Bexley and Tower Hamlets most affordable London boroughs

Summarised from 2 outlets · Updated 26 Oct, 14:01 · Archive

Bexley and Tower Hamlets have the lowest house-price-to-earnings ratios in London at 8.5 times average annual pay.

Bexley and Tower Hamlets have been identified as London's most affordable boroughs for homebuyers, according to the latest Office for National Statistics figures. In both boroughs, the average house price is 8.5 times average full-time earnings, the joint lowest ratio in London though above the national average of 6.7 times.

In Bexley, the average home cost £415,000 in the 12 months to August, up 1.9 per cent year-on-year. Against average full-time earnings of £48,966, this produces the 8.5-times ratio. Tower Hamlets saw average property prices of £448,000 against earnings of £52,603 annually, yielding the same affordability measure.

Croydon follows as the third most affordable borough, with average homes costing £397,000 compared to earnings of £46,130, a ratio of 8.6 times. Other relatively affordable areas include Newham at 8.8 times, Greenwich at 9.3 times, and Barking and Dagenham, Havering and Bromley all at 9.4 times.

How it is being reported

• Revealed - the most affordable boroughs to buy a home in LondonThe most affordable places to buy a home in London have been revealed.This Is Local London · 26 Oct, 13:15
• Every London borough ranked from least to most affordable place to buy a homeNew data reveals two areas are London's most accessible boroughs for homebuyersMyLondon · 25 Oct, 08:39

In this story: Bexley · Tower Hamlets · Croydon · Office for National Statistics · London

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