The future of Barking and Dagenham looks bright
Regeneration and affordable housing at Beam Park means the future looks exciting for Dagenham’s property market.
Land registry data providing a detailed analysis on the change in house prices since the June 2016 referendum on Europe has revealed that Barking and Dagenham is the only London borough to have avoided falling house prices since the vote was taken. As you might expect, the more expensive boroughs in London such as Kensington & Chelsea have long experienced significant drops in sales figures, and this is an effect that has rippled out to almost every other area of the capital. Yet Dagenham and the surrounding towns are standing firm and enjoying positive growth, thanks to regeneration and a changing attitude towards this vibrant area of East London.
Beam Park is just one example of regeneration in the local area, and this project is receiving £1 billion to create thousands of new-build homes which will be aimed at first time buyers in the capital who have found it challenging to get onto the property ladder. Help to Buy will bring affordable homes at around roughly half the price that it costs first-time buyers to purchase elsewhere in London. Beam Park will also be home to its own train station offering a 20-minute journey time into London, alongside a wide range of facilities. This expansive regeneration project will be constructed on the former Ford plant at Dagenham which drivers may be familiar with when they travel over the Queen Elizabeth II bridge at the Dartford crossing.
Although seen as an expensive capital to live in, London still attracts outsiders to live or study in this fast-paced, cosmopolitan city that is unlike anywhere else in the world. However, it’s no secret that properties in London are difficult to afford and the fact that Barking & Dagenham offer the lowest average house prices across the capital is a huge selling point. However, the borough is going from strength to strength and represents one of the brightest longterm forecasts in terms of house price growth.
In fact, over the past five years, Barking & Dagenham has experienced an increase of 51% in this area, in comparison to the 19.5% average house price growth experienced across the rest of London. As East London has enjoyed something of a transformation thanks to the 2012 Olympics, investment from local authorities and enhanced infrastructure, towns like Dagenham are being put well and truly on the map. Residents who once lived in and around Canary Wharf for example are moving further out into other towns in East London, driven by the upcoming trends and interesting opportunities that are presented in these areas.
Currently, first-time buyers account for more than half of the sales in the Barking & Dagenham area which helps support house price growth across the entire borough. As experienced Dagenham estate agents we’ve watched the property climate in this town excel over the past few years and are excited about the opportunities created by regeneration here. Watch this space to see Dagenham continue to transform over the next few years!