Home hunters in London are faced by many challenges, not least of which is the eye-watering prices required by vendors. The good news for buyers is that prices are lower than last year, even in the most expensive boroughs, and certain cheaper locations are becoming more attractive.
The UK Price Index, which is published each month, showed an upturn of 2.4 per cent in the capital’s prices for April, equating to an average price of £471,504; however, the year-on-year asking price fell by 1.2 per cent.
Affordable locations in London
Although the heaviest falls in prices are in the most expensive boroughs, according to HM Land Registry, there are bargains to be had in more affordable locations and even in some of the more expensive.
For any buyer, one of the first steps to take is acquiring a homebuyers report London. Conveyancing firms such as https://www.samconveyancing.co.uk/Homebuyers-Survey/Home-Buyers-Survey-London have access to a local panel of RICS surveyors.
There is just one new addition to the capital’s top ten cheaper options, which is Lewisham. This replaces Hillingdon, where prices have nudged over £410,800. This still compares well with the most expensive area, Kensington and Chelsea, which boasts an average home price of an eye-watering £1,163,082! Let’s take a look at the six most affordable boroughs and their average house price
1. Barking and Dagenham – £300,517
This holds its position as the cheapest place to buy in London.
2. Bexley £342,993
Although prices have increased year-on-year, possibly affected by Crossrail, the area remains attractive and may produce added value.
3. Croydon £359,336
Different areas are benefiting or losing out through developments in the town; however, Croydon’s connections to Central London remain a plus.
4. Havering £362,698
With a host of green belt land, this remains an attractive option – especially since it is on the District Line.
5. Sutton £368,520
Families will be taken with the excellent performance of schools, which boast the best results in Greater London.
6. Newham £370,525
Again, transport links via the underground and DLR make this area an attractive option at competitive prices.
Not all homes in the capital are unaffordable if buyers are prepared to look further afield. Most of the options mentioned above combine two factors: solid performance in terms of prices and great transport links.