London is known for its high property prices, especially when it comes to new homes. However, a recent survey conducted by home insurance specialists has revealed that there are still some affordable options available in the city.
According to the survey, Havering is the area with the lowest prices for new housing in London. The average price for a new home in areas like Romford, Hornchurch, and Rainham is just under £300,000. This is a stark contrast to Westminster, which tops the list with an average price of £1.8 million for a new home.
Enfield, in north London, comes in as the second-cheapest area with an average price of £371,500 for new homes in areas like Edmonton, Southgate, and Palmer’s Green. Together, these two outer boroughs offer much more affordable options compared to central London areas like Westminster and Lambeth, where new-build prices exceed £1 million on average.
The survey also points out that living closer to the capital tends to drive up the price of new housing. This explains why boroughs in outer London are more affordable in comparison to central boroughs like Westminster and Lambeth.
Havering, located in the eastern-most part of outer London, benefits from large areas of protected open country space that extend into the Thames Gateway riverside redevelopment. This contributes to its lower prices for new homes. Enfield, the northernmost outer borough, follows closely behind in terms of affordability, with Hillingdon being the third cheapest with an average price of £375,000.
In general, areas south of the River Thames also offer more affordable options the further out they are. For example, Bexley ranks fourth with an average price around £380,000, within the designated Thames Gateway area for urban regeneration.
Other affordable areas for new housing in London include Bromley, Lewisham, Harrow, Sutton, and Newham. These areas provide a range of options for buyers looking for more budget-friendly housing options in the city.
On the other end of the spectrum, the most expensive London boroughs for new-build properties include Westminster, Lambeth, and Hammersmith & Fulham, where average prices exceed £1 million.
Overall, the survey highlights the diversity of housing options available in London, catering to a wide range of budgets and preferences. Whether you’re looking for a luxurious new-build property or a more affordable option, there are plenty of choices to consider across the city.
