As any Londoner will attest to, property is notoriously expensive in the capital, with prices continuing to rise despite the effects of the pandemic.
As lockdown restrictions began to ease and the Government offered a helping hand with the likes of the Help to Buy scheme and the stamp duty holiday, London’s property market is booming once more.
So much so that recent figures have revealed that the average London house price now sits at £526,000.
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Nevertheless, that doesn’t mean there aren’t pockets in London where buying and investing in property can be affordable.
Research conducted by estate agents Hamptons has revealed that London’s outer boroughs are the best places to invest at the moment.
Senior Analyst at Hamptons International David Fell told the Evening Standard: “We are forecasting that price growth in outer London will outpace inner London for the next couple of years, with the difference between the cheapest and most expensive boroughs continuing to shrink.”
According to Hampton’s analysis, currently, the borough in London with the best investment value is Barking and Dagenham, with prices expected to rise between 4 and 18% over the next five years making properties in the area great value for money.
(Image: Raz Patel/Hills Estate)
Located on the North bank of the Thames in East London, current average house prices in Barking and Dagenham sit at £322,949, over £200,000 less than the London average and making the area London’s most affordable area to buy at the moment.
Barking and Dagenham was home to 185,911 residents according to the 2011 census.
The area is well-served by transport links, including the Hammersmith & City and District Lines and is due to imminently be connected up to the Thames Clipper Uber Boat service.
The area is currently undergoing a great deal of regeneration, notably at Abbey Quay where 1,089 new properties are currently being built.
(Image: Credit: Barking and Dagenham Council)
The development lies adjacent to the River Roding and Abbey Green park, and alongside the one-, two- and three bedroom properties, will feature new restaurants, shops and a gym.
Prices in the development start at £327,000, with discounts avaiable for those living or working in the borough, or looking to get on the property ladder for the first time.
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Similarly, the Fresh Wharf development is also offering newly built apartments starting from £295,000, with Help to Buy options available.
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