If I’m not out-and-about, spending the majority of my income on expensive flat whites and overpriced avo-on-toast; you’ll most probably find me fiercely scouring Rightmove in the hope that by some miracle, I might actually be able to afford to buy a one-bedroom parking space in Zone 6 some day. I mean, it’s not happened yet, but maybe I’m just looking in all the wrong places.
Luckily for me, a recent study by Southpark Removals, has shown me exactly where I should be looking, as they’ve revealed the most affordable boroughs to buy a home in London. Thank goodness for that.
The study delved in to the (rather bleak) disparity between average salaries and average house prices across the 32 London boroughs. So, let’s get down to business. The most affordable place to buy a home in the capital city is.. drum roll please… Tower Hamlets. That’s right: the borough that encompasses the likes of Spitalfields and Canary Wharf has taken the affordability crown. Who’d have thought it?
Now, this is not to say that the houses are the cheapest in this area. I can confirm that they are not, with the average home costing £575,183. However, according to Tower Hamlets council, the average salary in the borough falls between a whopping £78,000-£80,000, meaning that the average salary equates to 13.1% of the average house price. The borough of Havering came in at second place, with the average salary equating to 10% of the average house price.
Recent research has shown that London house prices are currently down by as much as £236,000, falling by 5.2% between January and December last year. That’s the largest decline in average house price in the entire country. House prices are lowest in Barking and Dagenham and highest in the City of Westminster (*pretends to be shocked*), where the average house price is a staggering £1,768,413. Eek.
The most affordable boroughs in London to buy a home:
- Tower Hamlets
- Havering
- Barking and Dagenham / Newham
- Bexley
- Croydon
- Bromley
- Southwark
- Hillingdon
- Greenwich / Sutton
- Lewisham
In a city where you can barely leave your house without spending £20, the thought of owning a house in London is little more than a far-off dream. But I guess you never know what the future holds, hey? Good luck, Londoners.