The average house price in London dropped by 5.2% in 2023, according to a January 2024 report published in The Standard newspaper. That means that the average house price fell from £535,711 to £508,037, a drop of £27,674.
The cost of houses in individual London boroughs also changed considerably, with prices in 26 London boroughs decreasing. While London still has the biggest mortgage rates of any area in the UK (with average first-time buyers facing a loan of £335,000), house prices in individual boroughs have become a lot more affordable.
Top Six Affordable London Boroughs
Here’s a quick guide to the six most affordable boroughs in London right now.
1. Bexley
Bexley has been designated as the number one most affordable borough right now, with the average property price in Bexley standing at £392,000. The average full-time salary in Bexley is £43,362, which makes the mean house price 9.0 times a typical salary. Bexley offers riverside views and lots of historical buildings, as well as highly-rated schools. Since it is only 14 miles outside central London, it is ideal for commuters who work in the city too.
2. Barking and Dagenham
Following close behind Bexley is the London Borough of Barking and Dagenham, where homes are 9.3 times the average yearly wage. The area has a rich history, a choice of shops and great transport links.
3. Croydon
Average house prices in the borough of Croydon are 9.5 times the yearly salary, making this one of the more affordable boroughs in the capital. It also has excellent transport links and some unique architecture.
4. Havering
Houses in Havering average out at 10.1 times the yearly salary. It’s also one of the greenest London boroughs and has easy access to lots of shops, restaurants and amenities.
5. Newham
Newham takes the number five spot of affordable London boroughs, with house prices at 10.4 times the annual average salary. The area has a diverse community and is especially popular with young creative professionals.
6. Sutton
Sutton is currently the sixth most affordable London borough, with an average house price of 10.6 times the annual wage. It’s an up-and-coming area, with award-winning parks, green areas and lots of excellent schools.
If you’re considering buying a property in London don’t forget that, as well as the cost of the house, you’ll have to pay legal fees. Conveyancing solicitors London such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors/conveyancing-solicitors-london can take care of the legal aspects of buying a property, from completing searches to transferring deeds.
Whether you’re a first-time buyer or looking to move, these boroughs are some of the most affordable in London.
