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London house prices: The town in London where homes are still selling for as little as £86,000

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Buying a house in London is infamously difficult, with high prices making it tough for many to get on the housing ladder.

While many of us may struggle to ever afford a house in the centre of the city, there are still pockets of London with affordable housing on offer.

The town of Ilford, in East London, is one of the areas where house prices are below the London average.

READ MORE: The extremely small £150,000 Kensington flat that’s been on the market for YEARS

Redbridge town hall is located in Ilford

The cheapest London property sold this summer was a flat in Ilford on Perkins Road, which was bought for just £86,000 on July 9.

Ilford, in the borough of Redbridge, had an average property price of £472,336 over the last year, according to Rightmove.

The majority of property sales during the last year were terraced properties, which on average sold for £491,309.

Semi-detached properties sold for an average of £543,979, while flats averaged at £245,553.

Overall, the average sold prices in Ilford over the last year were up 16 percent on the previous year and up 13 percent on the 2018 peak of £416,453.

Ilford has access to some of London’s best green spaces, and its convenient transport links into central London make it a desirable place to live.

London is known for being one of the most expensive cities to buy a property in the world

London is known for being one of the most expensive cities to buy a property in the world

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The Elizabeth Line station in Ilford is set to improve travel connections into the capital even further, with quicker journey times to areas such as Canary Wharf and Paddington.

The town itself has a range of open spaces, as well as a wealth of shops and restaurants to choose from.

Some of the other cheapest London properties to sell this year include a flat in South Norwood, Croydon that sold for £87,000 on August 24, and a flat in Greenford, Ealing that sold for £90,000.

The cheapest properties purchased in London since June:

£86,000 – Flat – 69 Perkins Road, Ilford, Redbridge, Greater London, IG2 7NQ – sold on July 09

£87,000 – Flat – Flat 37, Catalina Court, 61 – 63, Sunny Bank, South Norwood, London, Croydon, Greater London, SE25 4TZ – sold on August 24

£90,000 – Flat – 8A Ruislip Road, Greenford, Ealing, Greater London, UB6 9QN – sold on August 05 (This sale may have been a buy-to-let, a transfer to a company, or a repossession)

£92,500 – Flat – Flat 23, 5 Blackwall Lane, London, Greenwich, Greater London, SE10 0NG – sold on July 01

£93,000 – Flat – 25 The Pines, Purley, Croydon, Greater London, CR8 2DZ – sold on July 12 (This sale may have been a buy-to-let, a transfer to a company, or a repossession)

£107,500 – Flat – 402 East Carriage House, Royal Carriage Mews, Woolwich, London, Greenwich, Greater London, SE18 6GJ – sold on July 13

£108,000 – Flat – 27 Bannister House, Headstone Drive, Harrow, Harrow, Greater London, HA3 5QJ – sold on July 09

£110,000 – Flat – Flat 12, Jessop House, 5, Iron Railway Close, Coulsdon, Croydon, Greater London, CR5 3LR – sold on August 24

£115,000 – Terraced house – 81 Florence Road, Southall, Ealing, Greater London, UB2 5HX – sold on August 04

£123,000 – Flat – Flat 38, Altitude Apartments, 9, Altyre Road, Croydon, Croydon, Greater London, CR0 5BN – sold on July 09 (This sale may have been a buy-to-let, a transfer to a company, or a repossession)

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https://www.mylondon.news/news/property/london-house-prices-town-london-22009843