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It’s without a doubt that London is one of the most expensive places to buy properties within the UK, with an average house price of £536,000 according to The Office for National Statistics (August 2023). Don't be put off though as, despite this high average, there are decent properties located in the more affordable areas in London. Read on to find out where.
Plumstead, Bexley
Plumstead is currently one of the cheapest areas to buy in London, with the average house price coming in at £214,000. The area boasts beautiful Victorian and Edwardian properties, with views of the Southeast London Skyline, with Plumstead Common nearby.
Plumstead Transport Links:
Deptford, Lewisham
For those looking to invest in a more central location, Deptford is one of the most affordable areas within Zone 2, with average house prices sitting at £352,000. Deptford offers a variety of housing stock, ranging from Victorian builds to new building developments. New developments at Deptford Market Yard means the area is buzzing with bars & restaurants.
Deptford Transport Links:
Deptford is sat on the DLR with links into Central London and the surrounding areas. The train station runs trains to London Bridge every 15 minutes and Canada Water Tube station is accessible via a 20 minute bus journey.
Thamesmead East, Greenwich
Next up, we have Thamesmead East with property prices averaging £355,000. Thamesmead is currently undergoing a large-scale regeneration project, one of the biggest within the UK. The aim of the regeneration project is to transform 40 hectacres of land into lake-view properties, featuring 1,2 and 3-bed apartments and 3-4 bed townhouses.
Thamesmead East Transport Links:
It's well known that Thamesmead's transport links are not great. However, along with the project comes talk of a DLR station nearby. Currently the closest station is Abbey Wood, roughly a 30 minute walk away, sat on the Elizabeth line and providing Thameslink trains.
Barking, Barking and Dagenham
At present, Barking is one of the most affordable London boroughs to purchase properties in, with 3-bed houses starting at £370,000. Whilst majority of the housing was built in the 1930s, stock also consists of Victorian and Edwardian housing as well as new-building developments. The borough has over 25 parks and gardens and even a nature reserve, providing an escape from the hustle and bustle of city life.
Barking Transport Links:
There is a major regeneration project taking place in Barking, leading to the opening of a new tube station that connects East and North London.
Croydon
Croydon is made up of a variety of property types, with new builds making up a large portion as of late. A development project, undertaken by London Square, will be providing one, two and three bedroom apartments to West Croydon by the end of the year. The council has recently pledged £7.5 million to improve the area around Croydon Minster, in attempts to improve the local area.
Croydon Transport Links:
Croydon has been undergoing major transport infrastructure for around a decade, such as the East Croydon Bus Station. It is also home to 3 railways stations: East Croydon, West Croydon and South Croydon, connecting you to London Victoria within 15 minutes.
Investing in, what may be seen as, a less desirable area can actually be a valuable prospect. At Elliot Leigh Guaranteed Rent, we have partnerships with over 20 Local Authorities meaning we offer a competitive rate to our landlords despite the location. We pay the agreed fixed rental income each month whether the property is empty or if the tenant is paying or not, meaning void periods and rent arrears are no longer a worry for our landlords. Find out more benefits of our scheme here.