But factors such as connectivity and availability of schemes that boost affordability — such as Help to Buy and shared ownership — also come into play.

Estate agent Hamptons has crunched the numbers exclusively for Metro to find out which postcodes in and around London had the highest proportion of sales to first-time buyers last year — and you might be surprised.

‘Typically these are more affordable parts of outer London, but first-time buyers remain reluctant to cross the M25,’ says David Fell, senior analyst at Hamptons. ‘Despite the costs of buying in the capital, first-time buyers tend to look for bustle rather than scenery.’

If you want to live near like-minded people and use an affordable home ownership scheme, these are the areas — and the developments — to consider.

Borehamwood, Hertfordshire, WD6

One for movie buffs, Borehamwood is known as the home of British film and TV, and everything from Star Wars to Strictly has been shot in the town’s Elstree Studios.

Along with the prospect of spotting an A-lister, the fast and frequent Thameslink trains are a big draw — it’s only 20 minutes to King’s Cross St Pancras. Plus, it’s convenient for the A1 and M1.

First home: Franklin Court, from £92,500 for 25% of a £370,000 flat

Round the corner from the high street, the final few shared ownership apartments here all have two bedrooms and open-plan living spaces.

Reserve now and you’ll receive either £1,000 towards legal fees or a shopping voucher of the same value. yourpersonahome.com

Ebbsfleet, Kent, DA10

This new garden city is well worth crossing the M25 for, as you get a lot of home for your money and a superfast commute of just 18 minutes to St Pancras International, while Bluewater is on the doorstep for shops galore.

You’ll be in good company — first-time buyers accounted for more than 70% of sales last year.

First home: Ashmere, from £317,500

Demand here is high. In the current phase only a pair of two-bedroom flats remain, both available with Help to Buy, plus two three-bedroom houses.

A new phase is set to launch later this year and electric car charging points are on-site. countrysideproperties.com

Finchley, London, N3

Cosmopolitan and community-minded, this area is increasingly popular with young professionals who often stay local after starting families, as the schools are so good.

Other attractions include a wide range of indie cafés and restaurants, an entertainment complex incorporating a cinema, bowling and leisure centre, the much-loved park and a swift and easy commute on the Northern line.

First home: Edgewood Mews, from £133,750 for a 25% share of a £535,000 flat

Each of these two-bedroom shared ownership apartments has its own private entrance, a balcony or terrace, fully fitted kitchen and floor-to-ceiling windows that fill the rooms with light.

The service charge is low and Finchley Central station is less than a mile away from the development. yourpersonahome.com

Watford, WD17

A lively, large Hertfordshire town with lots to do including indoor climbing, crazy golf and an Escape Room, along with a cinema, bowling and dozens of pubs and bars.

It boasts award-winning parks, superb transport links — it’s on the M1 and A41 and has the Tube, Overground and mainline trains — and excellent schools. A total of 14,000 new homes are in the pipeline.

First home: The Arches, prices from £295,000

Just a short walk from Bushey and Watford High Street stations and the Atria Watford shopping centre, these 92 studio, one and two-bedroom apartments with private outside space are kitted out with stone worktops, Bosch appliances and USB sockets, and Help to Buy is offered on some. thearcheswatford.co.uk

Harrow, HA1 & HA3

These two postcodes cover most of Harrow, the large and diverse London suburb renowned for its public school.

Only 15 minutes from Zone 1 by Tube or train, there are two indoor malls in the town centre and plenty of parks and places to eat and drink. More than 1,500 homes are set to be built in Wealdstone, to the north.

First home: Eastman Village, HA1, from £296,000

Barratt chose this scheme to launch its revolutionary SMRT flats, space-saving, compact one and two-bedroom homes with a smaller footprint reflected in their lower price tag. Help to Buy launches on January 29. barratthomes.co.uk

Deptford, London, SE8

This arty, creative district is giving Greenwich a run for its money, offering independent bars, eateries and other businesses in Deptford Market Yard, plus some of London’s best street art, pocket parks and riverside walks.

And it’s only one stop by train from London Bridge.

First home: L&Q at Deptford Landings, from £125,250 for 25% of an apartment priced £501,000

Two and three-bedroom shared ownership flats in a pet-friendly environment are conveniently positioned next to Deptford Park and a short walk from the Thames.

All the homes have a private balcony or terrace, and access to residents’ communal gardens. lqhomes.com

Colindale, London, NW9

Excellent amenities and affordable prices are two very good reasons why this rapidly regenerating pocket of north-west London is so sought after.

Gyms, supermarkets and an authentic Asian food hall are all within walking distance, Brent Cross is down the road and Bank is only half-an-hour away by Tube, or you can jump on a Thameslink train at Hendon station.

First home: Colindale Gardens, from £385,000

Help to Buy is available on selected one and two-bedroom flats at Redrow’s flagship development on the site of the former Metropolitan Police training centre.

A fifth of the 47-acre site is allocated to open space, and every home has a terrace or balcony. colindalegardens.co.uk

Carshalton, SM5

The perfect location if proximity to green space is a priority, as this south London town offers two lovely parks, walking and cycle routes along the River Wandle and an ecology trail.

It has independent cafés and decent pubs, including The Greyhound which overlooks historic Carshalton Ponds. The commute’s easy, with trains to London Bridge, Victoria and Blackfriars.

First home: The Lodge, £460,000

An elegant 19th-century red-brick building in the grounds of Sutton Ecology Centre has been converted into contemporary flats that retain some original features.

