New homes in Barking & Dagenham
Spotlight on Barking & Dagenham
London’s most industrial suburb is fast-becoming its biggest growth hotspot. Located in the heart of the Thames Gateway, Barking and Dagenham has ambitious regeneration plans that will develop many new communities over the next 15 years. If you’re looking for a low-cost property that’s expected to outperform the market, this borough could be the ideal place to invest.
Demand soars in London’s cheapest borough
Barking and Dagenham was named as the cheapest place to buy in the Capital in 2016, with the average property selling for £288,000, which is more than £230,000 cheaper than the London average home.Thanks to its fast transport links into central London and large-scale regeneration projects, property values have risen to more than 18% in the past year, according to the latest Land Registry and Office of National Statistics figures.
Barking Riverside set to become ‘Barcelona-on-Thames’
On the site of a former power station on a two-kilometre stretch of the River Thames, a massive 15-year project aims to deliver 10,800 new homes to house 29,000 people. London’s largest single regeneration scheme, Barking Riverside will create smart apartments with river views, family-sized properties near open spaces and housing for older people close to community facilities. The Mayor is pushing for 50% of these to be affordable.
The project earned its nickname as it hopes to emulate the way Barcelona turned an under-used wharf into a vibrant waterfront attraction. There will be shops, bars, restaurants, public squares, wildlife reserves and a marina with riverboat services to and from London. The new town will benefit from a £260m extension of the London Overground from Barking with plans for an extension of the new Elizabeth line from Abbey Wood.
Disused Ford plant in Dagenham to become a new neighbourhood
The site of the former Ford stamping plant in South Dagenham is to be transformed into a thriving new district with 3,000 homes, along with a primary school, a swimming pool and a range of other community facilities. Over 35% of the homes will be affordable and a significant proportion will be available for shared ownership.
Beam Park station on the C2C line, to be open by 2020, will enable commuters to reach Fenchurch Street in the City in just 20 minutes. The area will also benefit from improved pedestrian and cycling routes and an attractive new public park along the River Beam. Two new energy centres will supply power to the new residents and neighbouring communities.
Shopping centre rebuild to transform Barking town centre
The council recently approved plans to redevelop Vicarage Field retail centre in Barking Town Centre. The scheme will create around 900 new homes and up to 1,000 new jobs for local people. Plans include a brand new shopping mall, a 150-bed hotel, a cinema, a gym, a music venue, a primary school, healthcare facilities and affordable work space for start-up businesses – all built around open green space with shared communal gardens for residents.
Crossrail brings higher property prices to Chadwell Heath
The borough’s northernmost suburb,Chadwell Heath, is soon to become one of its best connected. When Crossrail opens for business from May 2017, journeys to Canary Wharf will take just 23 minutes and journeys to Paddington just 34 minutes. Since Crossrail construction began in 2009, Chadwell Heath has seen average house prices rise by almost 50% – and values are forecast to rise further once the new line opens.
A centre for business innovation
With its excellent location, fast transport connections, good availability of land and affordable prices, Barking and Dagenham is becoming known as a great place to live. The London Sustainable Industries Park at Dagenham Dock aims to develop the UK’s largest concentration of environmental industries and technologies, offering significant opportunities for investment to start-up and existing businesses.
At the site of a former pharmaceutical manufacturing plant in Dagenham, Londoneast-uk Business and TechnicalPark has become a brilliant new hub for scientific research, development and manufacturing. It offers dry and wet laboratory space, sterile and temperature-controlled buildings, air handling systems, micro labs and associated offices. Opposite Dagenham East Underground station, it provides easy access to central London.
Current asking prices and rental yields
The current average value of properties in the London borough of Barking and Dagenham is £283,405. It has increased 4.50% in the last 12 months and 48.63% in the last five years. For a two-bedroom apartment, the average asking price is £237,542 and the average asking rent is £1,230pcm, which means the gross rental yield is currently 6.2%.
This content is correct as of March 2017