It is no secret that buying property in London is expensive. With so many historic structures and lavish complexes dotted around the city it is no surprise that there are property prices soaring into the millions. However, interestingly, the average asking price for a home in London is £473,822 – lower than what many people expect. This is typically due to property prices decreasing in London Underground Fare Zones 5, 6, 7 and beyond.
However, what if Central London life if something that your desire? What if you want to step outside your front door into the heart of the city? Is it feasible to buy a property in Zone 1? This article will reveal the most affordable Zone 1 locations for each London tube line.
The cheapest Zone 1 location on London’s Central Line is St Pauls. With the average property price in this area coming in at £909,026, potential buyers would need a 10% deposit of over £90,000 to secure a home.
Just a nine-minute walk from Oxford Circus is Great Portland Street, nestled on the Metropolitan line. Its premium location means that the average property price is £849,456. However, this makes Great Portland Street the most affordable Zone 1 location on the famous purple line.
South of the River Thames is Southwark Underground Station where the average property price is £723,322, the cheapest Zone 1 location on the Jubilee Line.
When Bridget Jones’s Diary came out in 2001 her flat was located just a short jaunt from Southwark station and would have cost her £190,000. Today, the property would be valued well over £700,000.
The third cheapest Zone 1 location on our list is Waterloo, with an average property price of £723,322. Given its incredible transport links it is surprising how the average property price is so subjectively reasonable for such a connected location.
The two most affordable Zone 2 underground stations in Zone 1 are just 0.2 miles apart; Aldgate and Aldgate East. The average property price in Aldgate is £694,469, meaning an average 10% deposit of just under £70,000.
Aldgate East: most affordable Zone 1 location
Both the District and Hammersmith & City Lines run through the Zone 1 underground station of Aldgate East. The average property price in the immediate area is £572,668 – the cheapest in the most central zone. Nearby attractions such as Brick Lane, Spitalfields Market and Petticoat Lane make Aldgate East a trendy location to live in.
Buying a property in London
If you’re planning on buying a property in the capital get your hands on a London property map and do your research. Scour each tube line and each London zone so that you can create a correlation between commuting time and property prices. There are countless locations outside of Zone 1 that suit various budgets, ways of living and travel times.