Let’s face it! London isn’t the cheapest place to call home.
Properties in this vibrant city are notoriously expensive, with the average price of homes in some boroughs surpassing the £1m mark. The same goes for rent. The latest figures from PwC reveal that London tenants spend on average 53% of their income on rent.
But the capital still has some affordable areas, where the asking price is well under £300,000, according to Rightmove. In this article, we’ll explore the most affordable places to live in London, taking houses to rent and property prices into account.
1. Barking and Dagenham
Average rent: £1,200
Average house price: £308,583
Barking and Dagenham tops the list of the cheapest places to rent or buy property in London. With an average property price of £308,583, this borough offers great value for money.
This inexpensive borough has good transport links to central London, which will only improve with the completion of the Elizabeth Line and the Overground extension to Barking Riverside. Houses in Barking move fast, thanks to property buying companies, like Molae Properties, who offer to buy homes for cash and can guarantee a quick house sale in London.
Average rent: £1,100
Average house price: £344,254
Bexley is the second cheapest borough, with an average price of £344,254—which is 11% more expensive than Barking and Dagenham.
Bordering the Royal Borough of Greenwich to the west and Bromley to the south, Bexley will also be served by the Crossrail services—thus, property owners will also benefit from the improved transport network. The area also boasts of the capital’s low rent rates, not to forget the low crime rate in the region.
Average rent: £1,100
Average house price: £385,190
Going from East to South London, the borough of Sutton offers the cheapest rent rates, along with Bexley. The low rent of £1,100 PCM and plenty of green spaces make Sutton a lovely area for young parents working in central London.
Sutton is the most environmentally friendly borough in London, having declared a climate emergency in 2019, and pledged to become climate neutral. Sutton is also a beautiful place, with a ‘village’ atmosphere not seen in central London.
Average rent: £1,150
Average house price: £371,260
If you’re looking to settle somewhere quiet and green, Havering in East London is the place to be. In 2017, only 39% of the land was built on, with the rest being farmland, recreation grounds, parks, and untouched natural landscape.
Enclosed by the M25 in the outer edges and Romford as its principal town, the borough is mainly suburban. But the affordability of houses and low population makes it the ideal place for those who wish to settle in the far eastern edge of Greater London.
Average rent: £1,129
Average housing: £385, 488
Croydon might not have a London postcode, but this beautiful borough is still considered part of the capital. Over the years, this London borough has undergone massive regeneration and is fighting to become London’s third official city (after Westminster and the City of London).
The borough is affordable for young families, with house prices averaging £385,488. And with plenty of museums, parks, and pubs, Croydon has a lot to offer to those who wish to escape the city but still experience the charms of city life.
To Sum it Up
London is undoubtedly one of the best places to live in, but life in this glorious city can be costly. However, with a keen eye and a bit of research, you can find some affordable boroughs that are a stone’s throw away from the capital. Other affordable areas of London worth checking out include Enfield, Leyton, Greenwich, and Newham.