Property prices in London are rising faster than the rest of England and Wales. The average house price in London is currently £309,432*, compared with a national average of £171,709*.
Not surprisingly, this makes life difficult for first-time buyers in England’s capital - more so if you wish to live near a Tube station .
But all is not lost. For a budget of under £250,000, whathouse.co.uk has researched some of the cheapest places to buy a home on the London Tube map.
*According to latest Land Registry House Price Index
1. Stratford
Borough: Newham
Postcode: E15
Average house price: £222,863*
Tube links: Stratford (Jubilee & Central Lines, Docklands Light Rail, Zone 3)
*Based on latest Land Registry data for sold prices in E15 between July and September 2006
Stratford is young and multicultural, with a vibrant arts scene and decent shopping facilities.
It has risen from being a relatively poor East London suburb, to being chosen to host the 2012 Olympics. A vast regeneration plan is now in place, which includes the development of the Olympic Village and major new transport links.
Already offering good transport facilities, Stratford will see a number of improvements due for overall completion in 2010. Changes include a new Channel Tunnel link to Paris and Brussels, extensions to the Docklands Light Railway from Canning Town, and new services to Stansted airport.
Investors have already spotted the cash potential in Stratford property, due to its up-and-coming status not least boosted by the ‘Olympic effect’. But it is still possible to buy decent homes here for under £250,000.
Housing stock tends to consist of one and two-bedroom flats and maisonettes, and two and three-bedroom terraces. For example, a one-bedroom maisonette close to Stratford centre is currently on the market for £169,950, and a three-bedroom terraced house with garden, less than one mile from the Tube station, is available at £249,995.
Last year,** flats sold for as low as £168,000, and the top price for a terraced house sold for around £252,000.
**Between July and September 2006, according to Land Registry data on sold prices
2. Tottenham
Borough: Haringey
Postcode: N17
Average house price: £189,187*
Tube links: Tottenham Hale, Seven Sisters (Victoria Line) - Zone 3
*Based on latest Land Registry data for sold prices in N17 between July and September 2006
Perhaps most known for its football club and stadium, Tottenham is an ethnically diverse area where it is said almost 200 languages are spoken.
Tottenham offers excellent transport facilities including quick access to London’s West End and the City.
Property here tends to consist of two and three-bedroom terraced houses, built between 1890 and 1920 - many of these have been split into flats.
North Tottenham tends to offer cheaper properties, perhaps because it is further from the Tube and close to the football ground. However, there are some pretty conservation-area houses here, and it is close to Bruce Castle Park.
Some areas of Tottenham qualify for Stamp Duty exemption on properties costing £150,000 or less.
Flats sold last year** from between £128,000 to £147,000; terraces from £196,000 to £238,000.
Currently on the market is a two-bedroom, split-level flat with balcony, close to Tottenham High Road and just over half a mile from Tottenham Hale Underground station, for £149,995. A two-bedroom semi-detached house with garden, close to the Tube and the park, is available at £199,950. Or you can buy a three-bedroom terrace with garden for £234,995.
** Between July and September 2006, according to Land Registry data on sold prices
3. Tooting
Borough: Wandsworth
Postcode: SW17
Average property price: £310,788* (although this is misleading – larger family homes are commanding higher prices in Tooting, but one and two-bedroom flats can still be bought for less than £250,000)
Tube links: Tooting Bec, Tooting Broadway, Balham (Northern Line) - Zone 3
*Based on latest Land Registry data for sold prices in SW17 between July and September 2006
Tooting is a cosmopolitan suburb with a good market, shops and access to plenty of green, open space. Property types are mainly Edwardian to 1930s, but there are now many smart new flats springing up.
Prices have begun to rise here - the smarter two-bedroom flats will fetch £250,000 or more - but a with little smart searching, Tooting remains a good place to buy on a budget. The cheaper end is Tooting Graveney and around Tooting Broadway station.
Properties overall exchanged for between £204,000 and £460,000 last year,** but one and two-bedroom flats and maisonettes sold for less than £264,000.
Currently, a one-bedroom flat can be had for £164,950, close to both Tooting Broadway and Tooting Bec stations, but if you want a garden and proximity to Tooting High Street, the price jumps to £199,500. It is possible to buy a two-bedroom property on a budget of less than £200,000 here, but for a smart, refurbished pad expect to pay above £240,000.
** Between July and September 2006, according to Land Registry data on sold prices
4. Leyton
Borough: Waltham Forest
Postcode: E10
Average property price: E10: £200,456*
Tube links: Leyton, Leytonstone (Central Line) - Zone 3
*Based on latest Land Registry data for sold prices in E10 between July and September 2006
Leyton is set to benefit from the Olympics ‘ripple’ effect – not least because of the imminent new rail links from nearby Stratford and the predicted price boom for the area.
Leyton is billed an ‘Area for Regeneration’, and already boasts good transport and nearby green space.
Property here consists mainly of 1900s terraces, with a growing number of new apartments.
Properties exchanged last year** on average between £179,983 and £211,584, although a one-bedroom flat close to the Tube with communal garden is currently on the market for £150,000. A two-bedroom flat close to the Tube is for sale at £190,000; the same with a garden for £199,995.
If you can’t find what you’re looking for in E10, try neighbouring Leytonstone (E11), where the property types and prices are similar.
** Between July and September 2006, according to Land Registry data on sold prices
5. Wembley
Borough: Brent
Postcode: HAO/HA9
Average property price: HA0: £251,898*; HA9: £243,836*
Tube links: Wembley Park (Jubilee & Metropolitan Lines); North Wembley, Wembley Central (Bakerloo Line) – all Zone 4
*Based on latest Land Registry data for sold prices in HA9 and HA0 between July and September 2006
Wembley, famous for football and entertainment, is a young, multicultural community that offers an interesting array of shops, restaurants and the renowned ‘Sunday Market’.
An ambitious regeneration strategy for Wembley spanning the next 20 years is afoot – the Arena was rebuilt last year, Wembley Central station has been improved, and Wembley Stadium is currently undergoing a major facelift. There are countless other improvements planned which promise to improve the lives of residents and visitors alike.
Wembley falls under two postcode areas: HA0, which covers the area around Wembley Central and North Wembley Tube stations; and HA9 to the northwest, which covers Wembley Stadium and Arena, and Wembley Park Tube station.
In HA9 last year,** flats sold for between £140,425 and £197,571, whereas terraces exchanged for £251,285 to £281,050.
Currently on the market in HA9 is a one-bedroom flat close to Wembley Park Tube station, for £129,950. A two-bedroom flat in a similar block up the road is priced at £149,950.
In HA0 last year,** flats were sold for between £166,562 and £181,000. Terraces went for between £243,162 and £365,300.
In HA0, there is a one-bedroom flat in a modern block with communal gardens, close to North Wembley Underground station, for £154,950. Or you can purchase a two-bedroom maisonette, close to Wembley Central Tube station and King Edward VII Park, for £178,950.
** Between July and September 2006, according to Land Registry data on sold prices
By Sarah Speight