While property prices in Britain are still on the up, the London housing market finally seems to be falling – with the average price of a home dropping by £4,000 in November last year. If you’re wondering what the most affordable areas in the capital are, we’ve enlisted the help of One Dome to find the ten cheapest boroughs to buy a house in now…
1. Barking & Dagenham
Average property price: £293,230
Barking and Dagenham in east London remains the only borough in London where the average properties are still selling for less than £300,000. Regeneration plans are coming to fruition here, especially in Barking town centre, which is in Zone 4 on the District line with a 15-minute journey to the City. By 2021, a riverside district with almost 11,000 homes will be connected to the Overground network, too.
Average property price: £344,383
Nestled between Bromley and Dartford, and bordering Kent, this leafy south-east London borough scores highly when it comes to safety. Access to central London is relatively quick, but Bexley embraces its country-city ambience, with plenty of community-minded residents, a low-key nightlife and highly-rated schools.
Average property price: £365,854
The north-eastern London Borough of Havering sits between the city and the rural countryside of Essex. More prosperous than the neighbouring borough of Barking & Dagenham, Havering offers residents a quiet, calm lifestyle with plenty of open space, good schools and excellent shopping facilities in the heart of Romford.
Average property price: £375,112
This popular London commuter borough has good transport links and is currently undergoing a £3.5 billion regeneration project, which will see it potentially become London’s third city, after the City of Westminster and the City of London. Croydon has become the second most populated borough in London and is now home to 381,000 people.
Average property price: £380,293
Newham is formed from the former Essex county boroughs of West Ham and East Ham. It’s close to the amenities of Westfield Stratford and the hipster brunch spots in Hackney, and is the second fastest growing London borough. This is an area currently undergoing redevelopment so expect to see many more stations appearing with the completion of the Jubilee Line extension and the introduction of Crossrail.
Average property price: £382,887
As one of the safest boroughs in London, sleepy Sutton is a hit with families seeking good schools and a slower pace of life. One of the most tranquil boroughs in the capital, it’s characterised by period housing, peaceful green spaces, and happy residents – 91% said Sutton was a ‘great place to live’ in 2014.
Average property price: £398,294
With budget-friendly properties, a variety of restaurants and good transport links into central London, this historic Northern borough is a hit with families and first-time buyers. The best areas to live in Enfield are often considered to be Grange Park, Winchmore Hill, Oakwood and Southgate where you can find Victorian and Edwardian properties for affordable prices.
Average property price: £400,095
Stately homes, award-winning parks and plans for thousands of new homes make this underrated borough one to watch for families seeking more space. Hounslow also boasts some of the best transport links of any London borough, not only connecting residents to other areas in the city but also the rest of the world via nearby Heathrow – one of the world’s busiest airports.
Average property price: £404,271
Charming cobblestones, the luscious green expanse of Greenwich Park and a distinctly old world feel, this borough is one to watch. Historic properties near the park are the most popular (and expensive), particularly the Georgian and Victorian terraces, while for young professionals Millennium Village is an appealing development.
Average property price: £418,994
With the economic prosperity brought in by Heathrow Airport, and Crossrail stations on the horizon, this well-connected borough is a thriving business and commuter hub. There are excellent transport links, both via public transport and good arterial routes via the M4 and M25, along with swathes of green space and a selection of good schools.