London house prices: 10 of the most affordable places in London for first time buyers
08-02-2020
If you want to buy your first home, look in these places
ByLucy Skoulding
There are a few surprises on the list (Image: Peter Summers/Getty Images)
Lockdown has seen many of us reconsidering where we want to live and even what we want out of our lives.
Some people want to move house because of lockdown while others are keen to get on the property ladder and buy their first home.
Over a quarter (28 per cent) of prospective buyers in the capital have reported that lockdown has had a positive impact on their finances, according to a new survey from money.co.uk.
So if you're among those people who are now ready to buy your first home in London, where might you look that's most affordable?
Unsurprisingly, the outer London boroughs have come out with the cheaper property prices. Barking and Dagenham is the cheapest place, with the average property price at £275,497.
And Barnet came out as the most popular place for the Help to Buy scheme, with 1,765 properties being bought under the scheme since it began.
Would you check out that view!
Barking and Dagenham is officially the borough with the cheapest average property price
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The research from money.co.uk shows the top ten cheapest places in London to buy according to property price as well as the most popular places given how many first-time buyers have used the Help to Buy scheme in them.
By average property price
This list displays the cheapest boroughs according to average property price as of July 2020.
10. Redbridge - £426,063
9. Sutton - £424,289
8. Lewisham - £411,117
7. Enfield - £373,491
6. Hounslow - £370,672
5. Havering - £364,480
4. Bexley - £346,253
3. Croydon - £342,828
2. Newham - £321,433
1. Barking and Dagenham - £275,497
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By number of Help to Buy purchases
The below list displays the ten most popular London boroughs to buy a property according to the number of people who have used the Help to Buy scheme there, between when it launched in 2013 and the end of 2019.
10. Ealing - 985
9. Harrow - 1,000
8. Southwark - 1,002
7. Havering - 1,011
6. Hillingdon - 1,151
5. Lewisham - 1,171
4. Greenwich - 1,441
3. Croydon - 1,468
2. Tower Hamlets - 1,596
1. Barnet - 1,765
Which one would you choose?
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Slightly differently to the average property price, some of the inner London boroughs are popular with Help to Buy users.
While outer boroughs like Croydon, Havering and Hillingdon are on the list, so are more central places like Tower Hamlets and Southwark.