Buying a family home in London has become the stuff of dreams for many, with the average price now hitting £675,000,
But there is one pocket of East London where you can find one for less than half that amount if you’re lucky.
One family home has gone on sale in East London’s Romford for £315,000.
The terrace house includes three bedrooms, a larger than average garden and off-street parking for two cars.
The property is likely to attract huge attention given its relatively low price compared to the typical value of a home in the capital, which is more than double that amount.
It means buyers would need a deposit of only £15,000, which is significantly lower than for the average property in London.
Perfect for a family! The terrace house in East London includes a large living room
To buy a £675,000 house in London would take a deposit of at least £35,000 – and that would require putting down a minimum deposit of just five per cent.
It helps to explain why this property in Romford, East London, is relatively attractive to the rest of the capital. The lower price offers families a lot more space for their money and a chance to get onto the property ladder.
The property has a price tag of £315k and is being sold via online estate agents Yopa
The house has a first floor bathroom, fitted kitchen with an integrated oven and hob, and a large living room.
Yopa, the online estate agent handling the sale, explained that the house provides an opportunity for a family to move in immediately.
The new buyers could move straight into the property as there is no onward chain
Yopa local agent Paul Long said: ‘This three-bedroom house offers the potential buyers the ability to move straight in as it is being offered with no onward chain.’
‘It close to a very good primary school (Broadford) and near to some shops. And there’s potential to expand the property at the rear and into the loft subject to the usual planning consents.’
Romford is a large town in East London close to the border with Essex.
Often overlooked…Romford provides opportunities for those who want to remain in London
It has a good market and is well connected – with eight trains an hour into Liverpool Street.
It is soon to become even better connected with the opening of the Elizabeth Line, due to open later this year.
Buying agent Henry Pryor explained: ‘Often overlooked as buyers head up the A12 and into Essex, Romford provides opportunities for those who want to remain in London. I have clients who have bought homes in Romford both for themselves and as investments with some of the best yields available inside the M25.’
The large garden could be turned into the ideal spot for entertaining a family
It is rare to find a property in London for around £300k that offers three separate bedrooms
Residents can enjoy the local parks in Romford including Raphaels Park (pictured)
The average value of a home in London stands at £674,332, according to property website Zoopla. The average for the country as whole is £275,538.
Values vary significantly within London, with the highest average prices found in Kensington at £999,201 and Romford being among the lowest.
There are only a few other areas in the capital with lower average prices, including Feltham in Hounslow and Erith in Bromley.
The third bedroom is smaller, but ideal for a family with young children
There is a family bathroom on the first floor of the East London property
Romford has a good market and good transport links
The generally higher house prices in London mean that it can be difficult for families to afford a three-bedroom house.
With the average price of a home being close to the £700,000, it may be a stretch too far to meet the lending criteria required by banks and building societies.
These include a minimum deposit of 5 per cent and typically a maximum mortgage of four and a half times salary.
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: ‘While many lenders cap higher loan-to-value mortgages at 4.5 times income, there are a few who will allow you to borrow more – possibly up to five times. The caveat is that these applicants must earn a higher income than the average salary – typically in excess of £60,000.’
There are some new buildings in Romford that have been designed in a more traditional style (including the area pictured in the town’s market area)
To afford a typically-priced £674,332 home in London, a borrower would need a minimum deposit of £34,000 and a salary of circa £130,000.
Even with Government assistance using the Help to Buy scheme that offers an interest-free deposit of up to 20 per cent, a borrower would need the same-sized deposit (although a lower salary of £51,000). Help to Buy can also only be used on homes up to the value of £600,000.
However, with this particular Romford family home costing £315,000, a buyer without any additional financial assistance would only need a deposit of £15,570. The salary requirements for the household would be around £65,000 unless they could increase the size of the deposit.
Other three-bedroom homes for sale in Romford…
1. Terrace house for £325,000
This terrace house in Romford comes with a conservatory and a separate garage, along with three bedrooms and a garden with a shed.
The sale of the three-bedroom property is being handled by Steps estate agents
The lounge that leads to the conservatory via some sliding doors
French doors in the conservatory lead to a large patio area at the rear of the property
2. Semi-detached house for £310,000
This three-bedroom semi-detached property in Romford comes with double-glazing and off-street parking.
The three-bedroom house is being sold for £310,000 via estate agents Delaney’s
There is a large living area focused on a fireplace, and a separate dining area
There is space to park a car, with access provided by double gates at the rear of the garden
3. Terrace house for £290,000
This three-bedroom property is being sold with a large front and rear garden, a garage and a spacious living area.
The sale of this property is being handled by estate agents Century 21
There are two good-sized bedrooms and a smaller third bedroom
There is a large garden at the rear of the property, which could be a welcoming family home