16/03/2020
PROPERTY in the capital can often come with a hefty price tag, but when looking to live in London what is the cheapest borough to rent or buy property in? The top ten cheapest boroughs in London have been revealed by Alan Ives.
When looking to buy or rent a property in London there are several factors to consider before making a commitment to owning a home. One of the biggest factors to consider, when making a decision where to settle down is price.
Alan Ives Estate Agents has analysed the top ten cheapest boroughs to buy in London, to reveal Woolwich, Croydon, and Sutton as some of the cheapest areas.
What are the cheapest boroughs to buy or rent a property in London in?
These are the top 10 cheapest areas to purchase a property in London.
10. Hillingdon & Harrow £483,298
According to the property agent, property prices in Hillingdon and Harrow average around £483,298 for a three to four-bedroom house, while the average monthly rent for a two-bedroom property is around £1,312.
Fun fact: Hillingdon offers over 20 square miles of beautiful countryside, canals, parks, and woodland.
9. Lewisham - £465,504
Average house prices for a three to a four-bedroom house in the London borough of Lewisham can be found to be around £465,504.
Renting in Lewisham, on the other hand, works out to be around £1,248 per month.
Fun fact: Famous people who were born in Lewisham include Gary Oldman, Alexander McQueen, Jessica Hynes, Maxi Priest, Louise Redknapp, Danny Baker, and Sid Vicious.
8. Enfield - £453,119
According to Rightmove, the average selling price of a house in Enfield is around £453,119. Renting in the Enfield area roughly equates to about £1,116 per month.
Fun fact: The Rose & Crown pub in Clay Hill, Enfiled is known for its otherworldly activities. The property, which dates back to the 15th century, is said to be haunted by the ghost of the eighteenth-century highwayman Dick Turpin, who was best known for highway robberies upon his trusty horse Black Bess.
7. Redbridge - £429,252
Property prices in Redbridge average around £429,252 whilst renting is around £1,110.
Fun fact: Woolly mammoths, rhinos, and lions have roamed Redbridge in the past. Found fossils have proved that hundreds of thousands of years ago this borough was home to a host of amazing prehistoric creatures.
6. Sutton - £424,881
The average house price for a three to a four-bedroom house in the London borough of Sutton is around £424,881.
Renting a two-bedroom property in the borough of Sutton would be roughly £1,095 per month.
Fun fact: Looking for a good education? Sutton offers some of the best schools in the country, making it an increasingly popular place to raise a family.
5. Havering - £420,571
According to Rightmove, the average selling price of a three to a four-bedroom house in Havering is around £420,571. Renting in the Havering area roughly equates to about £1,010 per month.
Fun fact: Romford Market started in 1247 when Henry III ordered the Sheriff of Essex to hold a market every Wednesday. It's still as popular today, with over 150 stalls selling everything from fashion to food.
4. Hounslow - £391,439
The London borough of Hounslow has an average property price for a three to the four-bedroom house is £391,439.
Renting in Hounslow averages around £975 for a two-bedroom property.
Fun fact: Freddie Mercury, the late frontman of the world-famous group Queen lived at his family's home located on Gladstone Avenue, Feltham.
The We Are The Champions singer was born in Zanzibar and moved to Hounslow when he was 17 years old, and studied at Isleworth Polytechnic in Isleworth (now West Thames College).
3. Croydon - £350,383
Croydon is one of the top three cheapest boroughs to buy a property in London in.
Average house prices for a three to a four-bedroom house in Croydon can be found to be around £350,383.
Renting in Croydon, on the other hand, works out to be around £968 for a two-bedroom property, per month.
Fun fact: Croydon homes a whopping 84,000 people (approximately) under the age of 15, which is more than any other London borough.
2. Barking & Dagenham - £343,462
Barking & Dagenham is the second cheapest borough in London to buy a three to four-bedroom house in, as house prices are roughly around £343,462. Renting in Barking & Dagenham is about £951 per month, for a two-bedroom property.
Fun fact: This east London borough is famed for its power station, which pumps out over a third of London's energy!
1. Woolwich - £321,374
Woolwich, however, came on top as according to Zoopla, the average sold prices of a property in the last 12 months averaged around £321,374 which is only £1,365 more than the average cost of a property across the UK, according to Zoopla.
Set to become one of the big winners from the eventual arrival of Crossrail, the regeneration of Woolwich has been a long process, which is probably why it remains one of the capital's cheapest areas to buy and live.
“Located 10 miles south-east of central London on the south bank of the Thames, Woolwich is popular with young professionals. First-time buyers who are looking for good value and a reasonable commute tend to buy here, particularly those who work in nearby Canary Wharf."
