London’s last £200k house? Neasden terrace is only full house for sale below that mark but you can make your budget go further outside the capital
The average price of a property in the UK is £231,000, yet there is only one house in London currently on sale for less than £200,000.
The house, which is listed on Rightmove, is in Neasden, north-west London, a 10-minute drive from Wembley Stadium — but interested buyers shouldn’t get too excited. The property is up for auction, with a guide price of £170,000, so the amount it sells for could rise significantly.
It is also currently divided into two flats and will need to have some serious cash spent on it to turn it into a liveable home.
According to Rightmove, there are currently around 725 properties in the capital listed for sale on the property platform for under £200,000 but most of these are flats, houseboats, garages and parking spaces.
The average price of a two-bedroom terraced house in the capital is currently £473,076, after peaking at £479,055 in 2017.
So if you can’t get a house for £200,000 in the capital, what can you get? You could buy a studio apartment on the top floor of a Victorian house in Bromley for £195,00 or a house boat in King’s Cross for £150,000.
If both of those are above your budget there’s also this garage in Wandsworth for just £85,000, or even a curry and sushi takeaway (with staff accommodation) in Forest Hill, for £50,000.
Expand your search outside the capital and the possibilities widen.
From a barn conversion outside Middlesbrough to this 16th century former pub in Kent there are sub-£200k options all over the UK.
Scroll through our gallery below to take a closer look.
How much money will I need for a £200,000 property?
Mortgage lenders base the amount of money you can borrow on the loan-to-income ratio. This is usually capped at four-and-a-half times your income.
Buyers looking to purchase a property around the £200,000 mark would, therefore, need to be earning around £75,000, although remember that this figure could be the joint income of two or more people.
You’ll also be expected to cough up anywhere between five and 20 per cent of the purchase price for a deposit. For a £200,000 property, this could be anything from £10,000 to £40,000.