This London borough is the capital’s most affordable place to buy a house in 2024, according to Zoopla

Fresh off the news that London is one of the richest (and most expensive) cities in the world, we’re bringing you something to counter the revelation that the Big Smoke is home to an eye-watering 227,000 millionaires and 35 billionaires. The capital’s most affordable area to buy a house has been revealed, so if you’re not one of those millionaires read on to find out where it is. 

Croydon is London’s most affordable borough for buying a home, research by Zoopla has revealed. According to Zoopla’s data the average house value in the capital is £560,800. In Croydon it’s a little bit lower, with house values averaging at £417,800. We know it’s not exactly cheap, but it’s at least helpful to know where you’re going to get the most bang for your buck. 

To work it out, Zoopla analysed house value-to-earnings ratios, based on a two-earner household on an average salary for the local area. Their research found that homes in eight in ten UK towns are still valued at more than four times local household average incomes.

Croydon had the lowest house value-to-earnings ratio in London at 4.7, well below the London average of 5.8. Greenwich, Barking and Dagenham, also had average homes valued at less than five times the local annual household income.

Elsewhere in the UK, Cumnock in Scotland was Britain’s most affordable town to buy in 2024 with average house values of £80,300, significantly below the UK average house price of £267,500.

ICYMI: Legendary London nightclub Heaven has had its licence suspended and will shut for at least 28 days.

Plus: This attraction has been crowned London’s best day out by Which?