Areas to look at for first time flat buyers

Last month new research revealed that Barking and Dagenham has four of the top ten best Wards for first time buyers looking at flats. By using over 100 sets of data, including statistics for historical price growth, regeneration potential, school index, and crime rates, the study shows which areas are the most attractive.

The top location on the list is Gascoigne in Barking and Dagenham. The area has already seen the price of homes rise by an impressive 16% since last year, reaching an average of £220,000 for flats. This is still quite an affordable price and there is good potential for additional growth.

The big selling point for the area is the ongoing regeneration work that will refresh a housing estate in the area and create 1,575 homes, two new schools, and community facilities. Pollards Hill in Merton and Romford Town in Havering scored as highly in terms of redevelopment on the list.

The quality of local schools can be a big selling point for areas. Gascoigne scores highly again. West Harrow, Northwick Park in Brent, and Rayners Lane in Harrow only scored marginally higher. The two new schools being built in the area could see Gascoigne’s score increase in the future.

Gascoigne also scored well for important factors like improvements in the crime rate and transport links. Both of these are highly valued by buyers, whether they are prospective owner occupiers or investors.

The three other areas in Barking and Dagenham that found their way on to the top ten list were Longbridge, Eastbury, and Alibon. The first two both benefit from the regeneration going on in Gascoigne and also have good schools. Alibon has the most affordable prices with the average for flats at £188,940.

At Finefair we work with numerous investors looking to purchase the right properties. Flat seekers should take a close look at the above areas in Barking and Dagenham; they offer great prospects for healthy gains.

Landlords who purchase properties can come to us for a number of services, including lettings and help with managing assets. We are particularly renowned as the leading name for block management Barking and Dagenham has to offer, delivering excellent standards on blocks of all sizes.

To find out more about what services we have to offer please get in touch.