Where to buy for less than £500k: five London commuter areas where first-time buyers can find a house with three bedrooms — or more

A typical London first-time buyer should be able to save enough money to buy a home of their own if they put away the pennies carefully for… 15 years! If they start saving now, they can be in their new home in summer 2034.

The sheer length of time it takes to accumulate a deposit, calculated by Hamptons International researchers, means first-time buyers are waiting longer and getting older than ever before.

This is important because the kind of home a twentysomething might want is likely to be very different from one that buyers in their thirties would choose.

So it’s no surprise that many London first-time buyers are looking at their options in the city — and then taking their money out beyond the M25, where they can pick up a house in a quality commuter town or village for about the same price as a two-bedroom flat in the capital.

Don’t know where to start? Here are five locations where £500,000 will buy a family house with three or more bedrooms.

An old town in the throes of change, Charles Dickens would barely recognise his old stomping ground today, what with its newish £26 million train terminal, 1,500 homes under construction at Rochester Riverside, and investment in the town centre.

There would be some familiar sights, of course. Rochester’s castle and cathedral dominate the skyline, and there are some charming old pubs and cafés to enjoy, as well as a High Street full of mostly independent shops.

It is, subjectively speaking, the best of the Medway towns and its Kent location means parents can tap into the grammar school system.

The surrounding countryside is beautiful and the seaside’s a half-hour drive away, at Whitstable. “Rochester has an old-fashioned High Street, with small family-run businesses and very few chain organisations,” says Alan Machin, a partner at Machin Lane estate agents.

However, the presence of four university campuses in or near the town, plus a regular influx of tourists, means it is certainly not sleepy. “In the evenings there are a lot of people around and it gets lively,” adds Machin.

What would £500,000 buy? A three- to four-bedroom period terrace house in the town centre, or a four-bedroom detached executive home on the outskirts.

The commute: from 37 minutes to St Pancras International. An annual season ticket costs £4,296.

The grown-up answer to living in Brighton, Lewes is a delightful market town in the South Downs. It’s just a short hop from the sea and it stages what is claimed to be England’s biggest Bonfire Night celebrations: effigies paraded through the town last year included one of Boris Johnson wielding an axe and holding Theresa May’s severed head.

You’ve got Glyndebourne opera house up the road for culture buffs, period houses from the Tudor era onwards, and although Lewes is peaceful, the High Street is thriving, with independent shops, cafés, pubs and restaurants.

What would £500,000 buy? A three-bedroom period terrace house in the town centre, or in Southover, the neighbourhood right by the station.

The commute: from an hour and eight minutes to Victoria. An annual season ticket is £4,468.

You’ll have to move to its outer reaches to find value in the most expensive of the home counties, but Dorking is worth the effort.

Set close to the Surrey Hills, it’s a charming and affluent town with great schools, a quality town centre with plenty of shops, cafés and restaurants, and there are some cracking country pubs in the surrounding villages.

Dorking is also large enough to have a leisure centre and pool, cinema, theatre and annual music and arts festivals.

“To me it is the last traditional market town in Surrey,” says Jamie Hynes, director of Seymours estate agents. “It is friendly, and there is a great community feel. We’ve got excellent schools and three stations.”

Hynes says that if “priced sensibly”, mid-range properties are selling well, although the top end of the market is struggling slightly. However, he believes the middle market has seen a slight year-on-year growth of about five per cent.

What would £500,000 buy? Dorking is about 20 to 30 per cent cheaper than posher Guildford, 20 minutes away. You could pick up a four-bedroom period semi-detached house, or a four-bedroom detached post-war house.

The commute: just over 50 minutes to Waterloo or London Bridge. An annual season ticket costs £3,396.

Just along the coast from Southend, Leigh has been luring Londoners with its heady combination of affordable Victorian houses, great beaches nearby and an increasingly impressive range of cafés, shops, restaurants and pubs along its Broadway.

The lifestyle is great. You can learn to sail with Leigh-on-Sea Sailing Club, take weekend trips to Europe from London Southend airport, while for the daily commute you can be in the City within an hour.

Roy Hegarty, manager of Coulson James estate agents, estimates that four in 10 of his buyers are moving out of London hoping to exchange a two-bedroom apartment for a three-bedroom house. This kind of property would cost from £450,000. “We also have lower crime rates than London, the schooling is better, and the vibe is really good,” he adds.

What would £500,000 buy? A three-bedroom Victorian terrace or a four-bedroom Thirties semi.

The commute: services to Fenchurch Street from 46 minutes. The annual season ticket is £4,924.

If you want to bury yourself in the country, yet not stray too far from the office, then this gorgeous, ancient village could be the perfect fit.

The centre is a pretty mix of medieval timbered cottages and Georgian-fronted houses, surrounded by countryside. There are three pubs, a café and a village shop, plus thriving football and cricket teams. Ashwell Primary School is rated “good” by Ofsted.

There are a couple of downsides. Older kids will needed to be ferried to senior school, the nearest being Knights Templar School in Baldock, with a “good” Ofsted rating. And while the village centre is pristine, on the outskirts are some dreary post-war housing estates.

What would £500,000 buy? An historic three-bedroom cottage close to Ashwell High Street, or a slightly bigger post-war semi.

The commute: King’s Cross or St Pancras International from 45 minutes. Annual season ticket:£5,964.