Newham the Cheapest Place to Live in London.
25th July 2021
25th July 2021
Although buying or renting in London will always remain notoriously expensive, a recent report took a look at which areas are currently the cheapest in the U.K. capital.
The research was based on figures collected from UK property search portal, OnTheMarket, and despite pandemic-driven property trends, it looks like the trend began way before the pandemic.
London’s housing market activity, like with most major global cities, suffered amid the coronavirus restrictions, as people were urged to stay at home. But as restrictions eased, there was an uptick in Londoners seeking to move to rural areas searching for more space as the working-from-home trend looked to continue long term.
Areas like Wimbledon, Dulwich and Richmond had seen some of the biggest growth in property prices over the last 12 months, as people looked for more space and greenery.
Meanwhile, rent had fallen by 14%-15% in some areas of central London, with fewer international students and professionals from abroad coming to live in the city due to Covid.
The report also found Newham to be the cheapest London borough, in which buying a property had an average asking price of £424,350. Sutton was the cheapest borough in which to rent a property, at an average of £331 a month.
Barking was also one area offering “good value” in terms of property prices.
In addition, Bexley, Bromley, Croydon, Havering, Hounslow and Lewisham were other areas of London that offer cheaper house prices.
Newham is very up and coming, with a lot of new bars and restaurants opening in the area. So although the area is currently reported to be the cheapest area in London to live in, that might not be the case in a year or two. Meaning the time to act and invest in a property in Newham is now!
Contact me today for more information on the local East London property market and for help finding you your perfect property.