Your Move recently released their data for property price growth in February. The figures make interesting reading, showing that the average price of a home in England and Wales rose by 0.6% in the month. This is a positive result over the same month in 2016 when there was a lot of concern about the introduction of stamp duty price hikes.
The story for London is a little tricky. The average for the whole of the capital is 0.4%, behind the growth seen by England and Wales as a whole. Surprisingly though the 11 most expensive Boroughs in the capital saw double that amount of growth with average prices rising by 0.8% or £7,473. This is a turnaround for those areas – they previously saw smaller rises and even declines in some locations.
In the period many of the more affordable Boroughs experienced subdued growth. There are two exceptions to this though with Havering and Barking and Dagenham posting the highest growths with 1.7% and 1.1% respectively. Both remain amongst the most attractive places for property investment as a result of the sustained demand and value increases.
Barking and Dagenham continues to be very popular for investors. Firstly it is considered the most affordable Borough with the lowest average property price. Secondly the local Council revealed an ambitious investment plan in their latest budget. They will push to build thousands of new homes including 2,000 under the Barking Reside Scheme.
Around £750 million is expected to be invested in Barking and Dagenham to create 10,000 new residences across the Borough. The development and regeneration work going on and prospect of further price rises continues to attract investors.
At Finefair we offer assistance for clients looking at property investment in Barking and Dagenham. Whether you are new to investing in properties or an experienced landlord with a large portfolio we can provide invaluable services for you. From management to guaranteed rent we work to deliver the very best value we can. If you would like to find out more please get in touch.