Barking and Dagenham Cheapest London Borough to Buy a Home
There are just two London boroughs left where the average house price is under £300,000, reveals a new report.
Recent data from Land Registry shows that despite recording the highest monthly rise in prices, Barking and Dagenham is still the cheapest borough in the capital to buy a home, with an average price of £288,809.
Barking is therefore a favourite with first time buyers, due to its good value homes and thousands of new build flats. The Essex town is just nine miles east of central London and a 15-minute commute to Fenchurch Street.
London’s cheapest boroughs to buy a home
|
Position |
Borough | Average house price | Annual change |
Monthly change |
| 1 | Barking and Dagenham | £288,809 | 11.7% | 2.2% |
| 2 | Bexley | £297,507 | 11.1% | 0.8% |
| 3 | Newham | £316,045 | 15.5% | 1.4% |
| 4 | Sutton | £328,091 | 8.5% | -0.1% |
| 5 | Havering | £328,822 | 12.4% | 0.9% |
| 6 | Croydon | £344,018 | 10.9% | 0.8% |
| 7 | Enfield | £347,562 | 12% | 0.1% |
| 8 | Hillingdon | £352,202 | 13.3% | 0.9% |
| 9 | Redbridge | £371,694 | 11.1% | 0.6% |
| 10 | Greenwich | £372,993 | 10.4% | 0.2% |
With an average asking price of £297,507, Bexley is the second most affordable borough to buy a home in the capital and the area is attracting young families that are priced out of more central spots.
The borough’s most popular locations, such as Bexleyheath, boast highly rated local schools and good value properties, while journeys to the City of London take just over half an hour.
Managing Director of London estate agent Stirling Ackroyd, Andrew Bridges, reports: “Today’s new hubs of activity aren’t in Kensington and Chelsea – they’re emerging in boroughs like Newham and Barking.
“Volumes matter as much as prices, and it’s here that there’s a greater supply of relatively affordable homes.”1
Newham, East London, is the capital’s fastest growing borough, in terms of annual price rises. Its average house price stands at £316,045 after a year-on-year increase of 15.5%.
The Royal Borough of Kensington and Chelsea houses some of the most expensive homes in the capital, despite experiencing the greatest monthly price decreases.