With the OBR expecting property prices to drop by 10 per cent this year, first time buyers are tentatively hoping that 2023 might be the year they can finally afford to get on the property ladder. But with London’s property market still too hot for many young buyers, where is the best borough to buy?
We asked the team of mortgage experts at onlinemortgageadvisor.co.uk to analyse the average house prices for every London borough: here are the 10 most affordable places to live in the London as of January 2023.
10. Hillingdon – £467,411
Hillingdon is located within the heart of West London. Boasting a multicultural community, it has award-winning parks, including the scenic Colne Valley Regional Park, which is a paradise for nature lovers. Hillingdon’s high street offers a blend of independent boutiques and popular high street stores, making it a popular shopping destination. All in all, Hillingdon effortlessly blends modern city living with rich history and culture – and it scrapes into our list of the 10 cheapest boroughs for property prices.
9. Enfield – £463,926
Enfield is famed for its rich history, with attractions including the Grade-II listed Forty Hall and Gardens and the Whitewebbs Museum of Transport, which provide insight into the area’s past. Enfield is also a foodie haven with a vibrant and diverse culinary scene that encompasses everything from Indian street food to Italian delicacies.
8. Lewisham – £462,198
Lewisham, situated in the southeast of London, boasts an impressive array of shops, bars, and restaurants alongside a thriving arts scene. Lewisham also offers a plethora of green spaces to explore, including Mountsfield Park and Ladywell Fields. The area was a key location during World War II, with many of the original buildings still standing today. With excellent transport links to the rest of London, Lewisham is a vibrant and exciting place to live and work.
7. Sutton – £445,079
Located in South London, Sutton town centre features plenty of shops, restaurants, and cultural attractions, including the Sutton Theatre and the Honeywood Museum. The borough is home to several beautiful parks and green spaces, such as the historic Sutton Green and Beddington Park. Commuters will appreciate the area’s excellent transport links, including several National Rail stations and easy access to the M25.
6. Greenwich – £445,079
Nestled on the banks of the River Thames, the London borough of Greenwich is a true gem. This historic destination boasts attractions including the iconic Cutty Sark ship and the Royal Observatory, where visitors can stand on the Prime Meridian line. Stroll through the stunning Greenwich Park or explore the bustling Greenwich Market, filled with artisan food and unique crafts. The O2 Arena, a world-class entertainment venue, brings in big-name performers and events year-round. Plus, with easy access to central London via underground, Greenwich is a great location for those working in the city.
5. Croydon – £434,426
Croydon has excellent transport links to the rest of the city and is a popular destination for both professionals and families. The area is home to a range of notable landmarks, including the historic Croydon Clocktower and the modernist Fairfield Halls theatre complex. It boasts a wide variety of shopping options, from high street brands to independent boutiques. Residents can enjoy the great outdoors at the nearby Addington Hills or the Wandle Park, while foodies can enjoy cuisines from around the world.
4. Havering – £434,331
Havering, located in the northeast of the city, has plenty to offer both locals and visitors. The borough boasts a mix of historical charm and modern amenities, including an array of shops, restaurants, and cultural attractions. It has a wealth of green spaces and parks including the expansive Hornchurch Country Park, providing a welcome retreat from city life.
3. Newham – £432,094.58
Newham, located in the east of London, is home to everything from the trendy coffee shops of Stratford to the beautiful greens of Queen Elizabeth Olympic Park. The borough has played a significant role in London’s history, being the home of the 2012 Olympics. Visitors can learn about Newham’s past at local museums and galleries, or explore its thriving contemporary art scene.
2. Bexley – £401,801.52
Bexley, located in the southeast of London, offers a charming mix of suburban life and green spaces – as well as the second cheapest average property prices. It boasts an array of parklands, including Danson Park and the Lesnes Abbey Woods – perfect for a peaceful stroll or a family picnic. The area is also home to iconic landmarks such as the Bexleyheath Clock Tower and the historic Hall Place and Gardens. For shopping, there’s Broadway Shopping Centre and a range of high street and independent stores. The area also has excellent schools and is well-connected with reliable transport links to central London.
1. Barking and Dagenham – £353,635
Nestled in the east of London, Barking and Dagenham boasts the cheapest property prices in London. From the historic Barking Abbey to the bustling markets of Dagenham, it offers a unique blend of old and new. Take a stroll along the River Thames or visit the award-winning Valence House Museum to learn about the area’s rich history. For sports enthusiasts, the borough is home to the world-renowned Dagenham & Redbridge FC and the state-of-the-art Jim Peters Stadium.