Finding an affordable place to buy your first home in London can feel like a needle in a haystack these days.
Some Londoners often resort to moving just outside of the capital so they can still commute into work, but even then it can be pricey.
However for the remainder who aren’t intending to leave the Big Smoke anytime soon, it can also be hard finding a house in an area which is not just affordable, but one that ticks all the boxes.
It’s no surprise then, that Kensington and Chelsea comes out top for being not just the least affordable area to buy a first home in London, but also the entirety of the UK.
A report carried out by Nationwide Building Society found the typical house price in the West London borough is 16.8 times the average person’s annual earnings.
(Image: Kiro Evans)
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As a comparison, Bromley, which is a large suburb in South East London, came out top as the most affordable area in London right now, with a score of 6.7 times earnings.
In simple terms, Foxtons market trends found that the average property in Kensington sold for £2,552,668 in 2021, however in Bromley, the average property sold for £488,110 last year – a huge difference in comparison.
Bromley has a lot on offer, with a focus on bringing new families into the area, top-performing schools and a swift commute into central London are a great selling point for those looking to buy their first home there.
It takes just 30 minutes to get from Bromley South to London Victoria and with no changes in between, it makes for an easy commute for city workers.
Originally a market town in Kent, Bromley is now the largest borough in London by area, and is also one of the most rural.
Schools such as Bonus Pastor Catholic College, Downderry Primary School and St John Baptist (Southend) Church of England Primary School, have all been rated “outstanding” by Ofsted.
Meanwhile, Kensington and Chelsea remains one of the most affluent boroughs to live in because of its beautiful architecture, fancy properties and celebrity neighbours – as well as having some of the most expensive streets and garden squares in London.
But despite having some of the most luxurious homes, over 3,000 people were recorded on the housing waiting list in the borough in October 2021.
Speaking at a council meeting on October 20 last year, deputy council leader Kim Taylor-Smith, in charge of Grenfell, Housing and Social Investment had a different take on the glamorised stance on the borough.
She said: “This council has a track record it cannot be proud of – we have simply built too few homes over many many years and London has built too few homes in too many, many, years.
“Costs have risen, prices are high, land values are inflated, social housing is unavailable to thousands of families, out of reach for children, adults, the elderly, the vulnerable, even those fleeing crime or abuse.
“In the greatest capital city in the world, the state is failing to give people the ability to establish themselves. The ability to get a foothold on the ladder – to get a foothold on a better life.”
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Meanwhile, Nationwide’s report also looked at areas in the UK with the biggest improvements in affordability between 2015 and 2020, Londoners will be pleased to know that Hammersmith and Fulham was the most improved area of London, with its times earnings score dropping from 15.6 to 11.5.
With this in mind, those looking to buy their first home should definitely consider Bromley as one of its top choices.
Have you got a story we should be covering? Let Ruby know by writing to her at [email protected]
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