CNBC is currently looking at the cheapest areas in the UK capital, as buying and renting in London is still known to be expensive.
Data collected by real estate agent Knight Frank, shared with CNBC, show that in the second quarter of 2021, Barking and Dagenam was usually the cheapest district to buy real estate. ..
Barking and Dagenam’s overall average real estate price is £ 304,626 ($ 417,971), averaging £ 387,196 to buy a three-bed home in the autonomous region and £ 256,033 to buy a two-bed apartment in the region. It took.
Bexley turned out to be the cheapest rent in London, with an average monthly rent of £ 1,191 overall. It usually costs £ 1,523 to rent a 3-bed house in Bexley and £ 1,205 to rent a 2-bed apartment.
This is a summary of the top 10 cheapest districts to live in London.
Knight Frank’s data is based on our own research and figures collected from the UK real estate search portal OnTheMarket.
Despite the pandemic-led real estate trend, Knight Frank Head Tomville of UK Housing Studies told CNBC on the phone that “the heat map of London home prices looks the same as it did before the pandemic.” Cheapest for renting and buying real estate.
The activity of the London housing market, like the activity of many major world cities, suffered within the public health restrictions of the coronavirus as it encouraged people to stay home.
As restrictions are relaxed and people have more freedom to go home, Londoners trying to move to rural areas The tendency to work from home seemed to continue for the long term, so I wanted more space.
Knight Frank’s building noted this trend, noting that in areas such as Wimbledon, Darigi and Richmond, real estate prices have risen the most in the last 12 months as people sought more space and greenery. ..
Meanwhile, Bill said rents have fallen by 14% to 15% in some areas of central London, and border restrictions have reduced the number of international students and professionals living in the city. I did.He believed that this fall in prices could have allowed some people to get a little closer to the city.
However, Bill said the price decline was “bottomed out” and “reached that inflection point, which is recovering again.”
British realtor Foxtons has discovered that Newham is the cheapest London borough to buy real estate, with an average asking price of £ 424,350. Foxtons found Sutton to be the cheapest area to rent real estate, averaging £ 331 a month.
However, Foxtons data is based on areas of significant sales and lending.
Online realtor Purplebricks also said bark is one of the areas that offers “good value” in terms of real estate prices.
In addition, they pointed to Bexley, Bromley, Croydon, Haberling, Hounslow, Lewisham, Newham and Sutton as other parts of London offering cheaper home prices.
James Terry, Sales Director of Purplebricks, emphasized two districts, Newham and Bromley.
Terry emailed CNBC that Newham was “very up-and-coming” and that there are many new bars and restaurants open in the area.
“Bromley, on the other hand, has a unique atmosphere and doesn’t feel like a normal London borough,” he said, explaining the area as “very green and family-friendly.”
“People can move away from the hustle and bustle of central London apartments and buy big homes with growing space, but they can still get into London in 20 minutes,” Terry added. ..
Correction: This story has been updated to correct the position of Knight Frank’s Tomville.
The best deal to buy or rent a home in London
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