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Top 10 London boroughs with the cheapest property prices

By Vin Parmar on in Buying

Top 10 London boroughs with the cheapest property prices

If you’re a home buyer looking for a good deal, East London is the best place to buy a home according to Rightmove’s latest asking price data.

We look at the top ten cheapest areas in London to buy a home in the New Year, with lowest average asking prices from Barking and Dagenham in the East of London to Hillingdon in the West.

Top 10 cheapest areas in London

1. Barking and Dagenham

In Barking and Dagenham, asking prices are nearly half the London average asking price. This area will benefit from huge regeneration, especially in Barking town centre. Barking is in Zone 4 on the District line and has direct trains into the City. By 2021, almost 11,000 homes in a riverside district will connect to the overground network.

Average asking price: £312,248
Average annual increase: 3.1 per cent

2. Bexley

Bexley is one of London’s cheapest boroughs but it’s on the rise. Abbey Wood, in the Bexley borough is benefiting from a huge boost due to its new Crossrail station. Once the Elizabeth line opens at the end of 2018, Londoners can travel to the West End in under half an hour and Heathrow in 51 minutes.

Average asking price: £371,996
Average annual increase: 3.8 per cent

3. Havering

Havering is voted one of the top 10 happiest boroughs to live in. Plans for 3,500 new homes are in place to be built in this borough over the next 10 years. The London borough of Havering in Essex is home to a high-speed Crossrail network stop in its main town, Romford.

Average asking price: £412,698
Average annual increase: 5.4 per cent

4. Newham

In 2017, asking prices in Newham, East London rose the quickest in the top 10 cheapest boroughs. The biggest benefit to Newham is the ongoing legacy of the Olympic Games regeneration in the North of Newham, whereas in the South there is the Crossrail route which will connect Reading and Heathrow to Abbey Wood and Shenfield (via Forest Gate) in the East.

Average asking price: £415,700
Average annual increase: 9.8 per cent

5. Croydon

Croydon town centre has seen a good amount of regeneration over the past few years, ranging from new-build and family friendly homes to micro flats for first-time buyers.

Average asking price: £421,782
Average annual increase: 0.6 per cent

6. Sutton

Sutton is 10 miles South-West of Central London. It has plenty of green space, and the homes are relatively affordable. This town is particularly popular with parents because of the excellent state schools – it’s home to five grammar schools, and the half hour commute times into Victoria and London Bridge.

Average asking price: 3427,686
Average annual decrease: 2.2 per cent

7. Lewisham

If all goes to plan in the next 10 years, there’ll be a Bakerloo line tube extension from Elephant and Castle to Lewisham. This means house prices in the borough will increase. For now, the South-East London borough is well served with DLR and rail stations. There is plenty of interest from buyers in popular areas like Blackheath, Brockley and New Cross.

Average asking price: £455,129
Average annual decrease: 1.3 per cent

8. Greenwich

Greenwich, in South-East London has two main stations on the Crossrail network: Abbey Wood (which also straddles Bexley) and Woolwich. House prices have increase due to significant regeneration in the borough of Greenwich, with 5,000 new homes to be built on the Royal Arsenal Riverside development.

Average asking price: £461,666
Average annual increase: 5.9 per cent

9. Enfield

Huge regeneration is underway at Meridian Water. 10,000 new homes and a new train station which will see you in Liverpool Street in 25 minutes. Enfield Town is in North London. It has three tube and train stations and is well connected to the motorway. The average price increase of 0.4 per cent is likely because of the market levelling following a year of some of the biggest price growth in the City.

Average asking price: £472,069
Average annual increase: 0.4 per cent

10. Hillingdon

Hillingdon is home to West Drayton where homes are bought the fastest in London, within 37 days. A two-bedroom flat costs around £300,000. It also has a station on the Elizabeth Line.

Average asking price: £473,681
Average annual decrease: 0.9 per cent

Image credit: Photo © Peter Trimming (cc-by-sa/2.0)