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Capital Pains for would-be property purchasers
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
New research from HouseSimple.com shows that over one quarter of London boroughs have no properties for sale for less than the average UK house price.
Typical property prices in the capital currently stand at £530,409, with affordability causing real concern for these looking to purchase in the city.
Capital Pains
Data from the report looks at the cheapest properties currently available for sale in the 32 London boroughs. The research also looked where it is possible to purchase a property in the capital for less than the average UK house price of £191, 812.
In 9 of the 32 boroughs of the capital (28%), it is not possible to find one single property for less than this price, according to the Land Registry Property Index.
The figures reveal that Bexley is the one borough where it is possible to purchase a property for less than £100,000. A studio flat in this region will set one back £94,995.
Stamp Duty
When looking at Stamp Duty bands, HouseSimple research shows that in just 4 of 32 boroughs, it is possible to buy a property exempt from stamp duty. The 0% stamp duty band is £0-£125,000.
The table below shows the cheapest properties on the market in each of the 32 London boroughs:
| Borough | Property | Listing Price (£) |
| Barking and Dagenham | 2-bed flat: Grand Parade Oxlow Lane, Dagenham RM10 | £140,000 |
| Barnet | 1-bed flat: Finchley Park, Lychgate Court, Finchley N12 | £129,950 |
| Bexley | Studio: Frobisher Road, Erith, Greater London DA8 | £94,995 |
| Brent | Studio: Masons Avenue, Wealdstone HA3 | £159,950 |
| Bromley | 1-bed flat: Downham Way, Bromley BR1 | £160,000 |
| Camden | Studio: Cliff Road, London NW1 | £225,000 |
| City of Westminster | Studio: Hallam Street, London W1W | £150,000 |
| Croydon | Studio: Zodiac Court, Croydon CR0 | £119,950 |
| Ealing | 2-bed flat: Western Road, Southall UB2 | £159,950 |
| Enfield | 1-bed flat: Bowes Road, Palmers Green N13 | £139,995 |
| Greenwich | Studio: North Greenwich, London SE10 | £149,000 |
| Hackney | 1-bed flat: Edmeston Close, London E9 | £230,000 |
| Hammersmith and Fulham | Studio: Devonport Road, London W12 | £229,950 |
| Haringey | Studio: Creighton Road, London N17 | £160,000 |
| Harrow | 2-bed flat: Vancouver Road, Edgware, Middlesex HA8 | £149,950 |
| Havering | 1-bed flat: Station Chambers, Oak Road, Harold Wood, Romford RM3 | £130,000 |
| Hillingdon | Studio: Willow Tree Lane, Yeading Middlesex UB4 | £129,950 |
| Hounslow | Studio: Redford Close, Bedfont TW13 | £130,000 |
| Islington | 1-bed flat: Holloway Road, London N7 | £240,000 |
| Kensington and Chelsea | Studio: Acklam Road, Ladbroke Grove W10 | £249,950 |
| Kingston upon Thames | 1-bed flat: Alexandra Drive, Berrylands KT5 | £185,000 |
| Lambeth | Studio: Leigham Vale, Streatham SW16 | £105,000 |
| Lewisham | Studio: Blythe Hill, Catford SE6 | £129,995 |
| Merton | 1-bed flat: Moore Close, Mitcham CR4 | £150,000 |
| Newham | Studio: Charlemont Road, London E6 | £100,000 |
| Redbridge | 1-bed flat: Selborne Road, Ilford IG1 | £130,000 |
| Richmond upon Thames | Studio: Kingston Road, Teddington TW11 | £220,000 |
| Southwark | 1-bed flat: Peckham High Street, London SE15 | £199,995 |
| Sutton | 1-bed flat: Defiant Way, Wallington SM6 | £169,950 |
| Tower Hamlets | 2-bed flat: Henshall Point, Bromley High St, Bow E3 | £250,000 |
| Waltham Forest | 1-bed duplex: Chingford Road, Walthamstow, London E17 | £165,000 |
| Wandsworth | 1-bed flat: Tangley Grove, London SW15 | £205,000 |
Capital Pains for would-be property purchasers
Desperate
Alex Gosling, CEO of online estate agents HouseSimple.com, notes, ‘these figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the Capital are over £530,000?’[1]
‘Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs,’ Gosling continued.[1]
Concluding, Mr Gosling said, ‘it’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away. It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.’[1]
[1] http://www.propertyreporter.co.uk/property/which-is-the-last-remaning-london-borough-with-property-below-%C3%A3%C3%A2%C2%A2100k.html
