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Borough by borough: Barking and Dagenham
Currently under-going a much needed facelift, Barking and Dagenham is one of our top picks for first time buyers wishing to get their first step on the housing ladder and potentially benefit from the area’s general uplift in values.
Despite having London’s lowest average house price of £270,256 and the lowest growth over the last decade, the outer borough of Barking and Dagenham has recently been showing signs of a revival. The borough had the fifth highest rate of house price growth last year, at 16%. Similarly rents, although the third lowest in London, at £1,063, increased by 9% last year, the fourth highest rental growth in the whole of London. We expect these trends to continue, and Barking and Dagenham’s future stands in stark contrast with previous years.
This turnaround can be attributed to the extensive £1 billion regeneration currently taking place across Barking and Dagenham. Notable schemes include Barking Riverside which will provide 10,800 homes (3,682 private) and will feature healthcare, schools, open space, public squares, and a new rail station with links to central London. It will also provide 65,000 sq. m of commercial floor space including shopping, community and leisure facilities together with energy efficiency measures. In addition, the regeneration will provide 560 new affordable homes on the edge of Barking Town Centre.
Barking and Dagenham currently has the fourth lowest population in Outer London at 201,523 residents, but this is expected to jump 17.5% to 236,775 in the next decade. This equates to an extra 35,252 residents and is the highest expected population growth rate in Outer London. With the third highest number of completions in Outer London last year (at 407 units), the fifth highest off-plan sales rate in Outer London (72%), pipeline of 2,984 units currently under construction and a further 4,908 units with planning permissions, it is clear to see that Barking and Dagenham will be largely unrecognisable in a decade’s time.
Barking and Dagenham is the most affordable borough to buy a property and given the potential for regeneration related value uplift, the borough currently provides a great opportunity both for first time home owners and investors alike.