Are you tired of renting in the expensive city of London? Do you dream of owning a home in the heart of the city but feel restricted by your budget?
Well, there’s good news for you! Some London boroughs offer affordable housing options that won’t break your bank. In this article, we’ll explore which borough is the cheapest to buy a house in.
What are the factors that determine house prices?
Before we delve into which borough is the cheapest, let’s first understand what factors determine house prices. The location, size, condition, and age of a property are some common factors that influence its value. Additionally, factors such as proximity to public transport, schools, hospitals, and shops can also impact property prices.
Which is the cheapest London borough to buy a house?
According to recent data compiled by the Land Registry Office, Barking and Dagenham is currently the cheapest London borough to buy a house. The average price for a home here is £300,517 (as of February 2021), which makes it an attractive option for potential buyers who are on a tight budget.
Why should you consider buying property in Barking and Dagenham?
Apart from being affordable, Barking and Dagenham offers many other benefits to homeowners. It has excellent transport links with easy access to central London through the District and Hammersmith & City lines. Moreover, it has several green spaces and parks where residents can relax or engage in outdoor activities.
Are there any other affordable London boroughs worth considering?
Yes! While Barking and Dagenham may be the cheapest option currently available, there are other viable options worth considering. For instance:
- Havering: Located in East London and known for its parks and open spaces.
- Bexley: Situated in South East London and has a mix of urban and suburban areas.
- Croydon: Located in South London and well-connected to other parts of the city through various transport links.
Conclusion
In conclusion, if you’re looking for an affordable option to buy a house in London, Barking and Dagenham is currently the cheapest borough. However, there are other options worth exploring depending on your preferences and budget. We hope this article has helped you gain a better understanding of the London property market and assists you in making an informed decision.