London; home to Buckingham Palace, The Houses of Parliament, the theatres of the West End and some of the most expensive properties in the UK. There are some areas, however, which offer a much affordable option and whilst they may not be in the city centre the famous underground system makes getting around the capital incredibly easy.
When it comes to determining which are the cheapest places to live in London various factors have to be considered such as distance into the centre, local amenities, schools and entertainment. With all these playing their part, and following much cogitation, here is our lists of the top 10 least expensive places to live in London.
Woolwich is situated in south east London and was once part of Kent but became a part of the capital in 1889 with the creation of the County of London. Situated in the Royal Borough of Greenwich, Woolwich is a major river crossing point with both the foot tunnel and the famous ferry giving people a way to get across the Thames. This is an area which has not enjoyed the growth and property boom that exists across London and the average price of a property is Woolwich is only £230,000.
Forever linked with Delboy and Rodney Trotter, the district of Peckham is located in south east London in the borough of Southwark. The majority of housing in this area was local authority and many were snapped up by residents when the Right to Buy scheme became popular in the late 70’s. With house prices averaging £250,000 it offers good value for those who need to live near the city for work purposes.
Also part of Southwark is Walworth. Classed as an inner city district like Peckham, it also has a very large proportion of ex authority housing which has helped to keep the prices low. With an average home in Walworth costing around £330,000 it can offer affordable housing and also allow a shorter commute than moving out further afield. There is a good selection of shops and restaurants in Walworth and while it isn’t the prettiest areas in London, this is often overlooked due to its affordability.
House prices have shot up in Dalston recently and the average price you can now pick up a property is £400,000. Situated in the borough of Hackney, 4 miles north east of Charing Cross, Dalston has appeared on many lists of the most up and coming places in the capital, and it isn’t hard to see why. It has benefited greatly from the east London extension to the Underground which saw Dalston Junction Underground being reopened to take its place on the new Overground line which was completed before London 2012.
Well known for its famous Empire theatre Hackney, or Hackney Central, is in the London borough of the same name. This area was once known as Hackney Village and was where the most affluent members of society took a holiday and this trend continued until the end of the Georgian period when extensive building work started taking place. The rural aspect disappeared for good during Victorian times and the fortunes of the area were in a slump for decades. The average price of a property here currently stands at £430,000, not exactly cheap but considering its historical importance in the history of London not exactly expensive either.
Camberwell is located in south London in the borough of Southwark and shares a boundary with Lambeth. There is a lot of green space in Camberwell, including the famous green, and this is one of the reasons which makes it popular with families. There is an eclectic mix of housing options in Camberwell, with the average price being £440,000. From high rise blocks to some of the most elegant, and best preserved, Georgian houses in all of London, Camberwell is an area to watch for future growth.
Best known amongst football fans as the spiritual home of Arsenal, this whole area has seen a massive rejuvenation in recent times which as has not only improved the quality of living but also pushed up the house prices. Located in the borough of Islington, properties now carry an average price of £460,000 and are being snapped up by foreign investors seeking to get a foot on the London property ladder without breaking the bank.
3. Kentish Town
In the north west borough of Camden lies Kentish Town. Whilst property prices have not risen at such a rate as in other parts of the city the average property price paid in Kentish Town is now £540,000. NW5 is now a pretty popular postcode to have and the wide choice of housing here, from bedsits to Regency town houses has greatly boosted its appeal. There are some very attractive streets in Kentish Town and while the properties here, obviously, change hands for way more than the average, just being close to these streets is enough for some.
The people of Brixton have worked very hard to shake off reputation which has been attached to this area since the famous riots of the 1980’s. Brixton was one of the first areas in London which saw mass immigration and there still exists a hugely eclectic population in terms of colour and creed. It will cost you an average of £550,000 if you want to live in Brixton but if you haven’t been before you will get a pleasant surprise at what a dynamic area it is in the 21st century.
Just about the cheapest place to London in proximity to the actual city centre is Lambeth. With house prices, on average, now nudging £600,000, Lambeth is another area of the city that is on the up and coming list. With excellent rail and tube links into the centre, this has become a popular place for young city hotshots to rent an apartment, and the bars and restaurants have benefited greatly from this injection of cash into the local economy.