South London dominated the most popular locations for Help to Buy home purchases, new research has found after the government ISA scheme came to an end.
Lewisham, Deptford and Croydon were all popular with buyers seeking to get on the property ladder, as first-time home owners were priced out of previously popular locations such as Clapham and Brixton.
House hunters also scouted areas in east London such as Walthamstow and West Ham, according to data tracking home purchases between 1 December 2015 to 30 June 2019.
The most money was spent in Walthamstow, where the total estimated value of properties reached £212.47m after 616 homes were bought through the scheme.
The most popular area in London for first time buyers using the ISA was Greenwich and Woolwich, where 658 homes were bought with a total value of £207.14m, according to research by Ludlowthompson.
The Help to Buy ISA closed to new applicants on Saturday but savers that already have an account will be able to continue to save until November 2029.
The scheme, which launched in 2013, allowed first-time buyers to save up to £200 per month and receive a maximum government bonus of £3,000 to put towards the purchase.
Ludlowthompson chairman Stephen Ludlow said: “Saying that Croydon is the new Shoreditch no longer gets you labelled as an eccentric.
“This arrival of Boxpark and artisan street food markets in Croydon, Lewisham and Tooting are just the latest leg in their movement upmarket.
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“Shrewd property investors identified Peckham’s potential over a decade ago. Now it’s areas like Croydon and Lewisham that are the rapidly gentrifying parts of London with increasing numbers of independent bars, art studios and foodie haunts.
“These are the areas that young people want to buy in. Much of Clapham, Brixton and other traditional first-time buyer areas are less affordable now.”
The most popular London areas for Help to Buy purchases
|Constituency||Estimated value of properties (£)||Estimated number of properties|
|Lewisham West & Penge||211,112,805||615|
|Greenwich & Woolwich||207,142,029||658|
|Sutton & Cheam||151,868,807||474|
Main image credit: Getty