‘Trendy’ London borough named most affordable to buy a home

Londoners know all too well that it’s anything but easy to buy a home here, and for many of us, it’s a distant dream.

Hope is not lost though, because one ‘trendy’ London borough has been named the most affordable place to buy a home in the capital – and the result might surprise you.

Tower Hamlets has taken the crown, an area of East London that spans the likes of Spitalfields, Whitechapel, Bethnal Green, Mile End, Limehouse and Bow.

Analysing the disparity between house prices and average salaries across the 32 London boroughs, the average property costs £575,183, according to the study from South Park Removals.

Comparatively, data from Zoopla shows that the average property price in London on the whole is £731,910 – £156,727 more expensive.

Locals are all about the area, too, with one Reddit user describing the area as ‘fairly trendy.’

‘[Tower Hamlets] has some very nice parts, around Victoria Park and the canal, streets off Roman Road and between the park and Bethnal Green Station. Hackney Wick is fairly trendy,’ @Professor_Moustache wrote.

Elsewhere, Tower Hamlets was described as ‘the best of London in one borough.’

‘Tower Hamlets is fantastic. Great taprooms in Howling Hops and 5 Points. Great cinemas in Genesis and Rich Mix. Great places to eat from Lahore Kebab House to Beigel Bake,’ another comment read.

‘Fantastic history in the Tower of London. Brilliant green spaces like Victoria Park. Genuinely the best of London in one borough.’

Things to do in Tower Hamlets

From artisan coffee shops to museums, Tower Hamlets has a vast range of activities on offer.

For a cultural experience, consider taking the little ones to Young V&A. There’s also the famous Tower of London, a world-famous tourist attraction that houses the dazzling Crown Jewels, and the Viktor Wynd Museum of Curiosities, showing a unique range of objects.

If you’re into plants, a Sunday stroll around the Columbia Road Flower Market is a must. Afterwards, explore some of Tower Hamlets’ best culinary experiences, from E Pellicci to Sodo Pizza.

Meanwhile, Hackney Wick offers the opportunity to stroll down the canal or explore the area’s unique street art. You can grab a pint at local favourite, the Lord Napier Star, which is similarly covered in colourful graffiti.

There’s also the Queen Elizabeth Olympic Park, which was built for the London 2012 Olympic and Paralympic Games.

There’s plenty of green space here, including nature trails and wetlands, and you can also visit the Lee Valley VeloPark and the London Stadium, home of West Ham football club.

Council tax in Tower Hamlets

As with most areas, the amount of council tax you’ll pay in Tower Hamlets depends on the value of your property and which band it sits in.

Properties at the lower end of the spectrum, valued up to and including £40,000 (in what world?), will pay £1,117.01 per year.

Meanwhile, properties that are worth more than £320,000 (as the average price in the borough would suggest) will pay a whopping £3,351.02 per year. Ouch.

If buying isn’t in your budget and you want to consider the cost of renting, according to the Office For National Statistics, the average monthly rent is £2,164.

By comparison, figures from Zoopla suggest that the average rent in London is now £2,119.

So, if you’re considering where to move to in London, Tower Hamlets could be where it’s at.

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