Which is the last remaining London borough with property below £100k?

Which is the last remaining London borough with property below £100k?

According to new research from HouseSimple.com, over a quarter of London boroughs don't have a single property for sale for less than the average UK house price.

With average London property prices beyond the half a million pound mark, currently standing at £530,409, affordability is a serious concern for the average (and some above average)Londoners.

New research by online estate agents HouseSimple.com has looked into the cheapest properties currently for sale in each of the 32 London boroughs, and whether it is still possible to buy a property in the capital for less than the average UK house price of £191,812.

The study revealed that in nine out of 32 London boroughs (28%), it is impossible to find a single property currently on the market for less than the average UK house price of just under £192,000 (according to monthly Land Registry Property Index).

The figures also revealed that Bexley is the only borough where you can buy a property for less than £100,000, with a studio flat currently on the market for just £94,995. While, in Tower Hamlets, there are no properties on the market for less than £250,000.

Looking at stamp duty bands, HouseSimple research reveals that in just four out of 32 (12.5%) London boroughs is it possible to buy a property exempt from stamp duty. (0% stamp duty band is: £0 - £125,000). While, in almost half of the Capital’s boroughs, the most affordable property for sale today is a studio flat, which are typically just 100-110 sq ft in size, compared to the average UK one bed flat, which measures 495 sq ft.

The following table shows the cheapest properties currently for sale in each of the 32 London boroughs.


Borough

Property

Listing Price (£)

Barking and Dagenham

2-bed flat: Grand Parade Oxlow Lane, Dagenham RM10

£140,000

Barnet

1-bed flat: Finchley Park, Lychgate Court, Finchley N12

£129,950

Bexley

Studio: Frobisher Road, Erith, Greater London DA8

£94,995

Brent

Studio: Masons Avenue, Wealdstone HA3

£159,950

Bromley

1-bed flat: Downham Way, Bromley BR1

£160,000

Camden

Studio: Cliff Road, London NW1

£225,000

City of Westminster

Studio: Hallam Street, London W1W

£150,000

Croydon

Studio: Zodiac Court, Croydon CR0

£119,950

Ealing

2-bed flat: Western Road, Southall UB2

£159,950

Enfield

1-bed flat: Bowes Road, Palmers Green N13

£139,995

Greenwich

Studio: North Greenwich, London SE10

£149,000

Hackney

1-bed flat: Edmeston Close, London E9

£230,000

Hammersmith and Fulham

Studio: Devonport Road, London W12

£229,950

Haringey

Studio: Creighton Road, London N17

£160,000

Harrow

2-bed flat: Vancouver Road, Edgware, Middlesex HA8

£149,950

Havering

1-bed flat: Station Chambers, Oak Road, Harold Wood, Romford RM3

£130,000

Hillingdon

Studio: Willow Tree Lane, Yeading Middlesex UB4

£129,950

Hounslow

Studio: Redford Close, Bedfont TW13

£130,000

Islington

1-bed flat: Holloway Road, London N7

£240,000

Kensington and Chelsea

Studio: Acklam Road, Ladbroke Grove W10

£249,950

Kingston upon Thames

1-bed flat: Alexandra Drive, Berrylands KT5

£185,000

Lambeth

Studio: Leigham Vale, Streatham SW16

£105,000

Lewisham

Studio: Blythe Hill, Catford SE6

£129,995

Merton

1-bed flat: Moore Close, Mitcham CR4

£150,000

Newham

Studio: Charlemont Road, London E6

£100,000

Redbridge

1-bed flat: Selborne Road, Ilford IG1

£130,000

Richmond upon Thames

Studio: Kingston Road, Teddington TW11

£220,000

Southwark

1-bed flat: Peckham High Street, London SE15

£199,995

Sutton

1-bed flat: Defiant Way, Wallington SM6

£169,950

Tower Hamlets

2-bed flat: Henshall Point, Bromley High St, Bow E3

£250,000

Waltham Forest

1-bed duplex: Chingford Road, Walthamstow, London E17

£165,000

Wandsworth

1-bed flat: Tangley Grove, London SW15

£205,000

Alex Gosling, CEO of online estate agents Housesimple.com, comments: “These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the Capital are over £530,000?

Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs.

It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away. It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.”

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Latest Comments

Spencer Fortag
Spencer Fortag 25 Aug 2016

The funny thing is, I mentioned the brick issue in my blog back in April: http://medwayproperty.blogspot.co.uk/2016/04/the-medway-property-market-and-lack-of.html

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SecomTech
SecomTech 19 Aug 2016

Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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jasonevans
jasonevans 19 Aug 2016

Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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jasonevans
jasonevans 19 Aug 2016

Usually these areas are least affected when it comes to unexpected economical collapse.

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TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

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madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

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madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

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madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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