25 Nov 2019 | News

London Borough of Barking and Dagenham tops London house price growth list

Research published in the Evening Standard reveals that the London Borough of Barking and Dagenham has seen the highest house price growth across the capital over the past five years, rising by an impressive 51%. Out-performing the East London average of 37%, and considerably higher than the 9% London average, the rising house prices are a reflection of the transformation of the East London borough.

Despite such significant price growth, Barking and Dagenham remains London’s most affordable borough, with the average property costing just £297,039 compared to the London average of £460,000.  

A hub for regeneration, Barking town centre is being transformed with thousands of new homes and a central park, with a redesigned, state-of-the-art station amongst the new infrastructure. The transformation of Vicarage Field Shopping Centre promises a retail district to rival Westfield, whilst the Barking and Dagenham Council have announced plans to upgrade Barking Market and establish floating gardens at the houseboat moorings on Barking Creek.

Leading the way in the transformation of the Barking property scene is Barking Riverside. The joint venture between L&Q and The Mayor of London is one of Europe’s largest brownfield developments, covering an impressive 443 acres with 2km of south facing Thames frontage. The scheme will deliver 10,800 new properties, alongside commercial, retail and leisure facilities, becoming home to an estimated 30,000 people.

Residents have already begun moving into L&Q’s first phase of homes for sale at Parklands, and students are enrolled at the four schools already open at Barking Riverside. A further three schools are set to be built on-site, as part of the impressive 15-year masterplan. Meanwhile, Barking Riverside station is due to open in 2021 as part of a £263 million extension to the London Overground, reducing the commute to central London to 22 minutes.

One bedroom Shared Ownership homes start from £60,625 for a 25% share (FMV £242,500), two bedroom homes from £71,875 for a 25% share (FMV £287,500) and three bedroom homes from £90,000 for a 25% (FMV £360,000). One, two and three bedroom apartments and four bedroom townhouses are available through London Help to Buy from £262,500.