London’s reputation for eye-watering property prices is well earned, but genuinely affordable pockets still exist, both inside the capital’s outer boroughs and in a growing ring of commuter towns just beyond it. Here’s where buyers are currently finding the best value.
The Cheapest London Boroughs
Barking and Dagenham remains London’s cheapest borough overall, with average house prices sitting well below the rest of the capital. Within individual neighbourhoods, Plumstead in southeast London has been highlighted in recent rankings as one of the cheapest locations in the capital, with average prices around £408,700, helped by the Elizabeth line cutting its journey time into Liverpool Street to around 15 minutes. Bow, in east London, offers another relatively affordable option at an average of roughly £474,900, bordering Victoria Park and within reach of the V&A East and Sadler’s Wells East development.
More broadly, outer southeast, east, and south London continue to offer the best value for buyers wanting to stay within the capital, with strong transport links helping keep these areas connected despite their lower price points.
The New Wave of Commuter Towns
Beyond London itself, research from Savills has identified a fresh set of affordable commuter towns as traditional hotspots like St Albans and Woking have caught up with London’s own inflated pricing. Iver in Buckinghamshire tops that research, with a 24 minute journey into Paddington via the Elizabeth line and an average house price of £539,575. Shenfield in Essex follows closely, offering a 23 minute commute into Liverpool Street with an average price of £656,159. Twyford in Berkshire rounds out the group, with a 30 minute journey into Paddington and an average price of £553,597.
According to Savills researcher Frances McDonald, Britain’s traditional commuter belt has shrunk back since the pandemic but remains wider than it was before it, with new infrastructure such as the Elizabeth line helping connect a broader ring of towns to central London than was previously realistic.
Why the Elizabeth Line Keeps Coming Up
A common thread running through several of these more affordable options, both inside and outside London, is the Elizabeth line. By significantly cutting journey times from areas that were previously considered too far out for a realistic commute, it has effectively expanded the map of what counts as “well connected,” bringing a wider set of more affordable areas into genuine consideration for buyers who need to reach central London regularly.
What to Weigh Up Beyond Price Alone
Cheaper isn’t automatically better value. It’s worth balancing purchase price against total commuting cost, including season ticket prices which can run into several thousand pounds a year, alongside local amenities, schools, and longer term growth potential. A slightly higher purchase price in an area with excellent transport links and strong local infrastructure can sometimes work out better value overall than the cheapest option available.
The Bottom Line
Genuinely affordable options still exist both within London’s outer boroughs and increasingly further afield, particularly in towns that have benefited from Elizabeth line connectivity. For buyers willing to look beyond the traditional commuter belt hotspots, there’s currently more genuine value available than the capital’s headline price figures might suggest.