As the financial hub of the world, London is the UKs and one of the world’s most popular cities. As a result of that, property prices in the area are way higher than anywhere else in the country. In fact, property prices in London are nearly twice as high as other major developing cities in the UK such as Manchester.
With that said, if you know where to look, finding a property you can afford without having to live too far out of the city is totally possible. In this article, we will go over the cheapest zones in London, and tell you exactly where to look to get the most value for money when buying or renting your next home.
Cheapest Zones in London
London is made up of six different zones. Zone one being central London covering areas such as Mayfair and Kensington while zone six covers the far end corners of the city. Generally, the further away you live from the city centre, the more affordable the properties will get. That said,if you know where to look, you can find the perfect balance between distance, affordability, and quality of life in the London property market.
Below, we will go over the cheapest London zones and areas within each of the zones where the properties offer the most value for money. We’ll also cover the average purchase and rental price of properties and what it’s like living there.
Bexley – Zones 4/5/6
Average Purchase Price: £493,589
Average Rent Price: £1,277
The area of Bexley is situated in zones four, five, and six. It is one of the most popular spots for people looking to make London their home as it not only offers below average property prices when it comes to buying but also renting. Since Bexley sits in zone four, five, and six, the closer you get to the city centre, the more expensive properties will be to buy and rent.
Another great characteristic of Bexley is that a pint of beer in the area is lower than the London average. So, for younger adults looking to start their careers in London while saving some money on living expenses, Bexley is a great area to live.
Sutton – Zones 4/5
Average Purchase Price: £519,324
Average Rent Price: £1,226
While rent and purchase prices are still higher than the UK average, Sutton offers relatively affordable prices when compared to the rest of London. It’s currently tied with Bexley for having the lowest average rent in London, making it a great option for young professionals that aren’t ready to invest in their first property just yet.
Quality of life is relatively high in Sutton, as the area is very eco-friendly. So, you can expect fresh air and a great environment when living there. On top of that, this is a very beautiful and scenic area in London, making it a great option for people who love taking in their surroundings and environment.
Barking and Dagenham – Zones 4/5
Average Purchase Price: £405,840
Average Rent Price: £1,291
Barking and Dagenham is the cheapest area to live in the Greater London area. It boasts the lowest average property prices, making this a great option for those ready to invest in their first home without breaking the bank. This East London Borough is 9 miles away from the city centre, which means you’re not directly in the hustle and bustle of London but aren’t too far to travel to the centre if you need to.
That said, rent is fairly high in Barking and Dagenham when compared to other areas. So, it may not be the best option for renters. Additionally, Barking and Dagenham have a massive young population that’s way more diverse than it used to be, making it one of the up-and-coming areas in the Greater London Area.
Enfield – Zones 4/5/6
Average Purchase Price: £570,452
Average Rent Price: £1,372
Enfield’s property prices aren’t the lowest in London but are still relatively cheaper than other popular areas in zones four, five, and six. The area has many green spaces, which is great, as it allows you to create space between you and the city. But even with all the green spaces, it has an efficient transport system and cheap tube fares, making it a great option for commuters that have to make their way to the city centre regularly.
Enfield also has a large Greek and Turkish population. There are many restaurants in the area that serve unique cuisine that allows you to explore a much broader flavour palette than usual.
Croydon – Zones 3/4/5/6
Average Purchase Price: £443,454
Average Rent Price: £1,686
Croydon is one of the few areas of London that sit on four different zones. As a result of its prime location, property prices are a bit higher than Barking and Dagenham, but nowhere near compared to other key parts of London. The borough is currently attempting to become the third official city in London. This is why there’s a growing population, more job opportunities, and more young residents flocking to the area.
Hillingdon – Zone 5/6
Average Purchase Price: £509,208
Average Rent Price: £1270
Hillingdon is London’s second-biggest borough. It is situated around 40 minutes from the city centre, so while it can be quite a commute to the hustle and bustle of the city, you get much lower property prices and peace during the day.
On top of that, the borough has a massive nature reserve that allows you to unwind and breathe in the fresh air. Life in Hillingdon is a bit more relaxed compared to the city centre. However, since commuting to the city isn’t too much of a hassle, this is a great option for those looking to buy or rent on a budget.
Havering – Zone 6
Average Purchase Price: £451,815
Average Rent Price: £1,251
If you’re looking for an area that allows you to be free in nature, Havering is a great pick. This is London’s eastern-most borough situated in zone 6, so it’s rich with parklands and green spaces. On top of that, property prices in this area are much cheaper than in the rest of London.
This area has the fourth-highest life satisfaction ratings compared to all of London’s boroughs. This is likely because of the slightly laid-back and relaxed lifestyle of the people there. So, if you want to live fairly close to London while keeping some distance between you and city life, Havering is a great place to call home.
Conclusion
As the UK’s most popular city, London is a place over 9 million people call home. As a result of the staggering demand for properties, property prices are astronomical. On the absolute lowest end, you can expect to pay around £400,000 for a decent sized home, which is nothing in comparison to what you can buy in some of London’s more central locations.
Despite affordable properties being far and few in between, if you know where to look, finding a home to rent or buy is totally possible. And if you can afford to buy a house anywhere in London, we highly recommend that you do. Prices are always going to go up, and when you decide to cash in on your investment, you can sell your house fast without a problem.
