Home West London Property Special: London’s most affordable postcodes, up and coming areas, best for...

Property Special: London’s most affordable postcodes, up and coming areas, best for schools and to invest

2

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 ten most affordable areas to buy a property in London

ondon Postcode Areas covered Average property price
SE28 Thamesmead £275,194
N9 Lower Edmonton £324,420
N18 Upper Edmonton £325,352
SE2 Abbey Wood £330,345
SE25 South Norwood £348,701
E6 East Ham, Beckton £350,124
SE18 Plumstead, Woolwich £351,089
SE20 Anerley, Penge £380,445
E13 Plaistow £382,300
N17 Tottenham £402,025

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.

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 ten most expensive areas to buy a property in London

London Postcode Areas covered Average property price
W8 Kensington £1,949,475
W1 Marylebone, Mayfair, Soho £1,820,143
WC2 Covent Garden, Holborn, Strand £1,667,871
SW3 Brompton, Chelsea £1,634,116
SW7 South Kensington £1,528,409
W11 Holland Park, Notting Hill £1,446,853
SW1 Belgravia, Pimlico, Westminster £1,295,609
SW13 Balham £1,189,849
NW3 Hampstead, Swiss Cottage £1,137,545
NW8 St 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 £1.56m.

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 £1m.

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.

Harrow has been named best for schools.

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.

Best up and coming area: 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.

Tottenham’s new stadium is the beating heart of the North London borough

Best area to invest: 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%. 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.

https://www.cityam.com/property-spotlight-londons-most-affordable-postcodes-up-and-coming-areas-best-for-schools-and-to-invest/