Rightmove’s figures for property price growth in the last 12 months show that London has endured a difficult period. Some areas have seen prices decline whereas others have enjoyed modest rises. Two areas are bucking the trend and showing double digit growth though. Havering came first with 12.3% with Barking and Dagenham close behind with 11.2%.
It is perhaps no surprise that growth in Barking and Dagenham is so high because it is one of the most affordable areas in the capital. Investors have been increasingly looking at these areas for investment properties because their money can go further. The growth also signifies that demand is high in the area.
Barking and Dagenham is also attracting interest because it is currently home to the largest regeneration project in the capital. Barking Riverside is a colossal 15 year project that will see the creation of several new neighbourhoods when it is finished. Planning permission has been granted for 10,800 homes on the 2 km long site.
There was even better news for buyers looking to purchase in the area in September when London Mayor Sadiq Khan gave consent for the scheme. As a result the number of affordable homes built on the site will rise substantially. Originally the plan was to include just 28% affordable housing. The revision will see this rise to a minimum of 35% with provisions for up to 50%.
The project will take several more years to complete. It is currently being held up by the fact that the next phase of construction cannot begin until new transport links are completed. These will help commuters to reach Central London more effectively when they are finished.
Barking and Dagenham is a great location for investment properties. Areas with good access to transport links tend to command the highest prices. The Borough is spread across Zone 4 and 5; living in the latter can offer even more value.
At Finefair we can help clients looking at opportunities to purchase investment properties in Barking and Dagenham. We have a lot of experience in the area and can offer useful insights and tips.