Property in the city might be expensive, but if you know where to look you can find some serious bargains hiding around the big city.
Here are the 5 most affordable boroughs to rent or buy in.
1. Havering – £420,571
The average selling price of a three to four-bedroom house in Havering is roughly £420,571. In the Havering region, a month’s rent is approximately £1,010.
Bonus fact: Henry III ordered the Sheriff of Essex to hold a market every Wednesday in 1247, and Romford Market was born. With over 150 kiosks selling everything from clothes to food, it’s still as popular as ever.
2. Hounslow – £391,439
Hounslow, a London borough, with an average property price of £391,439 for a three or four-bedroom house.
For a two-bedroom property in Hounslow, the average rent is roughly £975.
Bonus fact: Freddie Mercury, the late frontman of the world-famous band Queen, lived on Gladstone Avenue in Feltham with his family.
The singer of We Are The Champions was born in Zanzibar and came to Hounslow when he was 17 years old, where he attended Isleworth Polytechnic (now West Thames College).
3. Croydon – £350,383
Croydon is one of the top three boroughs in London for property purchase.
In Croydon, the average housing price for a three or four-bedroom house is roughly £350,383.
On the other hand, Croydon has a monthly rent of roughly £968 for a two-bedroom apartment.
Bonus Fact: Croydon has more people under the age of 15 than any other London borough, with an estimated population of 84,000.
4. Barking & Dagenham – £343,462
House prices in Barking & Dagenham are around £343,462, making it the second cheapest borough in London to buy a three or four-bedroom home.
A two-bedroom house in Barking & Dagenham costs around £951 per month to rent.
Bonus fact: This borough in east London is known for its power station, which produces nearly a third of London’s electricity!
5. Woolwich – £321,374
On the other hand, Woolwich came out on top, with average sold prices of roughly £321,374 in the last 12 months, which is only £1,365 more than the average cost of a house in the UK, according to Zoopla.
The rehabilitation of Woolwich, which is set to be one of the big winners from the eventual arrival of Crossrail, has been a protracted process, which is perhaps why it remains one of the cheapest regions to buy and live in the capital.
Woolwich is a popular destination for young professionals, located 10 miles southeast of downtown London on the south bank of the Thames. First-time buyers searching for good value and a short commute, particularly those who work in neighbouring Canary Wharf, choose to buy here.
Mortoo Homes work in a number of boroughs across London. Reach out today for any queries about our property management services.
Being landlords ourselves we understand the importance of efficient communication and prompt actions. We want to remove the day-to-day frustration, difficulty and stress by offering you a holistic end-to-end approach to property management.
We will oversee all aspects of residential maintenance with a rigorous eye for detail and become a seamless part of your property investment. Leave your worries to us and take more time to focus on things that really matter to you.