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Capital Pains for would-be property purchasers

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

[1]

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

Em Morley:
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