Most affordable boroughs revealed
London remains one of the most popular global cities, and if you are looking to buy a residential property in the capital, the good news is we’ve identified the top ten most affordable boroughs to buy in, from our Hot 100 report.
In the recently published CBRE Hot 100 we list the top ten most affordable boroughs in London. We analysed house price compared with annual income, to identify the ten most affordable parts of the capital.
For the second year in a row, Bexley was revealed as the most affordable London borough with a house price-to-earnings ratio of 8.17 per cent. Close behind were Bromley (8.79 per cent) and Greenwich (8.91 per cent). But the biggest mover in this year’s list was in fact Tower Hamlets which has moved up from twelfth on the list to ninth with a ratio of 10.12 per cent.
In Tower Hamlets there are 45 schemes totalling 9,400 units currently under construction and plans in place for another 17,000. CBRE are currently selling a number of new developments in Canary Wharf and the Docklands areas of Tower Hamlets, where property is in high demand amongst those working in Canary Wharf and the City of London.
Buying in an affordable borough such as Tower Hamlets, Greenwich or Barking and Dagenham, presents purchasers with the opportunity to buy a property in a popular and in-demand part of the city, and benefit from potential house price growth as well as affordable pricing now.
With many new residential developments across the city, including in more affordable boroughs, it’s an exciting time to be a part of the London property market.