Whether you’re taking steps to buy your first home or grow your property portfolio, London is a location that you may be pondering. Our capital city has over 8.8 million people living in it and offers a vibrant lifestyle for all that call it home.

However, owning property here requires a sizeable investment with average prices being over £700,000. While this is a huge number, the benefits you get in return are incredible whether you plan on living here or renting out the property.

Find out about the main benefits of buying a home in London in our handy article below and consider making a purchase you shouldn’t regret.

houses in west london

What are the benefits of buying a home here?

Diverse property market

There’s typically a home for all tastes and reliable real estate agents can help you find the perfect one for you. This ensures there’s something for most budgets whether that’s a luxury apartment in Chelsea or a family home in Shepherds Bush.

Plus, there are plenty of unique neighbourhoods to live in too, so if you want a sense of community or prefer a private life, there should be something here for you.

Economic hub

London offers an impressive job market if you’re always looking to take your career to the next level. Many big-name brands have offices here, allowing you to work for the ones you hold close to your heart. More importantly, London weighting is an additional amount of money paid to employees who work in London to help offset the higher cost of living in the city.

Excellent transport links

The Big Smoke is without doubt the most well-connected city in the UK. Its tube system and reliable bus network ensure you can get around hassle-free.

There’s also a huge night transport system, so whether it’s a late night at the office or a night out with friends, getting home shouldn’t be an issue. This means whatever area you have your eye on, even the most desirable postcodes to live, chances are it has excellent transport links.

Strong investment portfolio

The London housing market is a great place to invest and grow your property portfolio. House prices are constantly rising and rental fees are sky-high, making it relatively straightforward to get a return on your investment.

the city of london from thamesmead

The City of London is a stones throw from Thamesmead, one of the cheapest areas to live in

 What are the best locations to buy in London?

The location you choose to purchase property in depends on your lifestyle and purpose. Here are some examples:

  • High budget – Mayfair is a great option if you have lots of cash to spend. It boasts luxurious shops, galleries, and high-end restaurants. Many of the properties are Georgian townhouses or prestige flats. The average property price in the borough is a whopping £5,603,758.
  • Low budget – Thamesmead is one of the most affordable areas in London and has good options for single people, couples, and growing families. Plus, it’s got excellent transport links with the Elizabeth Line passing by. With a more modest average property price of £387,806, it’s differently more suited to most budgets.
  • Landlords – Destinations like Hackney and Croydon offer a balance of good rental prices, and the potential to increase in value and tenant demand.

Where are the other cheapest areas in London to live?

In general South East London has the more affordable areas. These include:

Trendy Deptford in Zone 2 on the south bank of the Thames, has average price for a property at £504, 228. Like other places in the borough of Lewisham it’s popular with first time buyers.

In the borough of Greenwich, Plumstead has a average property price of £423,631, and has direct trains into Charing Cross and and London Bridge. It’s pretty central, known for it’s greenery

Bit further afield in the borough of Bexley, Erith has a good average price of £390,109. It’s on the fringes so could for those who want to work in London and easily step into Kent.

The one to look closely at would be Barking. Last year. properties had an overall average price of £370,839, but it will shoot up fast. It’s on the district line, and had a new overground station built last year. It’s not just it’s access to the city and Essex that appeals, there is a lot of regeneration work going on, including Barking Riverside which is the first Healthy New Town in London.