatwick Airport is just a quarter of an hour away.
- Croydon’s past is as colourful as its future. As a village mentioned in the Domesday Book there are plenty of sights and stories for the amateur historian, including Elizabethan almshouses and Croydon Minster, the burial place of six Archbishops of Canterbury.
- If music is your thing, The Brit School in Selhurst is just up the road. It has produced some of the biggest talents in British music including Amy Winehouse, Kate Nash, Leona Lewis and Jessie J.
- Live in Croydon and you will join famous Croydonians including: Kate Moss, Roy Hodgson, Emily Blunt, Derren Brown, James Buckley, Sir Arthur Conan Doyle, Tracey Emin, Noel Fielding, Sir Phillip Green and footballer Ian Wright.
* London new build 1-bed average from Zoopla
