New guide for first-time buyers

THE best locations for London workers trying to get a foot on the property ladder are named today. Property experts looked at areas within one hour of central London on commuter lines to Waterloo, Victoria, Paddington, Liverpool Street and King's Cross.

Struggling first-time buyers who want to stick close to London were urged to try Stratford. The east London suburb, earmarked for one of Britain's biggest regeneration projects ahead of the 2012 Olympics, emerged as the best in the South East for young buyers who do not want a long journey to work. The survey rated Stratford highly on its affordability and commuting distance from the capital.

Russel Jervis, managing director of Haart estate agents, which commissioned the research, said: 'It represents the best value area due to the relatively low property prices in addition to the shorter time taken to reach central London, and the resultant cheaper fares.'

Despite soaring property prices in recent years, Stratford is one of the few places close to the centre of London where it is still possible to buy a home for less than £200,000. Its location on the Central line means it is only 20 minutes from the City and half an hour from the West End. It is 10 minutes from Canary Wharf by the Docklands Light Railway.

Other areas in the top five locations for London commuters were Welwyn Garden City in Hertfordshire, East Croydon in south London, Romford in Essex and Slough in Berkshire, all of which have affordable properties as well as reasonably low travel costs.

Jervis said: 'First-time buyer levels in London have fallen to dangerously low levels because of sky-high house prices. But the outer London suburbs may still offer a chance to get on the property ladder.'

The proportion of people under 25 who want to be home owners within two years has dropped from 79% in 1983 to only 43% today, a survey reveals.

Research by the Council for Mortgage Lenders found that the affordability crisis had 'affected younger people's perceptions of their own ability to enter the market in the short term'. Home ownership was still the most popular tenure in the UK, with eight out of 10 adults wanting to be home owners within 10 years.

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