Bexley the cheapest place to buy a new build house in London

The borough achieved the lowest average cost in the capital with £347,018, although this is over three times the cost of the cheapest in the UK.

The stats come from research carried out by Compare My Move looking into house price data across the UK to reveal the price difference between new and existing homes and where it is most affordable to buy a new build.

And in London, Bexley proves to be the cheapest, followed by Croydon and Hounslow.

Lewisham and and Greenwich also appear on the top 10 list for the capital, costing an average of £420,328 and

£422,800 respectively to buy a new build.

Compare My Home of the cheapest new builds in London

The most expensive is unsurprisingly Kensington and Chelsea , costing a whopping £1,167,805, followed by Westminster which also just pips the million pound mark.

Rank Local authority New build average price

1 Bexley £347,018

2 Croydon £367,549

3 Hounslow £386,096

4 Enfield £387,647

5 Barking and Dagenham £397,027

6 Havering £403,708

7 Harrow £412,384

8 Sutton £413,042

9 Lewisham £420,328

10 Greenwich £422,800

Dave Sayce, Managing Director at Compare My Move, commented: “Our research shows a north-south divide when it comes to the price of new builds, with London and the South East being the most expensive areas to buy a new build property, whereas the North of England and Scotland dominate the cheapest areas.

Compare My Home of the cheapest new builds in London

“Although new builds typically offer lower repair and maintenance costs, as well as being more environmentally friendly than existing properties, historical homes do have their benefits.

"Older properties usually provide lots of character, with features unique to their period, as well as more space and potential to add your own stamp.”

The cheapest place in the UK is Hyndburn in the north west, where a new build costs an average of £99,034.

All of the most expensive places to buy a new build were located in the South, with the most expensive of all being found in prime central London locations such as Kensington and Chelsea (£1,167,805), Westminster (£1,006,564) and the City of London (£930,033).

Mr Sayce added: “Alongside price, there are many other aspects to consider when choosing whether to purchase a new build or an existing property.

“If you are wanting a property which is immediately liveable and ready to move into, a new build may be the best option for you.

"Most new builds allow you to customise the property to be as bespoke as you like, from choosing the fittings to paint colours.

"The purchasing process can also be easier, as once you reserve the property it is taken off the market. However, the process from reservation to the completion of construction can be lengthy, so it might not be the best option if you are looking to move in the near future."