London’s property market is often described as one of the most unaffordable in the world. House prices are high, deposits seem unattainable, and competition can be fierce. But is homeownership in the capital really as tough as people say?
The truth is, while buying in London isn’t easy, it’s often more achievable than the headlines suggest—especially if you take the right approach. Mortgage options have improved, and many buyers succeed by being strategic about location, financing, and flexibility.
The key question isn’t always can you buy? but rather can you buy the right property in the right area? And is it better than renting?
Affordability Has Improved – Higher Income Multiples & Lower Deposit Options
One of the biggest barriers to buying has always been mortgage affordability. Traditionally, most lenders would only offer 4.5 to 5 times income, but many now allow:
- 5.5 to 6 times income for high earners, certain professionals, or those with strong financial stability
- Mortgages with as little as £5,000 deposit—or even no deposit with family-assisted options
- Shared ownership, joint-borrower sole-proprietor, and guarantor mortgages to help first-time buyers
With more flexible borrowing options, affordability has actually improved for many buyers—so long as they have a good income and strong financial history.
Can You Get What You Want?
Even if you can afford a mortgage, the real question is whether you can buy a property that meets your needs.
If you’re hoping for a townhouse in Belgravia or a penthouse in Mayfair, then yes—buying in London is near impossible unless you’re exceptionally wealthy.
But London is huge, and many areas offer more realistic entry points. Some of the more affordable boroughs include:
- Barking & Dagenham – One of the cheapest boroughs, with good transport links and ongoing regeneration
- Croydon – Becoming a property hotspot, with strong connections to central London
- Harrow & Hillingdon – Suburban feel with good transport links
- Woolwich & Thamesmead – Regeneration areas benefiting from the Elizabeth Line
If homeownership is your goal, these areas can be a viable way onto the ladder—even if prime London postcodes remain out of reach.
Renting vs. Buying – What’s the Smarter Move?
London’s rental prices are skyrocketing, with the average rent now over £2,000 per month. In many cases, mortgage repayments on a comparable property could actually be lower.
That said, the key question isn’t just whether you can buy, but whether what you can buy is better than what you can rent.
Ask yourself:
- Can you afford to buy in an area you actually want to live in?
- Would you be better off commuting from outside London for better value?
- Could you rent out a second bedroom in a two-bed flat to help with costs?
If you can afford a mortgage and are happy with the property options available, buying can often be the smarter long-term choice.
How to Improve Your Chances of Buying in London
If you’re serious about buying in London, there are several ways to boost your chances:
1. Improve Your Mortgage Affordability
- Boost your credit score—lenders look for strong financial habits
- Reduce debts—paying off loans and credit cards can increase how much you can borrow
- Save as much deposit as possible—larger deposits unlock better mortgage deals
- Consider buying with a partner or friend to boost affordability
2. Be Flexible with Location & Property Type
- Look at up-and-coming areas with strong regeneration potential
- Consider ex-local authority flats or properties needing some work—they’re often cheaper
- Prioritise transport links over central locations—outer boroughs often offer better value
3. Get Professional Advice
- Speak to a mortgage broker to understand all available options
- View properties in your budget to see what’s realistic
- Plan ahead—if you can’t buy now, set a clear savings goal
Flexibility – What If Your Plans Change?
One of the biggest concerns about buying is being locked into a property when circumstances can change. However, homeownership can be more flexible than people assume:
- Consent to let – Many lenders allow you to rent out your home if you need to move
- Selling isn’t always necessary – If your property increases in value, you may be able to remortgage and move up the ladder sooner than expected
So, Is It Really That Tough?
Buying in London is challenging, but if you’re on a reasonable income, it’s often more achievable than people assume—especially with today’s mortgage options.
The key questions are:
- Can you buy in the right location? Or would you need to compromise?
- Would you be better off commuting from outside London?
- Is what you can afford better than your rental alternative?
For those willing to be strategic, make compromises, and explore all available options, London homeownership isn’t impossible—it just requires the right approach.
If buying now isn’t an option, the best step is to speak to a mortgage broker, make a plan, and start preparing for the future. The sooner you start, the sooner homeownership in London can become a reality.
