10 cheapest areas to buy in London 2024
Based on 2024 house price data from our own database, we reveal the top ten cheapest areas to live in London.
Getting on the property ladder is a dream for many in the UK, however, steep house prices can make it difficult to make this a reality, especially in London. In fact, London is one of the most expensive cities to live in the UK with an average property price of £935,205.
However, these seemingly unattainable prices for first-time buyers do not reflect the whole city. There are numerous areas in London with more affordable prices, especially with the Shared Ownership scheme to help even more.
Let’s take a look at the top ten cheapest areas to live and buy a house in London, based on the listing prices at the OnTheMarket. Many of these ‘cheap’ London areas are on the outskirts, making them perfect commuter towns for professionals working in the city but living there for a fraction of the price.
1. Barking and Dagenham
On the top of our list of the cheapest areas to live in London, we have Barking and Dagenham where the average property price is around £359,232. You can snatch yourself a bargain, with new builds on the Shared Ownership scheme as low as £67,500.
Located in East London, Barking and Dagenham is a fantastic place to live having recently undergone significant regeneration projects, including new housing developments, enhanced transport links to Central London, such as the Elizabeth Line, and revitalised public spaces.
2. Bexley
Bexley is the second-cheapest area to buy a house in London with an average property price of £454,723. A one-bedroom flat in prime location is as low as £235,000 with full ownership.
Not only does the area offer cheap house prices but is also a great place to live. In Southeast London, Bexely borders the River Thames to its north and Kent to its south, offering residents the best of both the excitement of the city and country living. It boasts a blend of residential areas, green spaces and historical landmarks, such as Hall Place and Gardens, a beautiful Tudor house and grounds.
3. Newham
Third on our list of London’s cheapest areas to live is Newham, where the average property price is £462,049. Through the Shared Ownership scheme, first-time buyers can purchase a new one-bedroom flat in Newham for £96,875.
Newham is located in East London and is the home of Queen Elizabeth Olympic Park, which hosted the 2012 Olympics. As such, the entire area underwent extensive development in the lead up to the Games. Key highlights include Westfield shopping centre, new build housing developments and excellent transport links.
4. Croydon
Croydon has some of the cheapest houses in London with average property prices around £472,514. Yet, a one-bed new build flat in Croydon can be as low as £76,250 through the Shared Ownership scheme.
Situated in South London, Croydon has excellent transport links, including fast trains to Central London and to Gatwick Airport. Highlights of Croydon include Valley Park retail and leisure complex, Whitgift and Centrale shopping centre and South Norwood lake and grounds, ideal for family days out in nature.
5. Sutton
Sutton is another cheap borough to buy in London with property prices averaging at £512,826 and new homes from £240,000.
Particularly great for families, schools in Sutton boast the best results in the whole of London. What’s more, Sutton is known as London’s greenest borough with more than 607 hectares of green space and plenty of parks.
6. Lewisham
The average property price in Lewisham is £521,701, bringing it to number five on our list of the most affordable places to live in London. Through the Shared Ownership scheme, homebuyers can purchase a one-bedroom flat for as low as £79,000.
Located in Zone 2 in London, Lewisham is an up-and-coming area that offers residents easy access to central locations, which is ideal for those working in the city. Recent developments in Lewisham have helped to boost the local area and housing options, of course, creating a thriving urban environment, full of restaurants, shops and more.
7. Havering
Property prices in Havering average around £530,278 and some new homes as low as £65,625 through the Shared Ownership scheme.
Much like Sutton, Havering is another green London borough. In fact, more than half of the area is home to open space! Located in the far east of London, the nearest town centre is Romford, however, the newly-built Elizabeth Line offers easy access into Central London.
8. Waltham Forest
Waltham Forest is one of the cheapest areas to live in London with average property prices at £530,352 and top-of-the-range new build flats available from £81,250 through the Shared Ownership scheme.
Beyond affordable housing, living in Waltham Forest offers many benefits for residents, from a vibrant town centre to over 500 acres of green space.
9. Greenwich
The average property price in Greenwich is £536,102, bringing this London borough to number nine on our list. Shared Ownership properties in Greenwich are available starting from £91,875.
There is plenty to see and do in Greenwich, such as a buzzing high-street, restaurants, cinemas, shops and Greenwich Park. Located in Southeast London on the River Thames, getting into London via the London Underground or even the Thames River Boat is simple, making it an ideal spot for commuters.
10. Hillingdon
Property prices in Hillingdon average around £539,521 and Shared Ownership properties starting from £96,250.
Not far from Heathrow Airport, Hillingdon is located in West London and shares borders with Hertfordshire and Buckinghamshire. This means that residents are offered easy access to nearby countryside and the capital city, while still benefiting from the cheaper house prices in the area.
How expensive is your area compared to the rest of London?
| Rank | London borough | Average property price |
| 1 | Barking and Dagenham | £359,232 |
| 2 | Bexley | £454,723 |
| 3 | Newham | £462,049 |
| 4 | Croydon | £472,514 |
| 5 | Sutton | £512,826 |
| 6 | Lewisham | £521,701 |
| 7 | Havering | £530,278 |
| 8 | Waltham Forest | £530,352 |
| 9 | Greenwich | £536,102 |
| 10 | Hillingdon | £539,521 |
| 11 | Redbridge | £555,318 |
| 12 | Harrow | £586,496 |
| 13 | Bromley | £603,200 |
| 14 | Enfield | £603,756 |
| 15 | Tower Hamlets | £615,419 |
| 16 | Hounslow | £625,740 |
| 17 | Ealing | £646,110 |
| 18 | Brent | £679,529 |
| 19 | Southwark | £739,730 |
| 20 | Haringey | £774,337 |
| 21 | Kingston upon Thames | £797,236 |
| 22 | Islington | £855,024 |
| 23 | Merton | £870,407 |
| 24 | Lambeth | £881,701 |
| 25 | Hackney | £955,829 |
| 26 | Wandsworth | £977,449 |
| 27 | Barnet | £982,805 |
| 28 | Richmond upon Thames | £1,111,306 |
| 29 | Hammersmith and Fulham | £1,169,417 |
| 30 | City of London | £1,423,798 |
| 31 | Camden | £1,520,318 |
| 32 | Kensington and Chelsea | £2,414,350 |
| 33 | Westminster | £2,608,207 |
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