Go old school: where London first-time buyers should look for a good value period property
An older home can be a brilliant buy for younger entrants to the housing market.
London’s rich history means there is a huge choice of locations to start looking for that Victorian cottage or fabulous Art Deco flat.
With a tight first-time-buyer budget in mind, these two locations are well worth exploring.
Kingston Upon Thames
Here is a west London suburb with handsome, tree-lined streets that you can afford — though admittedly you’ll have to ripple right out to its borders with Surrey for the best offers.
Kingston has a good stock of Victorian housing, a busy town centre (with awful traffic) and a riverside location with lots of open space.
“Kingston is a real hotspot for first time buyers, with a healthy stock of properties within reach,” says Matt Aboud, associate director at Featherstone Leigh estate agents.
He estimates that a one-bedroom flat in a period conversion would cost about £350,000, with a two-bedroom conversion at about £400,000.
“First-time buyers typically look for homes nearer the town centre, due to its proximity to the train station and the lively high street,” he adds.
“The hugely popular Bentall Centre and John Lewis store offer ample choices for shopping, while the restaurant and bar scene is brimming with activity.
The Riverside Walk area provides a picturesque setting for a meal, exploiting Kingston’s position on the Thames.
Another significant pull for first-time buyers are the brilliant transport links. "Three railway stations are positioned across the town, with journeys into London Waterloo taking just 30 minutes.”
Postcode matters here. Historically KT2, nearer Richmond Park, was the most sought after, but KT1, towards Surbiton, is now gaining traction, partly because prices are a bit lower but also because it is within walking distance of both the town centre and Surbiton station, which has fast trains to Waterloo from 19 minutes.
East Finchley
This is a really good-quality quarter of leafy north London, cheaper and better connected than nearby — but Tube-less — Crouch End and Muswell Hill.
East Finchley sits right on the cusp of Zone 3, and a Northern line trip to the West End takes about half an hour. You could be in Camden or King’s Cross in around half that time.
The area developed with the arrival of the railways, which means plenty of Victorian and Edwardian terrace houses, many converted into first-time buyer-friendly flats.
Expect to pay about £325,000 to £350,000 for a one-bedroom flat in a Victorian or Edwardian property, and £450,000 to £500,000 for a two-bedroom conversion.
There are also streets of villagey two-bedroom cottages from about £550,000, ideal for a young family. The presence of some fantastic schools, including the “outstanding” Martin Primary School, seals the deal.
The jewel in East Finchley’s crown is its independent Art deco Phoenix Cinema, which has a bar and a great programme.
Finchley High road has a full complement of gastropubs, neighbourhood restaurants, cafés and plenty of useful shops, but no major supermarket and almost no chains, which could be a plus or a minus depending on your viewpoint.
Its other flaw is a lack of green space right on the doorstep.
Cherry Tree Wood park, pretty but only 10 acres, is about the best you’ll get — although two of London’s best open spaces, Hampstead Heath and Alexandra Park, are about two miles away.