There’s never been a better time to invest in North London, especially if you’re a first-time buyer. The region has been extensively regenerated in the last few years and prices are starting to rise – making its properties a savvy investment for the future.
If you’re thinking of buying a home in this area, here’s a run-through of the best places to invest in right now.
The best places to buy a property in North London for first-time buyers
Hendon has an enormous amount to offer first-time buyers. It’s amazingly well-connected, providing commuters with easy access to the M1, the A1, the North Circular and the A5. There are also several train stations in the area which take travellers into Central London in a matter of minutes.
Even more excitingly for homebuyers, the area has been significantly redeveloped in recent years. This is particularly the case in Colindale where thousands of new homes have been built. West Hendon Estate is also being regenerated and Hendon Waterside offers a variety of new-build properties with scenic views of Welsh Harp reservoir. Add this to the redevelopment of Brent Cross Shopping Centre and you’ve got a prime location to invest in.
At the time of writing, Hendon’s property prices are steadily climbing. However, it’s still possible to purchase a one-bedroomed apartment for under £250,000 which offers fantastic value for money.
Certain parts of Mill Hill are regarded as expensive and this is certainly the case when it comes to sizeable family homes. However, first-time buyers will be reassured to know that there are plenty of competitively priced apartments in this area and that they’re likely to rise in value in the future – ideal for those that want to generate a profit from capital growth.
It’s got a pleasantly laid-back ambiance; something that appeals to commuters wanting a relaxing place to return to after a day at work. Trains take just twenty-five minutes to reach Central London, yet all the surrounding greenery makes this location feel a million miles from the busy city.
Average Mill Hill property prices are in line with the London average which is great news for first-time buyers. Expect to pay around £300,000 for a good-sized one bedroomed apartment or £450,000 for a two bedroomed apartment here.
Finchley is hugely popular with those looking to get their foot on the property ladder. It’s got four Tube stations and is just five minutes from the A1 making it ideal for commuters. It’s also got a thriving cultural scene with the artsdepot on Tally Ho Corner in North Finchley and the Phoenix Cinema in East Finchley which is the oldest cinema in the country.
It’s being extensively regenerated and has received a £1million grant from the Mayor’s Outer London Fund. This is likely to push property prices upwards in the future, so it’s best to invest quickly while average house values remain competitive.
If you’re working to a tight budget, Finchley is the ideal place to start your property search. It’s possible to find a one-bedroomed flat in this area for as little as £275,000 which for North London, is incredibly reasonable.