Where Is the Cheapest Place to Buy London?

By Alice Nichols

Are you planning to buy property in London? Perhaps you’re a first-time buyer looking for an affordable option or an investor seeking a bargain.

Whatever your motive, finding the cheapest place to buy in London can be a daunting task. In this article, we’ll explore some of the factors that affect property prices in London and reveal some of the most affordable areas to consider.

Factors That Affect Property Prices in London

Before we dive into the cheapest places to buy property in London, it’s essential to understand what affects property prices in the city. Some of the factors include:

  • Location: The location of a property is one of the most significant factors that affect its price. Properties located closer to central London tend to be more expensive than those found on the outskirts.
  • Transport Links: Good transport links, particularly those with easy access to tube stations and bus routes, can increase property values significantly.
  • Type of Property: The type of property also plays a role in determining its price. For example, flats tend to be more affordable than houses.
  • Amenities: Areas with good schools, shopping centers, and green spaces tend to attract higher prices.

The Cheapest Places To Buy Property In London

Now that we’ve explored some of the factors that affect property prices let’s take a look at some of the cheapest areas to buy in London:

Barking and Dagenham

Located on the eastern edge of Greater London, Barking and Dagenham is one of the most affordable areas to buy property in London. According to recent data, the average house price here is around £300k – considerably cheaper than other parts of London.

Bexley

Located in Southeast London, Bexley is another affordable option for property buyers. The average house price here is around £350k, and the area boasts good transport links and excellent schools.

Croydon

Croydon is a large town located in South London, and it is another affordable option for property buyers. The average house price here is around £400k, and the area has undergone significant regeneration in recent years, making it an attractive option.

Newham

Located in East London, Newham is one of the most affordable boroughs in London. The average house price here is around £400k, and the area has excellent transport links to central London.

Conclusion

Buying property in London can be expensive, but there are still options available for those looking for affordable properties. Barking and Dagenham, Bexley, Croydon, and Newham are some of the cheapest places to buy property in London. However, before making any purchasing decisions, make sure to consider all factors that affect property prices to ensure you get the best deal possible.

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