Buying in London as a first-timer? From Help to Buy alternatives to the best affordable boroughs, here's everything you need to know.
London remains one of the most challenging—but rewarding—cities for first-time buyers. With average prices exceeding £500,000, creative strategies are essential.
## Most Affordable London Boroughs
### East London - Barking and Dagenham: Average price £310,000 - Newham: Crossrail benefits, average £400,000 - Waltham Forest: Up-and-coming, average £450,000
### South London - Bexley: Best value southeast, average £380,000 - Croydon: Major regeneration, average £365,000 - Sutton: Excellent schools, average £420,000
## Government Schemes Available
### Shared Ownership Purchase 25-75% of a property and pay rent on the remainder. Ideal for those with smaller deposits.
### First Homes Scheme Discounts of 30-50% on new builds for first-time buyers.
### Lifetime ISA Save up to £4,000 per year with 25% government bonus.
## Deposit Requirements
Most London lenders require 10-15% deposits due to higher property values: - £500,000 property = £50,000-75,000 deposit - Consider Bank of Mum and Dad or gifted deposits
## Transport Links to Consider
Properties near upcoming Crossrail stations or tube extensions often offer appreciation potential.
## Next Steps
1. Check your credit score 2. Save aggressively for deposit 3. Get a mortgage Agreement in Principle 4. Research areas thoroughly before viewing