At the end of December 2017 Barking and Dagenham showed that it remained the most affordable area in the whole of London. The data for average house prices from the ONS and Land Registry showed it was the only Borough in the capital to have an average below the £300,000 mark. This was even after a year when prices rose by 2.5%, slightly above the 2.1% average for the capital.
The results show that the average home in the east London Borough is close to £200,000 cheaper than the figure for the whole of the city. At the time it was at £293,230. This is one of the main reasons that the area remains such a hotspot for first time buyers and investors who are anticipating big rises in the future.
East London as a whole is starting to close the gap on the more prosperous parts of the capital. People are moving to the area to get on the property ladder because of the opportunities on offer and the chance to move up in the future. Investors are also looking at the potential for healthy returns, particularly with such a big gap to the average for the capital.
The potential Barking and Dagenham has to offer is revealed in the amount of regeneration that is ongoing. The Riverside district alone will become home to 11,000 new homes by 2021. The town centre in Barking is being regenerated and new transport links are to be built across the Borough too.
At Finefair we offer support to investors who want to purchase properties with the right kind of potential. We are a highly experienced team and can offer various investment solutions. In particular we are one of the very best for property management Barking and Dagenham has to offer. Our managers are experienced and always deliver a personal service.
If you would like to find out more please contact our team.