Only a couple of spacious two-bedroom homes remain, priced £460,000 each. Both have parking spaces and are available with Help to Buy. foxtons.co.uk

Ruislip, HA4

Last year, 80% of properties sold in this leafy part of west London went to first-time buyers.

The transport links are part of its appeal — it has five Tube stations across the Central, Piccadilly and Metropolitan lines — and there are lovely green spaces to enjoy. Among them is Ruislip Woods, a nature reserve with its very own sandy beach at Ruislip Lido.

First home: Lancaster Square, from £359,950

Only a two-minute walk from South Ruislip station, these one, two and three-bedroom apartments are larger than average, and each includes a balcony or terrace and allocated parking space. Some are available with Help to Buy. taylorwimpey.co.uk

Chingford, E4

Chingford is one of east London’s best-kept secrets and set to benefit from the ripple effect of having trendy Walthamstow, across the North Circular, as its neighbour.

It’s on the edge of Epping Forest but only a ten-minute drive from the M11 and M25, and although there’s no Tube, the Overground gets you into Liverpool Street in less than half an hour.

First home: Station Road, from £425,000

One and two-bedroom apartments in a low-rise building with many eco-friendly features, including air source heat pumps, solar panels, rainwater reclamation and air source heat recovery systems.

All come with a balcony or terrace, and Help to Buy is on offer. martinco.com

https://metro.co.uk/2022/01/18/here-are-the-best-postcodes-in-and-around-london-for-first-time-buyers-15935645/

Trading standards and council officers in Newham are to complete unannounced spot checks of agent’s promises in the coming days and weeks.

https://thenegotiator.co.uk/london-letting-agents-face-compliance-sweep-and-up-to-30000-fine/

Despite a challenging few years for the buy-to-let market, characterised by tax and regulatory changes, investment in buy-to-let continues to outperform most major asset classes, as Britain’s rented sector continues to expand, with a sixth of the population – some 10 million people – now living in accommodation rented from private landlords.

New research from CIA Landlord looked at the best cities to become a landlord based on the average property price, mortgage amount, average rent from tenants, and the monthly costs of being a landlord to calculate monthly profit.

Whilst Brighton took the title of the best city to become a landlord for the last few years, it has been revealed that in 2022 London is the most profitable city to become a landlord. Here, landlords can expect to make an average monthly profit of £996.76. Newry, Bangor, and Brighton follow with £746.51, £603.01, and £544.76 average profit per month respectively.

Top 10 places to become a landlord based on average property price, mortgage amount, average rent, and monthly costs vs profits:

St Albans has been identified as the worst place to become a landlord.

The table below shows the worst cities to become a landlord in 2022:

The study also uncovers the true impact the Covid-19 pandemic has had on the capital’s housing market, identifying that the majority of London boroughs are unprofitable. The research reveals that London’s profitability for landlords has increased slightly since January 2021 when just six out of 33 boroughs were profitable.

Rising property prices and decreasing rental rates are squeezing profit margins for landlords, leaving 25 out of 33 London boroughs unprofitable in 2022, although this is a slight rise from the ranking last year which showed that just six boroughs were profitable.

The table below shows the most profitable London boroughs to become a landlord in 2022:

Westminster was identified as the most profitable London borough with an average profit of £2,651.76 per month, followed by Southwark with £1,603.76 and Lambeth making an average of £471.76.

Whilst Westminster comes out on top as the most profitable London borough in 2022, it’s also where landlords pay the highest amount of fees at £13,886.30 per annum. Hammersmith, whilst not nearly as profitable, is the second most expensive in terms of fees as landlords can expect to pay £12,609.92 annually with an average profit of just £285.76.

Take a look at the table below revealing the boroughs that have seen the biggest shift in profit for landlords in 2022:

It is important when considering becoming a landlord to identify locations where long-term profit is achievable as mortgage costs, monthly fees, and rent charges may find you at a loss in profit per month.

The table below shows the worst London boroughs to become a landlord in 2022:

One area that can cause setbacks to landlords’ income is the cost of maintenance repairs and replacements. Whether it’s supplying a toaster for a new tenant or replacing an entire dishwasher, these costs soon add up.

The study revealed that the total cost of buying all household appliances, (dishwasher, fan oven, tumble dryer, fridge, washing machine, and boiler) comes to a hefty £3.732.00, with an average annual replacement cost of £38.82.

The table below shows the costs of appliances to take into account:

The table below shows the costs of furnishing:

Richard Wayman, finance director at CIA Landlord Insurance, commented: “Covid-19 has undoubtedly shifted the way new landlords will be looking to invest in 2022, and our ranking makes it clear that considering location alongside price has never been more crucial.

“When looking into the true costs of being a landlord this year, it can certainly come as a surprise to some at just how expensive certain requirements are as well as the fluctuation in these costs.

“Before taking your first step into the property ladder, we recommend you consider all the costs involved in becoming a landlord and ensure you invest in an area that is stable and will be profitable for you in the long term.”

Methodology

In order to calculate the best city to become a landlord, CIA Landlord Insurance analysed every cost from maintenance and furnishing to letting agent fees, safety certificates, national insurance, licencing fees, tenancy deposit registration, and landlord insurance costs. This was combined with the average mortgage amount, rental rates, and property prices across 69 UK cities and 33 London boroughs to determine what were the best areas to become a landlord in 2022.

The monthly profit total has been calculated by taking the sum of the average rent, minus the monthly mortgage and monthly fees.

The total fees for landlords include arrangement, letting agent and monthly additional fees

Annual landlord licence fee cost is taken from an average of England, Wales, Scotland and Ireland.

https://propertyindustryeye.com/revealed-the-most-profitable-places-to-become-a-landlord/