London house prices: Barking and Dagenham tops the list of the 10 cheapest boroughs in which to buy a London home
09-29-2015
A new report reveals that first-time buyers are continuing to head east and south-east to find the best value starter homes in the capital.
£300,000: this three-bedroom terrace house in Galleons Drive, Barking, is a mile from Upney Tube station.
There are only two London boroughs left where average house prices are still below £300,000, according to a new report.
The new Land Registry figures reveal that despite recording the highest monthly increase in prices, Barking and Dagenham is still the cheapest borough in the capital in which to buy a home, with average prices of £288,809.
Barking continues to be a firm favourite of first-time buyers thanks to good-value homes and thousands of new-build flats. This popular Essex town is just nine miles east of central London and a 15-minute commute from Fenchurch Street.
REVEALED: LONDON'S 10 CHEAPEST BOROUGHS TO BUY A HOME
With average asking prices of £297,507, Bexley is the next most affordable area to buy a London home, with this leafy borough continuing to attract young families priced out of more central locations.
Highly-rated local schools and good-value houses boost the family appeal of the borough's most popular areas, such as Bexleyheath, where residents can commute to offices in the City in just over half an hour.
Andrew Bridges, managing director of London estate agents Stirling Ackroyd comments: "Today’s new hubs of activity aren’t in Kensington & 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."
Newham, in east London, is the capital's fastest-rising borough, with annual growth of 15.5 per cent taking average prices to £316,045.
The royal borough of Kensington and Chelsea is home to the most expensive properties in London, despite experiencing the biggest monthly fall in prices.
The new Land Registry figures reveal that despite recording the highest monthly increase in prices, Barking and Dagenham is still the cheapest borough in the capital in which to buy a home, with average prices of £288,809.
Barking continues to be a firm favourite of first-time buyers thanks to good-value homes and thousands of new-build flats. This popular Essex town is just nine miles east of central London and a 15-minute commute from Fenchurch Street.
REVEALED: LONDON'S 10 CHEAPEST BOROUGHS TO BUY A HOME
Average price: £352,202
Annual change: 13.3%
Monthly change: 0.9%
Average price: £347,562
Annual change: 12.0%
Monthly change: 0.1%
Average price: £344,018
Annual change: 10.9%
Monthly change: 0.8%
Average price: £328,822
Annual change: 12.4%
Monthly change: 0.9%
Average price: £328,091
Annual change: 8.5%
Monthly change: -0.1%
Average price: £316,045
Annual change: 15.5%
Monthly change: 1.4%
Highly-rated local schools and good-value houses boost the family appeal of the borough's most popular areas, such as Bexleyheath, where residents can commute to offices in the City in just over half an hour.
Andrew Bridges, managing director of London estate agents Stirling Ackroyd comments: "Today’s new hubs of activity aren’t in Kensington & 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."
Newham, in east London, is the capital's fastest-rising borough, with annual growth of 15.5 per cent taking average prices to £316,045.
The royal borough of Kensington and Chelsea is home to the most expensive properties in London, despite experiencing the biggest monthly fall in prices.