East Ham and Plaistow in The Top 10 Most Affordable Places to Buy in London
Thanks to the stamp duty holiday, coupled with introducing the new government-backed 5% deposit scheme, the property market has boomed over the past year.
New data shows areas of the city that are the most affordable for home buyers looking to buy something of their own. And guess what, the research reveals East Ham as one of the most affordable places to buy in the whole of London.
Despite a lot of the capital being insanely expensive, with average property prices reaching £2m plus, there are plenty of areas in which to find a bargain too.
The top 10 most affordable areas to buy a property in London:
Average House Price - £275,194
2. Lower Edmonton
Average House Price - £324,420
3. Upper Edmonton
Average House Price - £325,352
4. Abbey Wood
Average House Price - £330,345
5. South Norwood
Average House Price - £348,701
6. East Ham, Beckton
Average House Price - £350,124
7. Plumstead, Woolwich
Average House Price - £351,089
8. Anerley, Penge
Average House Price - £380,445
Average House Price - £382,300
Average House Price - £402,025
Eight of the top ten most expensive London areas are in the West and South West, with the average property price in these areas coming in at £1.56 million.
In addition to uncovering the most affordable and most expensive areas to buy in London, the survey looked at some of the best spots to invest for those looking for the best up and coming areas, tenant demand or the locations with the best schools.
The data shows that the best up and coming area for property is Tottenham.
Tottenham is one of the top ten most affordable areas in London to buy, with the average property price coming in at just over £400,000. As well as new homes being built and Tottenham Hotspur FC’s impressive new stadium, the area is currently in the early stages of a 20-year regeneration plan. Considering the changes in the area and plans for the future, it looks like it could be the best up and coming place for properties in London.
The best area to invest in property is Willesden Green.
This area is hugely popular with renters making it a great place to invest in property for those looking to be a landlord or expand their portfolio. Demand for rental properties is high in this North West borough, and rental income returns a yield of 3.6%. In addition, house prices have grown by 26% in the area since April 2020, and this strong growth looks set to continue. It might not be the cheapest area to buy a property, with the average property price around £457,000. Still, it is a highly sought-after area for young professional renters so that investors could see a healthy long-term return.
The best area for schools is Harrow.
Harrow could be the best place to buy a new home if great schools are high on the priority list for families. The area is home to 16 schools rated “Outstanding”, giving parents plenty to choose from, including state and private options. Some of the highly rated schools in the area include Belmont, Marlborough, and Whitmore High. The average property price in the area is £460,408, which is more affordable than many other London areas.