The London property market has officially detached from the rest of the country, and has been running rampant. In the year to July it rose another 10% - pushing thousands more would-be buyers out of the property market. Zoopla has calculated that a typical borrower on an average salary can scrape together £150,000, which in the vast majority of the capital could barely buy you a studio flat.
However, there are a few properties in the less desirable parts of town where your £150,000 would buy you a three-bedroom house. We reveal all three of them.
Three homesZoopla highlighted Harold Hill in Romford, within the M25, where £140,000 will get you a terraced house with a small garden. The estate agents admit it needs modernisation, so you'll need £150,000 in the budget for renovation. The area has some issues - with car crime, burglaries and robberies all higher than the national average. However, you wouldn't expect perfection for this sort of money.
Alternatively, you can take your chance at auction, where Savills will be auctioning a three-bedroom terrace in Plumstead at the end of October - and have set a guide price of £150,000. The sparse details available include the fact it needs updating and has three bedrooms. The rest would need a thorough viewing. Of course at this end of the price range you'll have to take the rough with the smooth. This part of South East London suffers from more violent crime and theft than London as a whole, and has a reputation for not always being a safe place to be at night.
Clearly you'll need to be comfortable in a difficult area and prepared to put an enormous amount of work if you want to live in London for £150,000.
AlternativesElsewhere your options for £150,000 look somewhat more attractive. You could try a four bedroom end-of-terraced period stone house in the village of Stoke-Sub-Hamdon in Somerset. Or you could get a four bedroom detached home in Grimsby, complete with a conservatory and large garden. Or why not opt for a three bedroom detached period cottage in a village just outside Kinross in Scotland?
Of course, the commute to London from any of these places might be a bit of a stretch. But where would you rather live?