Victorian terraces in Rochdale Road

EARLIER this month the annual portrait of the capital was published, listing everything from the number of cinema tickets sold to where to find the cheapest properties.

Focus on London 2009 identified Barking and ­Dagenham as having the lowest average house price –£206,145. But in such a large borough, prices vary wildly.

So we asked the Land ­Registry to narrow down the search to average property prices by postcode.

At the same time, helpful boffins at SpareRoom.co.uk compiled a list of the best places to rent on a budget.

And the bargain-basement award went to SE2, Abbey Wood. This small district south of the Thames in Zone 4 is the place to live if your bank balance is in freefall.

The average sale price in Abbey Wood for the five quarters up to March this year was £189,424, while you’d be paying about £143 a week in rent for a two-bed flat. Suddenly living out in the sticks isn’t so unappealing.

So, how does it stand up? Sandwiched between HMP Belmarsh and a sewage plant, Abbey Wood is as good as its name, with a modest wood on its doorstep. On the edge of it lies the remains of the 12th-century Lesnes Abbey.

It’s also on the Green Chain Walk, a signposted 40-mile network of well-tramped paths through south-east London’s open spaces.

As for the housing stock, it’s bay-windowed Victorian ­terraces on tree-lined streets south of the railway track, or ex-local authority flats on estates north of it.

Are there any gems? Well, one estate agent almost keeled over with laughter at the question. The best of a bland-looking bunch is a three-bed ex-local authority terrace for £180,000 in ­Finchale Road (Able Estates, ref. 10001889). It has a decked garden, two decent-sized bedrooms and a kid’s room. Twenty minutes west on the train, you’d be lucky to get a poky studio for that price.

On the renting front, most of the properties available are uneventful but one that stands out is a double room with en suite bathroom in a large three-bed terrace which has been newly renovated. The rent is £440 a month including all bills. The same room in Zone 2 would set you back a further £200.

Live-in-landlord Christina Murias, 36, says: “If you’re looking for a place with life and movement, it can be a problem. Though, we have had people living in the house who worked in the City because they enjoyed being in a quiet and green area.”

No doubt they enjoyed their disposable income too.

Quality is thin on the ground but it’s worth noting that Crossrail is set to roll through Abbey Wood.

When the new terminal is built – by 2017 – house prices should shoot up. Developers have cottoned on, with a planning application in for new-build flats almost on top of the train station – Abbey Wood will be 10 minutes to central London via Woolwich.

Today, the journey is more like 25 minutes overground to London Bridge – not a mission by TfL standards. There’s even a night bus (N1).

The nearest thing to a high street is Wilton Road, with its smattering of shops, including a chemist, convenience store and a pub.

But for those looking for more than the local boozer for a Saturday night’s entertainment, the bars and restaurants of Bexleyheath are a 10-minute bus ride away – and it’s 20 minutes to Greenwich and Blackheath.

“It’s the cheapest postcode because there is not a lot to do in Abbey Wood,” says estate agent (who didn’t laugh) Lynn Randall of Able Estates. “But we’re close to buzzy Greenwich and Blackheath, and the Crossrail development will hopefully herald a much ­better infrastructure.”

So if you’re prepared to wait a few years for a return on your investment, SE2 could be for you.

Cheapest places to buy (Postcode, average price, sales)

1 SE2 (Abbey Wood), £189,424, 210

2 N18 (Edmonton), £196,130, 246

3 N9 (Lower Edmonton), £199,566,466

4 SE20 (Anerley), £204,760, 282

5 E13 (Plaistow), £208,369, 305

Cheapest places to rent (Postcode,average weekly rent (1 room), average weekly rent (2 bed flat)

SE2 (Abbey Wood), £71.70, £143.40

E12 (Manor Park), £89.41, £178.81

SE12 (Lee), £93.95, £187.90

E7 (Forest Gate), £95.50, £191.00

SE6 (Catford), £96.08, £192.15

Priciest postcodes to buy (Postcode, average price, sales)

W8 (Kensington), £1,454,776, 270

SW3 (Chelsea), £1,369,493, 318

SW7 (Brompton-Knightsbridge), £1,325,299, 290

W11 (Notting Hill), £1,298,181, 250

SW1 (Westminster-Belgravia), £1,067,607, 716

Priciest postcodes to rent (Postcode,average weekly rent (1 room), average weekly rent (2 bed flat)

SW7 (South Kensington), £215.17, £430.34

W8 (Kensington), £212.03, £424.07

EC4 (City of London), £211.95 , £423.90

WC2 (Strand), £210.42, £420.85

SW3 (Chelsea), £202.18, £404.36