Where to Buy in London
As more and more people are heading back to the capital and first-time buyers set their sights on apartments and houses, the interest in London property is on the rise!
Don’t just take our word for it, online searches for *‘London apartments’ and ‘buy a house London’ are up +59% and +18% respectively. It doesn’t matter if you’re a first-time buyer or if you’re searching for a second home, there are so many ways to enter the housing market this year.
London property prices
According to the Zoopla House Price Index, the average house price in London is £505,700, making the average deposit £150,000.
Even with help from mum and dad, first-time buyers are looking for longer mortgage terms to afford the repayment on their homes. In June 2021 11,160 first-time buyers took mortgages for over 25 years, with the average age of these buyers in London being 33 years old. Still, despite the circumstance, property in London is in high demand and continues to rise.
First-time buyers in London
The number of first-time buyers has been steadily rising in London over the last few years, accounting for a strong percentage of first-time buyers across the country.
In 2019 there were 356,767 first-time buyers in the UK, and 41, 712 of those were in London, meaning 12% of all first-time buyers bought in the capital.
With first-time buyers currently paying zero stamp duty on the first £125,000 of any home and 2% on the next £125,000, it is an ideal time to purchase a property.
High demand does not necessarily mean high prices, there is a range of properties across the London boroughs.
According to Zoopla House Price Index, average median prices are highest in Kensington and Chelsea at £1,158,600, and lowest in Barking and Dagenham at £317,700, with Bexley, Newham, Havering, and Croydon also sitting under the £400,000 mark.
Douglas & Gordon CEO James Evans says “London is one of the most expensive places to purchase property in the UK. Demand is always high and right now demand is far outstripping supply. However, prices are very different across the boroughs, which means there are plenty of opportunities to buy your first property, lock in a good deal on interest rates, work your way up the ladder within London.”
Where to buy 2022: London Boroughs Ranked from Most to Least Affordable
Based on median home prices and YoY price studies from Zoopla Price Index, some of London’s affordable areas can offer great long-term value and price growth.
Barking and Dagenham saw a 5.6% increase in prices from last year, while Bexley saw a 6% increase. Below are London boroughs ranked from most to least affordable.
| Barking and Dagenham | £317,700 |
| Bexley | £377,200 |
| Newham | £388,300 |
| Croydon | £392,600 |
| Havering | £397,800 |
| Greenwich | £400,600 |
| Sutton | £422,500 |
| Enfield | £427,300 |
| Lewisham | £432,800 |
| Hillingdon | £438,300 |
| Hounslow | £444,900 |
| Redbridge | £453,900 |
| Tower Hamlets | £468,100 |
| Waltham Forest | £468,800 |
| Ealing | £498,900 |
| Bromley | £501,100 |
| Southwark | £501,800 |
| Harrow | £501,900 |
| Brent | £503,000 |
| Haringey | £527,900 |
| Merton | £533,100 |
| Lambeth | £536,700 |
| Hackney | £545,100 |
| Kingston upon Thames | £547,900 |
| Barnet | £566,500 |
| Islington | £614,800 |
| Wandsworth | £636,300 |
| City of London | £710,800 |
| Hammersmith and Fulham | £721,300 |
| Camden | £737,300 |
| Richmond upon Thames | £739,200 |
| Westminster | £948,300 |
| Kensington and Chelsea | £1,158,600 |
Where to buy a house in London
Top five boroughs with the highest year on year price growth increases include:
- Bromley 6.3%
- Bexley 6%
- Havering 5.9%
- Barking & Dagenham 5.6%
- Sutton 5.5%
If you’re looking to buy, see a selection of our properties below:
Downtown Avenue, SW2- £500,000
Cambridge Street, SW1V- £1,100,000
For expert advice on London property, speak to a specialist at Douglas and Gordon.
*Data sourced from MediaVision Digital Demand Tracker