Low-deposit homes on sale in London that you can actually afford

London’s property market can seem like a scary arena to enter, whether you’re just starting out or moving on to find more room for your growing family — or perhaps looking to meet the sudden requirement for a home office.

And no wonder. According to Halifax, the average first-time buyer in London puts down an eye-watering £132,685 as a deposit.

It’s a shocking amount.

The latest figures from the Office for National Statistics say the average salary in the capital now stands at £33,280, so even when there are two of you, a deposit that size is going to take some saving for — especially while you’re still shelling out for rent.

And what if you’re buying as a singleton?

But it doesn’t have to be as out of reach as that. Imagine you could buy a home, in London, putting down a deposit of less than, say, £20,000. What about less than £5,000?

Thanks to affordable housing schemes such as shared ownership and Help to Buy, you can. The schemes, although not without their critics, boost affordability and shrink deposits.

There is something emotionally enticing about home ownership: the security of tenure, the chance to put pictures up on the wall without asking first, the end to regular inspections. Your own home can be your sanctuary.

But there are some hefty financial imperatives, too. The latest English Housing Survey notes that people who pay a mortgage spend an average of 18% of their income.

Renters, however, spend nearly a third. And it’s all disappearing into your landlord’s pocket.

Further down the line, though, comes a bigger financial timebomb. Affording rent on a pension is a big ask.

The Investing and Saving Alliance calculated that renters will burn through a standard work pension pot 12 years before their home-owning counterparts.

In today’s home-buying special we look at ways to get on the ladder for less — yes, we really have found places, and lovely ones at that, where the deposit is less than £5,000.

Under £5,000

1. Bow

In the heart of the East End, Bow is packed with history and ultra-convenient for travelling into the West End, City, Canary Wharf and Stratford. Roman Road Market is a big draw.

First home: The Boiler Plate E3, from £96,250 for 25% of £385,000, minimum deposit £4,813

These one, two, and three-bed shared ownership apartments are part of the Kettleyard development and feature open-plan layouts, kitchens with handleless cupboards and integrated appliances, and two communal terraces.

Head here for more information

2. Walthamstow

Residents love this neighbourhood for its creative, independent vibe, variety of shops and eateries, excellent transport links and proximity to green space. Rightmove recently crowned it London’s most popular place for prospective purchasers.

First home: The Chain, E17, from £91,250 for 25% of £365,000, minimum deposit £4,563

On a cycle route in the borough’s innovative Mini Holland scheme, these one and two-bed apartments have private outside space, and there are communal gardens throughout.

Head here for more information

Under £10,000

3. Muswell Hill

A proper — and usually pricey — London village, with friendly locals, lots going on and an assortment of indie cafés, restaurants and pubs. Alexandra Palace and Park, Highgate Wood and Queen’s Wood are on the doorstep.

First home: The Folium N10, from £139,375 for 25% of £557,500, minimum deposit £6,938

A scheme of 54 one, two and three-bed shared ownership apartments, all with underfloor heating, integrated kitchen appliances and a balcony or terrace, and moments from two sought-after primary schools.

Head here for more information

4. Greenford

An up-and-coming and leafy pocket of west London with a young population and excellent transport links: it’s next to the A40, convenient for the North Circular, is on the Central Line and has trains into Paddington.

First home: SO Resi Greenford UB6, from £99,000 for 30% of £330,000, minimum deposit £9,900

Greenford station is only a six-minute stroll from this collection of 84 one, two and three-bed shared ownership apartments. Most have a balcony, many include en suites and parking is provided for certain plots.

Head here for more information

5. Purley

Sometimes regarded as the epitome of suburbia (anyone remember 1980s sitcom Terry And June?) but that’s no bad thing as it offers easy access to parks and open countryside, yet London Bridge and Victoria are only 25 minutes by train.

First home: Cushing Gardens CR8, from £116,375 for 35% of £332,500, minimum deposit, £5,819

Thirty one, two and three-bed shared ownership apartments with balconies or terraces, in a converted mansion named after Star Wars and horror film actor Peter Cushing, who lived locally when he was a child. They’re being launched later this summer.

Head here for more information

Under £20,000

6. Southall

This multi-cultural area is undergoing major regeneration and hotly anticipating the arrival of Crossrail. The Broadway, at its hub, is lined with Asian food, fabric, jewellery shops and restaurants, and the curries are second to none.

First home: The West Works UB2, from £313,000, minimum deposit £15,650

Ashwell House, consisting of a mix of one, two and three-bed apartments available with Help to Buy, is the latest phase in this 302-home scheme. Residents have access to a communal, continental-style terrace, and the station is a five-minute walk.

Head here for more information

7. New Malden

Located between Kingston and Wimbledon and home to a large Korean population, resulting in an impressive number of Korean restaurants. Has parks, good schools, regular trains to Waterloo and is close to the A3.

First home: Kingston East KT3, from £318,000, minimum deposit £15,900

An open day is being held this Saturday, when these 297 homes will be launched. They range from studios to two and three-bed apartments and duplexes, each with a private balcony or terrace, and London Help to Buy is on offer.

Head here for more information

8. Finchley

A long-term family favourite that’s caught the eye of younger buyers due to its keen prices, green space and easy Tube ride into central London. You’ll find virtually every type of cuisine along the sprawling high road.

First home: Park Place N3, from £360,000, minimum deposit £20,000

The site former police station site has been transformed into 41 high-spec studio, one and two-bed apartments, moments from Victoria Park and offering Help to Buy.

Head here for more information

9. Sydenham

This hilly neighbourhood is renowned for its community spirit and numerous green spaces. Rail services into London Bridge and Victoria more than compensate for the lack of a Tube station.

First home: Maybrey Works SE26, from £345,000, minimum deposit £17,250

Help to Buy’s an option on all these one, two and three-bed flats. They come with amenities you’d expect in a far more expensive development, such as an on-site concierge and a residents-only gym and work hub.

Head here for more information

10. Royal Docks

Some £8 billion is being invested in turning the docks into a new waterfront district, with 25,000 homes, a relocated City Hall, shops, leisure, arts and community spaces.

First home: Gallions Place E16, from £370,000, minimum deposits £18,500

Galyon Point, the initial phase of mixed-use Gallions Place has just launched with one, two and three-bedroom apartments and Help to Buy is on offer.

Head here for more information

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