Ask anybody renting or living in their parent’s home whether or not they can see themselves buying a property. Chances are you will be met laughter and sighs of exasperation. First-time buyers of all ages are struggling to get foot on the property ladder and the high house prices of London only exacerbate this issue further.
A study by the National Housing Federation revealed that first-time buyers in London would need to save £2,300 a month to purchase a property in 2021. With the average salary in the city coming in at £2,833 and the media weekly rent in London is nearly twice that of the rest of England, things appear gloomy for buyers.
However, there are some savvy spots in the capital where properties don’t have. Feast your eyes on a London property map and let us guide you through the best places for first-time buyers for under £300,000.
Cheapest London locations under £300,000
Located in London’s Zone 5 on the District Line, Dagenham Heathway is a residential area in East London. The average property price in this area is £293,216 and locals benefit from lots of green open parks and quicks transport links into the city.
Just a stone’s throw from Dagenham Heathway is Dagenham East, also located in Zone 5 on the District Line. Properties here can be snapped up for an average of £290,369.
Although located on the Metropolitan Line in London’s Fare Zone 9, Chesham is actually in Buckinghamshire. Properties in this area are an average of £274,436 to buy. Journeys into Central London take just over one hour.
Zone 3 and located on the Jubilee Line, Dollis Hill is a fantastic option for first-time buyers who want a central location without paying a premium. Dollish Hill is considered a friendly and safe place to live with ample playing fields, a quaint high street and a number of independent shops and restaurants. Properties in Dollis Hill have an average asking price of £269,998.
Although a journey to Central London takes an hour from Zone 9’s Amersham, the average property price is a very attractive £269,639. Those living in Amersham reap all the benefits of living in a market town with easy links to the capital.
Another Zone 3 location, this time on the Hammersmith & City line, is Upton Park. Located in the East London borough of Newham, Upton Park is championed for its strong sense of community and multicultural population. The average property price in Upton Park is £258,066.
Sitting in Zone 4 on the Central Line, Hainault is a large suburban housing estate in the borough of Redbridge. Properties here cost an average of £248,536.
Elm Park is a suburban planned community in East London built in 1933. It is located on the District Line in Fare Zone 5 and properties average £219,079. It is popular due to the amount of property you can get for your money and an easy commute into Central London.
The cheapest place to live in London is Hornchurch, with an average property price of just £195,879. Hornchurch Underground Station rests in Zone 6 on the District Line. Whilst actually in Essex, Hornchurch offers convenient commuting into Central London whilst locals can benefit from a living in a rural market town.