Londoners paid £583,450 to take their second step on the housing ladder last year — a figure that has doubled in 12 years.
According to data from Hamptons, second-time buyers trying to move on from their first London homes may fall foul of a widening gap driven largely by the limited price growth of flats compared to houses.
By the end of 2022, the price difference between the typical first- and second-time buyer home stood at 32 per cent or £141,580, which is up from 11 per cent or £27,470 in 2007.
The gap was widest in Kensington and Chelsea, at 134 per cent, and narrowest in Newham, where would-be upsizers will need to make up a 21 per cent increase – or £78,720 on average – to secure their next home.
Given the saving efforts required, second steppers should be resolute in their mission for more space and a better standard of living.
We’ve rounded up 10 of the best upgrade homes on the market now.
South Woodford, E18
£550,000
A three-bedroom end-of-terrace home on a quiet no-through road with an integrated garage and a large ‘blank-slate’ garden. Two local parks, Elmhurst Gardens and Churchfields Gardens, are within walking distance, as is the Central line at South Woodford station.
Churchill Estates, 020 8530 3333
East Dulwich, SE22
£550,000
A stylish architect-renovated garden flat within a Victorian conversion facing Dawson’s Hill. There are two bedrooms — one created with a moveable partition wall — and a living room with a wood-burning stove. The flat also benefits from a share of the freehold.
Pedder, 020 8702 8222
Forest Gate, E7
£500,000
This three-bedroom, two bathroom family home is within walking distance of Upton Park tube and Forest Gate overground. It has two bright receptions rooms with high ceilings, a generous garden with a shed and a sensible layout upstairs.
Stonebridge, 020 8590 1499
Nunhead, SE15
£575,000
An unusual period conversion home with two bedrooms, an open plan living area and a small rear patio, offered chain-free. It’s just over ten minutes’ walk to Peckham Rye and Nunhead stations, and half that to the top of pretty Peckham Rye Park.
Wooster & Stock, 020 7952 0595
Crystal Palace, SE26
£565,000
This well-maintained apartment with its own entrance is on the ground floor of an attractive building on the edge of popular Crystal Palace Park. Almost 1,000 square foot, it features two bedrooms and access to south-facing communal gardens.
Winkworth, 020 3869 3222
New Cross, SE14
£575,000
A maisonette in a smart Georgian terrace with two double bedrooms, a store and an easy-to-maintain garden, in need of modernisation throughout. The split-level flat is also well-placed for the shops and restaurants of nearby New Cross Road.
Winkworth, 020 3869 3222
Walthamstow, E17
£575,000
This chain-free Victorian two bed terrace is close to Walthamstow Wetlands and in walking distance of four tube and overground connections. It has a good-size garden and there’s plenty of potential to extend, subject to planning.
Churchill Estates, 020 8530 3333
Enfield, EN1
£550,000
A detached period home circa 1820 with two bedrooms, exposed beams and a woodburning stove in a brick fireplace. There’s also a large wraparound drive and garden which, unusually, features a small built-in swimming pool.
Hamptons, 020 8909 6700
Tooting Bec, SW17
£565,000
Located on a quiet residential road, this well-proportioned two-bedroom home is within walking distance of the Northern line at Tooting Bec station. It has some original wooden floors, a manageable garden and a separate kitchen and living room.
Marsh & Parsons, 020 8767 3655
Finchley, N3
£575,000
A spacious split-level apartment with an upside-down layout, including a bright reception room in the vaulted roof space. There are two bedrooms, two bathrooms and a further single bedroom or study, as well as a private garage and a share of the freehold.
