London suburb ‘only a mother would love’ crowned city’s most affordable

London: a city of bright lights, (relatively) reliable transport systems and vibrant cultural activities. But it’s not all roses.

Characterised by bright green trams, Boxpark and a massive Ikea, Croydon is forever getting a bad rep — it was recently named the capital’s ‘most depressing area’ (and the 12th most depressing in the UK).

The list, compiled by iLiveHere.com, saw Falmouth in Cornwall crowned the nation’s most depressing town, with Peterborough coming in second and Aberdeen a close third.

However, this South London borough has just won a new title: the most affordable place to live in the capital.

According to research from Zoopla, the average house value in Croydon sells for £417,800. Paired with an average estimated annual household income of £84,800, that gives it a house value-to-earnings ratio of 4.7 — the most impressive score anywhere in London.

But it will take time to shed its dubious reputation. TikTokers have long been joking about the state of Croydon, with @angelica.pj asking locals what they thought of the borough.

‘It’s ghetto as hell and it smells like weed,’ one confessed, whilst someone else added that it’s ‘not a very nice place.’

However, not everyone bad-mouthed it.

‘Croydon is cosmopolitan, it’s cultural – it’s not boring,’ one man said in the video.

‘Croydon’s cool,’ someone else added, whilst another chimed that it’s a ‘lovely place, nice and safe.’

Over on Reddit, Giles Towler called Croydon ‘the jewel of the South’ but user @enic77 joked it was an area ‘only a mother’ would love.

Still, it seems Croydon is beloved by many for being well-connected to central London, as well as its cultural hotspots including Surrey Street Market and Matthew’s Yard.

There’s no shortage of green space either, offering up Wandle Park, Lloyd Park and Addington Hills.

Elsewhere, Londoners have become increasingly disillusioned with life in the Big Smoke – but seemingly have no plans to leave.

In a survey that asked 1,100 people living in London about their thoughts on life in the capital, 65% reported that housing had got worse and 67% believed that the NHS and other public services had declined since the beginning of 2023.

When asked to describe London in just one word, 60% called the capital ‘expensive’, compared with 38% who picked ‘diverse’ 33% who said ‘crowded’ and 21% who chose ‘cultural’ as a main descriptor.

The property market in Croydon is still a huge pull factor for those looking to either move to or stay in the area.

In January 2024, Croydon was crowned the most affordable location for home hunters in London, with research from Zoopla indicating that you can get on the property ladder for as little as £76,000 in a shared-ownership home.

That translates to a 5% deposit of just £3,800 with the right lender.

Data from Rightmove reveals that, over the last year, the average selling price for properties in Croydon was £448,226. The majority of sales were terraced houses, which went for an average of £468,438, whilst flats cost £286,116.

So, if you want a slice of homeownership, then Croydon could hold the key – then you can decipher for yourself whether this suburb really lives up to its ‘depressing’ status.

This piece was originally published on March 11, 2024.

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