If you’re planning to buying property in and around London but are on a tight budget, there are a number of areas you can consider. Barking & Dagenham is the most affordable area in London, while Brierley Hill is the least expensive area outside of Birmingham. According to Zoopla, these are the areas that offer the best value for money.
Chatham
If you’re looking for a cheap place to buy property in and around London, Chatham might be a good place to look. There are plenty of three-bedroom houses available for under PS230,000 and a fast train service into central London. This makes it an ideal location for commuters who don’t want to spend a fortune on a London property.
Lewisham
Lewisham is one of the cheapest areas in London to purchase a one-bedroom flat. It has a population of 60,000 and is home to a number of popular schools, colleges, and universities. The borough is also home to a number of parks, including the scenic Telegraph Park, which offers spectacular views over the city.
Price Vary
The borough is not located in the heart of central London, but it has great transport links and a relatively low cost of living. Although house prices have increased in recent years, the borough’s average price is still lower than the average in the rest of the capital. Lewisham property prices start at around PS140,000, making it an excellent investment for first-time buyers or experienced property investors.
Hounslow
If you’re considering buying a property in and around London, Hounslow could be a good place to look. The median price of a home in Hounslow is PS475,000, compared to PS510,000 for the whole of Greater London. However, despite its low cost, the area has experienced a significant increase in prices over the last decade.
Availability
This has been partly driven by a lack of available inventory. This means that even new property developments may not be able to keep up with demand. The borough is also well connected to other parts of the capital. Residents are within ten minutes of Heathrow Airport, which serves 205 destinations in the world.
Target young Generation
Moreover, Hounslow is a relatively young area, with approximately 25% of its population being under 18 years old. Moreover, the borough has seen a steady increase in population in the last five years, with a projected increase of 5.27 percent by 2020.
Peterborough
Peterborough is a city in North East England and is a part of Cambridgeshire. The city has its own local authority but also works closely with its neighbor Cambridge to form the Cambridgeshire & Peterborough Combined Authority.
History
Historically, Peterborough was a manufacturing town, best known for the London Brick Company and Felton brick. Nowadays, the city’s economy is largely service oriented. The local government’s Opportunity Peterborough website lists some of the best performing sectors in the area.
Per Month Average Price
While Peterborough is not the cheapest city in the UK, property prices in Peterborough are much lower than in London. In fact, you can buy a property for as little as PS64,000 in this city. Renting out a property in Peterborough is also a good option. Landlords can expect to earn PS724 per month on average.
Solihull
Solihull is a small town in the country that has grown to a bustling metropolitan borough, with a population of about 225,000 people. Located in the West Midlands, it has great transport links. Its railway station offers direct services to Birmingham city centre and London Marylebone. Additionally, it has access to the National Exhibition Centre, which hosts over 500 events each year and attracts 2.3 million visitors.
Served
The city is also well-served by excellent schools. The most expensive roads in Solihull are within catchment areas of some of the best schools. Halifax calculates affordability by dividing average house prices by typical property size and price per square meter. For example, a five-bedroom Edwardian mansion could fetch more than PS7,000 per square meter, but a modern detached house with four bedrooms is just PS4,000.