Affordable new homes in London: areas with below-average property prices
There are London areas where property prices are below the average for their Tube zones.
The recent London real estate trends may seem upsetting. The data by Halifax indicates that the current property trends may discourage many ambitious property buyers – the cost of an average home in London is around 12x the average salary in the capital.
However, the statistic is complex – it hides tricky data on small districts around the capital.
All of the Tube zones around the city have areas with great value properties from relatively cheap London studios or spacious houses with outside green space.
The latest unique study by Savills reveals affordable London areas with best-value properties where potential buyers might purchase their new home.
New homes in London Zone 2
- Property in Bow Road – below-average priced flats (a little over £381k on average)
- Property in East Acton – most affordable homes (£578k on average)
Bow Road in East London is special. This old-fashioned but classic area has not undergone regeneration yet and offers some good value properties.
Currently, thousands of new homes are being built in the wider area of Bow. Though the district may seem a little «muddy», potential buyers can purchase a 2-bedroom purpose-built apartment for under £400k. Additionally, a lot of more affordable ex local authority alternatives are available.
Bow area can boast lots of greenery nearby in the Olympic Park and Victoria Park, and efficient transport infrastructure through the Bow Road Station. And at East Acton’s streets, you can find cosy redbrick terraced cottages and classic post-war houses.
With Central Line services at hand, residents benefit from standard shops and educational facilities – the majority of local primary schools qualify under a «good» Ofsted report.
Property in London Zone 3
- Property in Tottenham Hale – most affordable flats (a little over £277k on average)
- Property in West Ham – cheaper houses (almost £434k on average)
There have been numerous new builds delivered in Tottenham Hale in the last 10 years, but savvy buyers can still snap up a 2-bedroom purpose-built apartment under the £300k threshold here. Residents benefit from the nearby wild greenery of Walthamstow Wetlands and the last year’s £500m astonishing transformation of King’s Cross by developer Argent Related into a new central hotspot for the area with office, public, and leisure spaces.
Savvy buyers can discover Tottenham Hale (1 Ashley Road) development by Argent in London. Prices start from £424k for a 1-bedroom flat.
West Ham, in turn, is steeped in London football legacy even though its team is based in the London Stadium. Locals benefit from classy streets of Victorian terraces, giant West Ham Park, as well as perfect dining options. The West Ham transportation is also efficient as there is a nearby West Ham Tube station. And, finally, parents can rest easy – local schools have good Ofsted regards.
There are new homes for sale in London's promising Upton Gardens development by Barratt London, prices start at £355k for a 1-bedroom flat at Upton Gardens, Help-to-buy scheme available.
London Zone 4
- Property in Barking – both cheaper flats and houses (on average, a little under £210k and £412k accordingly).
A truly unique district of Barking can offer half-price the average London flats, as well as houses cheaper than the average starter homes of first-timers. Sitting at the confluence of the two rivers, this East London district is some ten miles (16 km) away from the West End.
Its key competitive advantages include good educational facilities, affordable housing, efficient transport infrastructure, and splendid Barking Park.
Ambitious buyers already look at Barking Riverside development by L&Q. Prices start at £240k for a 1-bedroom flat. Residents will benefit from the upcoming new London Overground station and river bus service extension by Thames Clippers, making 20-minute commutes to Greenwich possible.
In addition to its new build developments, Barking offers affordable housing stock, including classic terraced houses and older purpose-built flats.