In England, London saw the lowest annual price growth of 6.3% between June 2020 and 2021, according to the Gov’s press release yesterday (18/09/21).
Analysis of London’s property prices by Ellis & Co shows the most affordable postcodes across London. Thamesmead in South East London is crowned the most affordable area to buy a property, with average property prices in the area coming in at just over £275,000 – almost £50,000 less than the next most affordable area of Lower Edmonton.
Key findings included:
- Southeast London is home to five of the top ten most affordable postcodes in London.
- First time buyers could be able to buy a London home with a deposit as little as £13,759 in Thamesmead, using the government-backed 95% mortgage scheme.
- In England, London saw the lowest annual price growth of 6.3% between June 2020 and 2021, according to the Government’s press release yesterday (18/09/2021)*
- There are nine postcode areas in London where, making the most of the 5% deposit scheme, buyers would need less than £20,000 for a deposit.
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 £1.56 million. 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 £1 million.
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.
The Best area for schools was none other than 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.
A full breakdown of London’s property prices per postcode can be found online here2: https://www.ellisandco.co.uk/news/london-property-prices-postcode