How to Decide Where You Should live in London
20th May 2015 posted in Buyers
Greater London is a huge area covering approximately 600 square miles of land, and has more than eight million people living in it. Within Greater London there are lots of different boroughs and housing markets, meaning if you want to move to London, narrowing down the exact area in which you want to live can be tricky.
Property group CBRE has analysed both the inner and outer boroughs of Greater London and determined their suitability for a range of different buyers and tenants. Together the CBRE and the Telegraph have put together a list of the top boroughs for Londoners to live in:
If money is no object and you are looking for somewhere a bit more expensive to buy a house, then Kensington and Chelsea is ideal for you. This borough only occupies 1% of the capital’s total area, but is still the most prestigious part of London to live in.
Prices are the highest in London and the average house will set you back around £1.3 million or £3,433 a month in rent. The current house price growth in Kensington and Chelsea is 4.5% per annum.
Saving the Pennies
If you’re house hunting on a budget, then Barking and Dagenham has the lowest prices out of all 33 London boroughs and also has the best affordability ratio of house prices to earnings. The CBRE describe it as the “top pick for first-time buyers”.
The average house in Barking and Dagenham will cost just £270,256 to buy or £1,063 per month to rent. The current house price growth in this borough is 5.5% per annum – more than some of the pricier boroughs.
Peace and Quiet
If you are looking for somewhere quite to live, where you can relax and unwind, Richmond-upon-Thames is a great option. Home to Richmond Park, this borough had the fewest developments last year and has the fourth lowest crime rate in London.
There are lots of lovely places in this area, but unfortunately the house prices and the value to wages ratio reflect that. The average house costs £620,000 or £1,755 a month to rent, and the current house price growth in Richmond-upon-Thames is 6% per annum.
A Younger Crowd
If you’re moving to London for your first job, and want to live somewhere where you will be surrounded by a younger crowd, Tower Hamlets is the place to be. Last year it was home to the youngest crowd in the capital, as people in their twenties rushed there to buy property.
The average house in Tower Hamlets will set you back around £479,971 or £2,160 per month to rent. Over the next five years, house prices are forecast to increase by 6% per annum.
If you are looking to rent a house in London, then Bexley is the best place to go. It is one of the most affordable places to live as the rent is under a thousand pounds a month for a two bed flat, according to the report by CBRE.
Bexley is very close to inner London, but still feels spacious, with over 100 parks. The average house will cost £281,341, but it will only cost you £919 a month to rent. The house price growth rate over the next five years is 5% per annum.
If you and your family are looking to move to London, then the best place to consider is Wandsworth. This borough includes areas such as Battersea and Clapham. It is the greenest part of London and has the highest number of outstanding primary schools in the city.
Wandsworth has over 670 acres of open space, and the average house will cost you £555,849 or £1,685 a month to rent. In the next five years, house prices will increase by 5.5% per annum.
Let to Buy
If you’re actually looking to buy a house to let it out, then Croydon is a great place to house hunt. It was badly hit by the London riots, but is now being transformed and is a great place for buy to let – Landlords saw the biggest rise in rent last year.
Croydon has had £1bn pumped into its regeneration, and as it is only 20 minutes on the train from central London, making it popular with commuters. The average house will cost you £320,123 or £1,253 a month to rent. House price growth over the next five years is currently at 6%.
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