The top 5 cheapest places to live in London

If you’re looking to buy a home in London, one of the most expensive regions in the UK with average prices of £762,454 over the last year, it’s worth doing your research as prices can vary hugely.

Rightmove has crunched the data to reveal the cheapest areas to buy a home in the capital.

This data is based on average asking prices in April 2024 but should give you some insight into some of the cheapest places to live in London.

Where are the cheapest areas to buy in London?

If you are looking to buy in south-east or east London, you’re in luck as it’s home to four of the cheapest areas.

Thamesmead

The cheapest place to buy in London is Thamesmead with an average asking price of £346,171.

Nearby stations include Plumstead (around 40 minutes from Central London by train) and Belvedere, which is between half an hour and an hour away from London.

There’s a huge focus on regenerating Thamesmead, including building 2,000 new homes, while Transport for London (TfL) is proposing to extend the Docklands Light Railway to the area.

Erith

Erith, in south-east London, is the next cheapest place to buy a home in the city, with the average home costing £347,606.

If you’re hoping to commute into London, it’ll take you between 35 minutes and an hour by train, depending on your route.

There have recently been two major renovation projects in Erith focusing on Park East and Erith Park, and it also has a shopping centre.

Barking and Dagenham

Barking and Dagenham, both in east London, are also affordable areas to live in, with travel times into London as short as 30 minutes.

The property prices are ideal for those with tight budgets, with average prices of £350,141 for Barking and £357,418 for Dagenham.

The borough was ranked among the least happiest places to live in Greater London, according to Rightmove’s recent Happy at Home survey.

Richmond upon Thames took the top spot in Greater London and nationally.

Edmonton

Last on the list is Edmonton, in north London, where the average property price is £369,960, and the commute into Central London is around 45 minutes.

A regeneration project is ongoing in Edmonton to deliver more affordable homes.

Seek mortgage advice

Before you start searching for your new home, consider your budget and what you want, such as a short commute, an abundance of green spaces, or close proximity to good schools.

It’s worth talking to a mortgage broker who will look at your unique circumstances and find the right mortgage for you.

See also:

The most expensive places to live in London

The cheapest places to live in Yorkshire

The cheapest places to live in the West Midlands

The cheapest places to live in the South East

The cheapest places to live in the South West