London has only one home listed for sale at £100,000 or less, as the capital’s housing crisis puts affordable homes out of reach.

The property is a studio off a busy dual carriageway in Hornchurch, on the periphery of east London. It is one of several flats carved out of a former commercial building, measures 4.9m by 4.5m (15ft by 16ft) and has one door and two windows.

An analysis of properties listed on popular property websites found there were four homes for sale in London for less than £125,000.

The studio is described as an “investment opportunity” in a “central location” by the estate agent Bairstow Eves. But anyone wanting to buy and move into the property will have to evict the existing tenants, who are paying about £600 a month to live there.

Despite being nearly four times the median UK wage of £28,677, the £100,000 asking price for the studio has been reduced from £130,000. Since the Brexit vote, prices in London have been flat or falling slightly, although the biggest declines have been in the upper end of the market, with much smaller drops in outer London boroughs.

The online estate agent HouseSimple, which compiled the data, said: “Over the past few months, London property prices have noticeably cooled, and many sellers are dropping their prices to attract buyers. But there is still an affordability issue in London, particularly for people on average UK wages.”

It calculated that someone on an average salary would have to save for a deposit of nearly £20,000 and secure a mortgage of three times their earnings in order to be able to buy the studio flat.

The research excluded houseboats and shared ownership properties. The other properties listed at or below £125,000 in the capital are all studio flats on the edge of the city, apart from a one-bedroom flat listed for sale to “cash buyers only”.

Sam Mitchell of HouseSimple said: “The death of the £100,000 property in London was inevitable, but with just four properties on the market at under £125,000, this will very soon be the new price floor for the capital’s property market.

“This research highlights the need for properties at the lower end of the market. Shared ownership and help to buy have helped people on average incomes get a foot on the ladder, but both schemes have their critics.

“It can be complicated to sell a property if you only have a small stake in it, and expensive to increase your stake, as there are additional costs to consider. While help to buy has been criticised for actually pushing up house prices and providing a vehicle for developers to inflate new build values.

“London prices cooling will help buyers, but we should be careful wishing for a Brexit slump, because even a 10-20% drop in prices could push thousands of people into negative equity and unable to move. That wouldn’t be a good outcome for anyone.”

What £100,000 will get you outside London

Grimsby, £99,950

This three-bedroom, well-maintained family home is within walking distance of the town centre.

Dumfries, £99,000

Fancy a 200-year-old cottage with lots of character and stunning views in a beautiful Scottish village? This two-bedroom property in Glencaple, needs a bit of attention, but the agents say it is comfortably habitable as it stands.

Manchester, £100,000

This three-bedroom mid-terrace, a short distance from the Etihad stadium, is a “fantastic family home” offering “easy access” to the city centre, according to the estate agent.



Mid Wales, £98,500

This traditional stone barn has “stunning” views of the local countryside, with permission to convert into an open plan kitchen/dining area, a living room and two bedrooms. A large double garage is a bonus.



Newquay, £105,000

A close to beachfront apartment in the sought-after Cornwall resort for about £100,000? It is small – the single bedroom is 2.9m x 2.1m – but the estate agent says the property is “light, airy and well-presented”.

