There’s no avoiding it, London is one of the most expensive places in the UK to purchase a property.
But not all things are equal, and there are some areas of the capital that are more affordable than others if you’re looking to buy.
Let’s take a look at the London towns where homes cost less, alongside the cheapest areas at the edge of the capital that offer an easy commute in to the hustle and bustle.
The cheapest places in London to buy a home
1: Plumstead
Top of the charts when it comes to affordability in London is Plumstead.
Five minutes from the Elizabeth line at Woolwich by car or bike, Plumstead is brimming with beautiful housing stock. There are plenty of Edwardian and Victorian terraces for first-time buyers, particularly around the train station and high street.
And for families looking for larger detached homes, beautiful Plumstead Common is where it’s at. This is the area’s most sought-after spot as homes here offer great views of the Southeast London skyline.
Trains from Plumstead run directly into Charing Cross (38 minutes) and London Bridge (28 minutes), while Canary Wharf and London Heathrow can be reached in 8 minutes and 53 minutes respectively from Woolwich Arsenal.
The average price for a home here is £214,000, making it the cheapest place in the capital to buy a property.
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2. Deptford
The Times recently picked Deptford as one of the London towns supplanting Hackney in hip Londoners’ affections.
One of the most affordable London areas in Zone 2, and much cheaper than its illustrious neighbour, Greenwich, this area is popular with first-time buyers.
Over in Deptford Market Yard, the arches under Deptford railway station have been transformed into a vibrant melting pot of cocktail bars, street food-style eateries and independent record shops.
And the area boasts some great pubs, bars and cafes: check out Little Nan’s Bar and the award-winning Dog and Bell pub.
There’s more: Deptford is also home to classic two micro breweries (Villages and Little Faith), multi-use arts spaces (Matchstick Piehouse) and Deptford market, with everything from fresh fish, fruit and vegetables to haberdashery and clothing on offer on Wednesdays, Fridays and Saturdays.
There’s a real mix of property available here too, from Victorian housing stock to new-build developments.
Deptford is right next to the River Thames and has amazing transport connections into the heart of the city.
It’s on the DLR, with links to Canary Wharf (12 minutes), Bank (23 minutes), Tower Gateway (11 minutes), Stratford (26 minutes) and more.
Deptford train station operates services into London Bridge every 15 minutes in under half an hour and it’s a 20 minute bus ride from Canada Water Tube.
The Thames Clipper also operates regular services from the local pier, travelling to Putney in west London and Barking Riverside in east London.
Deptford average house price: £352,000.
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3. Thamesmead East
Thamesmead East straddles the border between the London boroughs of Bexley and Greenwich and is next to Abbey Wood and Woolwich.
Just 11 minutes from Canary Wharf on the Elizabeth line, Thamesmead is currently undergoing large-scale regeneration.
Peabody are investing billions into the town, making Thamesmead not only the biggest regeneration project in London but one of the largest in the UK.
The association is transforming around 40 hectares of land into lakeside view apartments.
The first part of the regeneration project, Southmere, features a collection of 1, 2 and 3-bed apartments, as well as 3 and 4-bed townhouses, a selection of which are available through Shared Ownership.
Thamesmead YMCA also now runs a sailing club on the lakes and a community events programme is already underway.
Find out more about the plans at Thamesmeadnow.org.uk
Thamesmead average house price: £355,000
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4. Barking
Opposite Thamesmead on the other side of the river is Barking, just at the edge of Essex.
One of the most affordable London boroughs to buy a house, Barking has 3-bed family homes ranging from £350,000 to £575,000.
Housing architecture includes Victorian, Edwardian and new-build developments - but the majority of homes were built in the 1930s.
A major regeneration project is also underway with the launch of Barking Riverside. As part of that, a new Overground station opened here last year connecting it to East and North London - and central London can be reached within 16 minutes.
Did you know? Barking Riverside is a 'Healthy New Town' - and it’s the only one in London. That means it’s involved in a project being led by the NHS to explore how the development of new places can provide an opportunity for healthier communities.
Barking and Dagenham has over 25 parks and gardens and even its own nature reserve for an escape from city life, while a bustling daily market (excluding Wednesdays and Sundays) in the town centre sees traders selling clothes and accessories alongside foods from around the world.
Barking average house price: £370,000
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5. Erith
On the fringes of South East London and Kent, Erith is a mix of industrial and rural land, with salt marshes to the east and a riverside high street.
With services to Cannon Street in around 40 minutes, Erith also offers easy access to the beautiful Kent countryside and coastal towns.
Shoppers paradise Bluewater is under half an hour away by public transport and car, while the beautiful Lesnes Abbey Woods park and Danson House Park are just 7 and 12 minutes away respectively.
Erith’s housing stock was mostly built in the 1960s as it was heavily targeted during the second world war and the town was rapidly rebuilt.
Today, homes here are among the cheapest houses in London and it too is currently undergoing regeneration.
London and Quadrant (L&Q) and Anderson Group are developing a former quarry site in the town to provide new townhouses, apartments, a primary school and public spaces.
Erith average house price: £372,000
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The top 13 most affordable areas in London to buy a home
| Town | Postcode | Borough | Average price |
|---|---|---|---|
| Plumstead | DA18 | Bexley | £214,000 |
| Deptford | SE8 | Lewisham | £352,000 |
| Thamesmead East | SE28 | Greenwich | £355,000 |
| Barking | IG11 | Barking & Dagenham | £370,000 |
| South Ockendon | RM15 | Thurrock | £372,000 |
| Erith | DA8 | Bexley | £372,000 |
| Belvedere | DA17 | Bexley | £381,000 |
| Penge | SE20 | Bromley | £383,000 |
| Becontree | RM9 | Barking & Dagenham | £384,000 |
| Dagenham East | RM10 | Barking & Dagenham | £388,000 |
| Belmont | SM2 | Sutton | £389,000 |
| Dagenham North | RM8 | Barking & Dagenham | £389,000 |
| Croydon | CR0 | Croydon | £397,000 |
The most affordable areas to buy within commuting distance of London
Not everyone wants to live in the heart of the action and there are lots of areas on the outskirts of London that offer the best of both worlds: an easy commute to the hustle and bustle from a calmer, leafier abode.
Let's take a look at the top 12 most affordable areas to buy a home that offer an easy journey into the capital.
Top 12 most affordable areas to buy within commuting distance of London
| Town | Postcode | Borough | Average price |
|---|---|---|---|
| Luton | LU1 | Luton | £287,000 |
| Strood | ME2 | Medway | £322,000 |
| Swanscombe | DA10 | Dartford | £324,000 |
| Harlow-Bush Fair | CM18 | Harlow | £324,000 |
| Northfleet & Gravesend | DA11 | Gravesham | £339,000 |
| Harlow - Great Parndon | CM19 | Harlow | £340,000 |
| Gravesend East | DA12 | Gravesham | £347,000 |
| Greenhithe | DA9 | Dartford | £377,000 |
| Dunstable | LU6 | Central Bedfordshire | £377,000 |
| Hoo St Werburgh & High Halstow | ME3 | Medway | £379,000 |
| Dartford | DA1 | Dartford | £380,000 |
| Hemel Hempstead East | HP2 | Dacorum | £390,000 |
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