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More than a quarter of London boroughs don’t have a single property for sale for less than the average UK house price (£191,812)

With average London property prices currently standing at £530,409*, affordability remains a major issue for Londoners. Research by online estate agents HouseSimple.com looked into the cheapest properties currently for sale in each of the 32 London boroughs, and whether it is still possible to buy a property in the capital for less than the average UK house price of £191,812*.

• Bexley flat at £94,995 is the cheapest flat currently for sale in London
• Only in 4 out of 32 boroughs can you buy a property in the 0% stamp duty band

HouseSimple.com research reveals that in nine out of 32 London boroughs, more than a quarter (28%), it is impossible to find a single property currently on the market for less than the average UK house price of just under £192,000 (according to monthly Land Registry Property Index).

The figures also reveal that Bexley is the only borough where you can buy a property for less than £100,000, with a studio flat currently on the market for just £94,995. While, in Tower Hamlets, there are no properties on the market for less than £250,000.

Looking at stamp duty bands, HouseSimple research reveals that in just four out of 32 (12.5%) London boroughs is it possible to buy a property exempt from stamp duty. (0% stamp duty band is: £0 – £125,000). While, in almost half of the Capital’s boroughs, the most affordable property for sale today is a studio flat, which are typically just 100-110 sq ft in size, compared to the average UK one bed flat, which measures 495 sq ft. Looking at stamp duty bands, HouseSimple research reveals that in just four out of 32 (12.5%) London boroughs is it possible to buy a property exempt from stamp duty.

Alex Gosling, CEO of online estate agents HouseSimple.com, comments: “These figures reveal how desperate the plight is for ordinary Londoners on average salaries, hoping to buy their first property. How can they feasibly afford to buy when average property prices in the Capital are over £530,000?

“Although this research reveals there are properties for sale below the UK’s average house price, the pickings are extremely slim and you’re getting very little square footage for your money. It’s a studio or nothing in many boroughs.”

“It’s not surprising that more and more people are starting to move out of London for value. Why pay £200,000 for a studio flat when you can buy a house for the same money just an hour commute away. It’s likely in the future we will see less and less people putting their first foot on the property ladder in London.”