It is no secret to anyone living in or looking to buy property in the city of London that prices are now quite challenging if not completely unaffordable. Price growth has been meteoric for years and this year has proven trends can come to an end. Growth of prices has slowed for property, but that has not changed another trend which has gathered steam and is becoming more popular by the month. Many looking for their first property are conducting searches outside the capital city.

The number of those looking to purchase their first property outside the city of London has grown in recent years. In the past five years first time buyers obtaining their initial house has increased from 16% in 2013 to 31% today.

First time buyers are selecting home sites just outside the city. Locations landing new home buyers include Thurrock, Basildon, and Luton. These areas give home buyers quick and easy access to good transport links. These areas also provide houses at a lower cost than areas which are south and west.

According to the Land Registry, house prices in the capital have increased 34% year to date compared with the same time of the year in 2013. This increase in house price growth makes affordability the primary reason for increasing interest in other areas outside the capital city. Interest is expected to remain strong for housing outside the city of London well into next year.

Economists predict house price growth will slow within the walls of the capital city through the end of next year. At that time a pause is forecasted in property price growth. The year 2020 is expected to see growth pick up and even increase in the year 2021.