Modernist Estates Market Alert: Property Spotlight #5

Five two- (and three-) bedroom properties in London for (almost) under £450,000

Earlier this year, I started listing properties for sale on modernistestates.com. It’s been a learning curve—not least in seeing first-hand how much the first-time buyer demographic has shifted over the last two decades.

We are all too well aware of how hard it is to buy a property in London. When I bought my first flat in 2004, I was a pretty typical first-time buyer: I was a month away from my 30th birthday and buying the property as part of a couple. I had a creative job — and the not-so-great salary to match. My partner’s parents generously gave us some money towards the 10% deposit we needed (which meant we had some money left over to furnish it with the ubiquitous Robin Day Forum Sofa from Habitat), but most of it came from our salaries and bonuses. It wasn’t easy; we had to be serious about saving and didn’t have much choice in what we could afford, but it was doable. In the end, we settled for a studio flat in Golden Lane Estate above the Shakespeare pub, which was riddled with mice. The small size of the flat and the fact that it needed a new kitchen and bathroom wasn’t of much concern—in fact, quite the opposite. It was exciting to be ripping out those awful peach bathroom tiles and wood-effect kitchen cabinets. So, I assumed that first-time buyers in 2025 were essentially in a similar situation, but a few years older.

According to the Office for National Statistics, the average age of first-time buyers in London is now 35, compared with 31 in 2004. Rising property prices, stricter mortgage lending criteria, and the need for larger deposits have collectively contributed to delaying the age at which people can afford to enter the housing market. In fact, more and more Londoners are choosing (or being forced?) to move out of the city to buy their first home. According to research by Hamptons, in 2024, first-time buyers made up a record 31% of Londoners purchasing homes outside the capital, totaling 17,680 individuals. This represents a 69% increase compared to 2013, when approximately 10,460 first-time buyers left London to purchase homes elsewhere.

Doing the viewings for the one-bedroom flat I listed for sale on the Whittington Estate earlier this year not only brought home how much older first-time buyers are now, but also the shift in mindset that comes with that.

In my eyes it was the perfect first-time buyer property: a well-designed one-bedroom flat in a great area, on a great estate. It needed a bit of work, but nothing too scary. Most of the people who came to view it were, in fact, first-time buyers in their mid thirties, having saved for years using schemes like the Help to Buy ISA (The scheme, no longer open to new applicants, was designed to support first-time buyers saving for a deposit. For every £200 you saved, the government added £50, up to a maximum bonus of £3,000. The property has to be under £450,000 in London). But the main feedback I got was that the flat might be too small—with just one bedroom—for those thinking about starting a family. One sweet, youngish couple said, ‘We’re thinking of having a baby in five to seven years’ time.’

Seven years?! I nearly fell over.

In the back of my mind, I was thinking, anything could happen in seven years—Jesus, you might not even want to be together anymore. (Which probably says more about my own issues with commitment than anything else.)

But honestly, seven years is a long time. And your first flat should be about learning—moving in, making a home, figuring things out. For me it was: make sure you know where the mains stopcock before renovating the kitchen, and never live above a pub again. In three or four years, your priorities will likely have shifted. If you are thinking about having a child, you’ll need to start considering more than just a spare room: what are the local schools like? Are there other parents nearby I can hang out with?

Another couple expressed concern that if they spent money on a new kitchen, they wouldn't get it back when they sold the property. Again, I almost fell over. No, you probably won’t, but you’ll have a beautiful kitchen to enjoy in the meantime. It struck me as rather depressing that the excitement of making your first home your own was being overshadowed by concerns about practicality and cost. It’s not a judgment on them, just a depressing state of affairs.

So, my personal advice, if you are restricted to the £450,000 cap, would be to go for the one-bedroom in an area you actually like (if you do have a baby, you can make it work for a bit). Then, when the time feels right, change your focus, sell up, and start looking for that two-bed. By then, you’ll know much more about what that two-bedroom needs to offer. Let’s face it, with the world in such flux at the moment, it’s difficult to know exactly where things will be in a few years’ time.

I know moving is expensive. And I completely understand the urge to future-proof things. If you’re a first-time buyer purchasing a flat for £450,000, you’ll pay £7,500 in Stamp Duty (first-time buyers benefit from a relief that means no stamp duty is paid on the first £300,000 of the property’s value) plus around £2,000 in legal fees. But I think it’s more important to take that first step and live somewhere you’re genuinely excited about—rather than compromising early for an extra room that’ll sit empty for half a decade.

That being said... I was curious. I wanted to see what two-bedroom flats in modernist estates are out there in London for under £450,000. It’s slim pickings, but I’ve pulled out a few of the best I could find…