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Most affordable London boroughs for house hunters revealed

City AM logo City AM 26/02/2021 Jessica Clark
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The most affordable areas to buy a property in London have been revealed, with outer south and east boroughs dominating the list.

Bromley is the most affordable London borough for potential buyers, although its house prices earnings ratio of 6.7 is still higher than most local authorities across Britain.

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Neighbouring south-east London boroughs Bexley and Croydon were the next most affordable places to get on the housing ladder.

Havering, Lewisham and Sutton were also among the cheapest areas to buy property, followed by Kingston upon Thames, Barking and Dagenham and Redbridge and Greenwich. 

Unsurprisingly, exclusive central London neighbourhood Kensington and Chelsea was the least affordable area in the capital – and by extension the whole country – according to data from Nationwide.

The typical house price in the borough is 16.8 times earnings, and it is the only local authority in the country where the average property value exceeds £1m.

Westminster, Camden and Islington also topped the table as the least affordable areas for house hunters.

Hackney, Haringey and Hammersmith and Fulham followed, with Brent, Wandsworth, Barnet and Newham completing the top ten most expensive areas to buy a home in the capital. 

Nationally, Scotland’s East Ayrshire was the most affordable place in the country to buy property, followed by Copeland, in North West England, and County Durham in the north east.

Merthyr Tydfil, Stoke-on-Trent and North East Lincolnshire were also in the top five cheapest areas to buy a home in Great Britain.

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