If you’ve been priced out of your dream location, you might well discover an alternative neighbourhood nearby with many of the same attributes — but without the painful price tag.
Whether you want to live in north, south, east or west London, here are some great “next best” options…
If you love Richmond try … Brentford
If you love the idea of living beside the River Thames, roaming in nature and hanging out at waterfront pubs but can’t afford affluent Richmond, consider Brentford, which also has river frontages and top-notch open space at Syon Park. Trains from Brentford to Waterloo take just over half an hour.
Admittedly, Brentford’s high street is a shabbier proposition than upscale Richmond’s, but it does have plenty of useful shops and good restaurants. Lots of new venues are opening along the River Brent too.
Daisy Smith, a marketing manager, used shared ownership to buy her first London home at The Moorings, Brentford, after falling for its waterside location. The one-bedroom flat cost £96,250 for a 25 per cent share, and her monthly costs include rent at around £650pcm and a service charge of just over £200pcm, plus mortgage repayments.
She picked the location for its access to open space and commuter links, and has found the area friendly. “In Brentford, you just feel like you’re so welcomed by the local people here,” says Daisy, 35, who moved into her flat in June 2022.
Homes at The Moorings (landgah.com/scheme/the-moorings) are now priced from £131,250 for a 25 per cent share of a two-bedroom flat.
If you love Victoria Park Village try … Bethnal Green
Lazy weekend picnics, brunching in cute cafés by the park, browsing at Broadway Market and nights out in Hackney. Little wonder that Victoria Park Village has become a magnet for twenty and thirty-somethings.
Bethnal Green might not have quite the same hipster vibe, but this swathe of old-school east London is set just west of Victoria Park. This cosmopolitan neighbourhood is only four miles from the West End and less than three miles from the City, and its main streets are full of new cafés, restaurants and independent shops.
First-time buyers can move into the area for less than £120,000 at Corner Place, a development by Southern Housing (shnewhomes.co.uk/properties/corner-place). Prices start at £116,250 for a 25 per cent share of a one-bedroom flat.
If you love Walthamstow try … Tottenham Hale
Walthamstow, in the Olympic borough of Waltham Forest, enjoyed an ugly-duckling transformation in the decade following the 2012 games, evolving into a bona fide urban village.
If E17’s prices are now beyond your reach, then you could focus your house hunt in N17, which is a pleasant walk away across the Walthamstow Wetlands. Tottenham Hale has long been trailed as one of London’s up-and-coming neighbourhoods, and now Related Argent, the developer which transformed King’s Cross, has started work on a £500 million scheme to create a new town centre for the area with shops, a cinema, offices and public spaces.
It is a commuter-friendly option too, with train journeys from Northumberland Park to Liverpool Street taking 20 minutes. Tottenham Hale is also on the Victoria line. At Millstream Tower (newlonliving.co.uk/properties/millstream-tower) first-time buyers can buy a 25 per cent share of a one-bedroom flat for £87,500.
If you love Earlsfield try … Wimbledon Park
Earlsfield was one of the busiest London property markets during the pandemic-fuelled race for space. Buyers couldn’t get enough of its leafy streets, comparatively affordable period homes, green space, transport links and a high street full of bakeries, delis, wine bars and restaurants.
Less than a mile south, there is the option of Wimbledon Park. Although it lacks a real heart, it is close enough to Earlsfield to be able to call that area’s amenities its own. It is also up the road from its eponymous park, with its lake and tennis courts, while in nearby Tooting there is a lido and a vibrant street market.
Transport options include Wimbledon Park station, on the District line, and Tooting Broadway station, on the Northern line.
Homes at The Switch (peabodynewhomes.co.uk/developments/the-switch) have sold well, but there is still a two-bedroom shared-ownership flat available, priced at £141,250 for a 25 per cent share.
If you love Brixton and Peckham try … Loughborough Junction
Loughborough Junction’s location halfway between these two south London stars makes it a real contender for first-time buyers who love their nightlife, coffee culture and fast links into central London. Trains from Loughborough Junction to Blackfriars take around ten minutes.
The reason you might not know this neighbourhood is that it has been so overshadowed by its two neighbours to the extent that there’s not a huge amount there. This shortcoming is counterbalanced by the fact that Brixton is only half a mile to the west, and Peckham is less than two miles to the east. Loughborough Junction also has a more peaceful, residential vibe than its neighbours, which might be welcome after a big night out.
This autumn, first-time buyers will get the chance to buy a shared-ownership home at the soon-to-be-launched Higgs Yard development, which features 106 one, two and three-bedroom flats, an on-site café and a concierge service. Registrations of interest are being taken now (peabodynewhomes.co.uk/developments/higgs-yard).
If you love Brook Green try … Acton
Brook Green is a Londoners’ village — a leafy, residential neighbourhood with a great range of shops, restaurants and cafés.
And three miles west is Acton, a Victorian suburb which has enjoyed a real renaissance since the Elizabeth line reduced journey times to central London to 15 minutes.
Churchfield Road is the beating heart of Acton, with its gallery, delis and wonderful restaurants.
Investment is flooding into the area too — work is well underway at the Acton Gardens development, which will have 3,400 new homes once complete, while the Friary Park estate is also being redeveloped.
Transport for London has permission to build 852 homes close to Acton Town station too.
If you want to live in one of the grand Victorian villas in Acton’s Poets Corner you would need a budget of well over £1 million. But at Be West’s Bollo Lane site (bewest.co.uk), which features two landscaped roof terraces, you could pick up a 25 per cent share of a one-bedroom flat from £105,625.
