If You Want To Buy A House In London But Don’t Know Where To Start, Read This

London, we love you, but your housing crisis is bringing us down. Just last week, we learned that the cost of renting a two-bedroom property in the capital is spiralling out of control, particularly in many of the areas that were once deemed the most affordable. Meanwhile, for those of us still clinging on to the dream of (one day... eventually) buying our own place, the picture isn't looking much better, with the average London property now standing at just under £500k.
However, if you're a first-time buyer looking to get on the property ladder with a friend or significant other, don't despair completely. You still have options, according to new research from Savills, which found that there are still areas of affordable housing left near the capital's Tube and train stations, as reported in the Evening Standard.
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The lowest-cost area is Dagenham East in Zone 5, where the average property costs just shy of £270k. Two people buying together would each need to earn the London median wage of just under £34,000, borrow three-and-a-half times their joint income and raise a 10% deposit, the research found.
Properties are also relatively affordable around North Acton station in Zone 2 and by Abbey Road DLR near Stratford, in Zone 2/3, where properties cost 3.8 and four times a couple’s annual income respectively, the Standard reported.
Other relatively cheap areas for young first-time buying duos include Woolwich Arsenal in Zone 4, and Canning Town and Tottenham Hale, both Zone 3, all of which are undergoing large-scale regeneration – meaning they're likely to shoot up in price over the coming years. Great.
“This analysis highlights how few locations that are in close proximity to a station are affordable for couples — even those who have managed to accumulate a 10 per cent deposit,” said Frances Clacy, research analyst at Savills and author of the report.
“For those looking to buy alone, the average property near to a Tube station looks completely out of reach on the basis of a 10 per cent deposit," she added. Bleak times.
The 20 most affordable London Tube and train stations for first-time buying couples
1. Dagenham East (£269,532 average house price)
2. North Acton (£284,652)
3. Dagenham Heathway (£292,989)
4. Becontree (£296,160)
5. Abbey Road (£303,550)
6. Beckton (£307,126)
7. Newbury Park (£320,363)
8. Burnt Oak (£322,951)
9. Woolwich Arsenal (£328,105)
10. West Ham (£330,589)
11. Chesham (£331,057)
12. Elm Park (£336,255)
13. Upney (£336,255)
14. Canning Town (£345,730)
15. Colindale (£347,110)
16. Bromley-by-Bow (£349,092)
17. Tottenham Hale (£349,186)
18. Stratford High Street (£349,657)
19. Hainault (£352,905)
20. Upton Park (£355,382)
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