Commuting 'may be an option for first-time buyers'

27-Mar-2008

New research has indicated that first-time buyers in London may find the best value in the Dulwich area, while commuting from the country could be financially beneficial.

A study by Hamptons International discovered that a typical one-bedroom property starts at £235,000 in the Dulwich area.

Additionally, with the average price of a three-bedroom flat in London being around £815,000, a buyer would have to add less than £200,000 to purchase a five-bedroom country house in several south-east commuter towns.

Outside of the capital, first-time buyers are advised to consider a mortgage in places such as Brackley, Marlborough, Fleet, Banbury and Stroud.

Commenting on the findings, Rob Bruce, research manager at Hamptons International, said: "In the context of the current market, this research provides an optimistic signal for long-term buy-to-let investors hungry to build a property portfolio. Despite the increase in the cost of capital, rental levels continue to escalate above house price inflation, pushing yields higher."

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