For Londoners, your preferred cardinal direction was once a point of pride and territorial debate. Those who preferred South of the river would never dream of moving North. East Londoners would look askance at those who professed a preference for West.
But with the scramble onto the property ladder more precarious than ever, people can no longer be precious when it comes to their neighbourhood.
Two-thirds (67 per cent) of people who bought their first home in the UK over the last two years had never even seen their new neighbourhood before they bought, according to new research from Santander. That’s down from 50 per cent five years ago.
Three in five (60 per cent) of first-time buyers said they had moved to somewhere they had never even heard of before.
Affordability constraints and a lack of suitable properties in their local area were the two main reasons first-time buyers reported they had to look further afield to find somewhere to live.
Nicole, 28, and her boyfriend Alex, 29 (above), had to make the move across the river from Finsbury Park in north London to Crystal Palace, miles to the south, in order to buy their first home.
"Moving was a big step for us,” said Nicole. The couple had been happy renting in Finsbury Park, but when it came to finding something within their criteria — two bedrooms, outdoor space, proximity to public transport — the north London neighbourhood proved too pricey.
The average house price for Finsbury Park is currently £740,951 according to Rightmove, higher than the London average of £523,376.
Nicole and Alex decided to shift their focus to south London areas such as Forest Hill and Brockley, before eventually settling on Crystal Palace — where the average home currently costs £485,042.
"We loved our time in Finsbury and were hesitant to move to a new area of London,” said Nicole. “But Crystal Palace offers a perfect blend of affordability, community spirit, and fantastic amenities."
Unlike the 40 per cent of first-time buyers that spent less than two hours getting to know the area they bought in, Nicole and Alex were thorough about their reconnaissance.
They stayed with friends who already lived there to check out the area and test run the commute. Ultimately Crystal Palace passed the vibe check — and most importantly has properties available that were within their budget.
"After months of searching, we found our dream home in Crystal Palace. It has everything we wanted, from great outdoor spaces to a vibrant local scene," she said.
Finding a home that meets first-time buyers’ affordability criteria can often mean compromise, reported Santander. Up to 70 per cent reported they had to move away from family in order to buy a first home, while 68 per cent ended up further away from friends.
“There’s a growing trend among first-time buyers to move to neighbourhoods further away from where they grew up, or where they were previously renting,” said Graham Sellar, head of mortgage development at Santander.
“Whether their original area is unaffordable, or they’re deliberately looking to move further afield to get better value for their money, location has become the number one compromise for many first-time buyers.”
To address the phenomenon, the mortgage provider has created a first-time buyer hub where people can get to know their new neighbourhood via a checklist.
