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The property market has boomed over the past year, thanks to the stamp duty holiday which has given a lot of first-time buyers the opportunity to get their foot on the property ladder. Coupled with the introduction of the new government backed 5 per cent deposit scheme, designed to help home buyers, the market isn’t showing any signs of slowing down just yet.

New analysis of London’s property prices by Ellis & Co, shows the areas of the city that are the most affordable for home buyers looking to buy something of their own. The research also revealed the most expensive areas of London to purchase a home, with average property prices in these areas almost reaching £2m.

The top 10 most affordable areas to buy a property in London:

London PostcodeAreas coveredAverage property price
SE28Thamesmead£275,194
N9Lower Edmonton£324,420
N18Upper Edmonton£325,352
SE2Abbey Wood£330,345
SE25South Norwood£348,701
E6East Ham, Beckton£350,124
SE18Plumstead, Woolwich£351,089
SE20Anerley, Penge£380,445
E13Plaistow£382,300

The quiet residential area of Thamesmead is the most affordable area in London to buy a property. A home in the postcode area of SE28 has an average price of £275,194, almost £50,000 cheaper than the next most affordable area of Lower Edmonton.

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Southeast London is home to five of the top ten most affordable areas in London to buy a home, all coming in under £381,000. This means, under the new 5% deposit scheme, home buyers are able to get their foot on the property ladder in London with a deposit of as little as £13,759.

The top 10 most expensive areas to buy a property in London:

London PostcodeAreas coveredAverage property price
W8Kensington£1,949,475
W1Marylebone, Mayfair, Soho£1,820,143
WC2Covent Garden, Holborn, Strand£1,667,871
SW3Brompton, Chelsea£1,634,116
SW7South Kensington£1,528,409
W11Holland Park, Notting Hill£1,446,853
SW1Belgravia, Pimlico, Westminster£1,295,609
SW13Balham£1,189,849
NW3Hampstead, Swiss Cottage£1,137,545
NW8St John’s Wood£1,112,247

Eight of the top ten most expensive areas of London are located in the West and South West, with the average property price in these areas coming in at £1.56 million. Two postcodes in North West London have made the top ten, with St John’s Wood, Hampstead and Swiss Cottage having average property prices above £1 million.

In addition to uncovering the most affordable and most expensive areas to buy in London, Ellis & Co looked at some of the best areas to invest for those looking for the best up and coming areas, tenant demand or the locations with the best schools.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

Best up and coming area for property: Tottenham

Tottenham is one of the top ten most affordable areas in London to buy, with the average property price coming in at just over £400,000. As well as new homes being built and Tottenham Hotspur FC’s impressive new stadium, the area is currently in the early stages of a 20-year regeneration plan. Taking into account the changes in the area and plans for the future, it looks like it is set to be the best up and coming place for properties in London.

Best area to invest in property: Willesden Green

This area is hugely popular with renters making it a great place to invest in property, for those looking to be a landlord or expand their portfolio. Demand for rental properties is high in this North West borough and rental income returns a yield of 3.6 per cent. In addition, house prices have grown by 26 per cent in the area since April 2020, and this strong growth looks set to continue. Whilst it might not be the cheapest area to buy a property, with the average property costing around £457,000, it is a highly sought-after area for young professional renters, so investors could see a healthy long-term return.

Best area for schools: Harrow

Harrow could be the best place to buy a new home if having access to great schools is high on the priority list for families. The area is home to 16 schools rated “Outstanding”, giving parents plenty to choose from, including both state and private options. Some of the highly rated schools in the area include Belmont, Marlborough, and Whitmore High. The average property price in the area is £460,408, which is more affordable than many other areas of London.

BY PETE CARVILL

Source: Property Wire

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