Beat the property market gloom in London’s most affordable borough
While many experts are predicting doom and gloom for the property market in 2023, Barking and Dagenham offers plenty of opportunities for those with a long-term outlook.
Currently London’s cheapest borough to buy a home in, in their latest ‘Borough by Borough’ research property experts CBRE found that Barking & Dagenham’s housing market is set to outperform the rest of the capital over the next five years, predicting rapid price growth of 22%, higher than the London average of 19%. Furthermore, with outer London boroughs where buyers can get more for their money and take advantage of hybrid working expected to increase in popularity, CBRE also predicts rental growth in Barking and Dagenham over the next five years of 16%, higher than London’s 14%.
These figures are backed up by the evidence of the past year, where Barking and Dagenham enjoyed the biggest rise in property prices of any London borough according to Zoopla, with average prices rising by 6.6% to £339,100 as buyers sought out affordable housing options amid the cost-of-living crisis. A Bloomberg News analysis of UK Land Registry data in 2022 also found that Barking and Dagenham was the only remaining London borough where house prices in the resale market rose by double digits, defying a wider house price slowdown in London.
Furthermore, 2022 was a year in which price rises in London generally lagged behind those in the rest of the country. This trend is expected to reverse in 2023 amid growing evidence that urban areas are coming back into fashion as memories of the pandemic recede, underpinning house prices in the borough.
The resilience of Barking and Dagenham’s housing market is supported by forecasts that suggest the population of the borough is set to grow by 13% over the next decade, meaning housebuilders and developers in the area are seeing their properties snapped up quickly.
One such site seeing high demand is our Fresh Wharf development, which comprises 911 new homes alongside a new landscaped public plaza, riverside cafes, shops, restaurants and acres of open space.
With over 90% of the homes now sold, buyers must move quickly to avoid missing out on this attractive investment opportunity. Through an unbeatable combination of location, specification, and price, backed up by Barking and Dagenham’s impressive housing market, the homes at Fresh Wharf are not only a sound choice for the present, but also a worthwhile future investment.