Buying a home in London is already expensive, but for single buyers, the costs are even higher.
Zoopla’s latest data shows that mortgage payments for a one or two-bedroom home in London average £1,500 per month, while the median salary is £3,837.
This means single buyers are spending 39% of their pre-tax income on mortgage payments.
In Aberdeen, the UK’s most affordable location for single buyers, mortgage payments are just £510—far below London’s average.
The Most Affordable Boroughs for Single Buyers in London
Havering is the most affordable London borough, with an average property price of £306,480 and monthly mortgage payments of £1,100, making up 29% of the average income.
Other affordable boroughs include:
Croydon: £313,550 (30% of income)
Bexley: £323,720 (30% of income)
Sutton: £323,330 (31% of income)
These areas offer the best opportunities for singles looking to buy in London.
The Most Expensive Boroughs for Single Buyers
Kensington & Chelsea is the most expensive borough for single buyers.
The average one or two-bedroom home costs £925,870, with mortgage payments reaching £3,310 per month—73% of the average salary in the area.
Other costly boroughs include:
Westminster (64%)
Camden (61%)
Hammersmith & Fulham (53%)
These areas require a much higher income and stronger financial planning for single buyers.
Rising Costs for Single Homebuyers & Stamp Duty Increases
Mojo Mortgages research shows that single first-time buyers need more than 9 years to save for a deposit in London.
Upcoming Stamp Duty changes from April 2025:
Tax relief threshold for first-time buyers drops from £425,000 to £300,000.
The maximum purchase price eligible for relief falls from £650,000 to £500,000.
Second-home buyers will now pay tax from £125,000 instead of £250,000.
These changes could add up to £11,250 in extra tax for single buyers purchasing in London.
Is Now the Right Time for Single Buyers to Invest?
To minimize costs, single buyers should consider:
Exploring affordable boroughs
Buying before April 1, 2025, to avoid higher Stamp Duty costs
Finding competitive mortgage rates
Contact us today to explore London’s best investment opportunities!
