There is a growing trend of first time buyers moving to East London to take advantage of the lower prices. According to Homes & Property: Barking, Dagenham and Romford are among the cheapest areas still within London to buy. The prices in these areas are almost equivalent to outskirts of London.
Before we all get too excited, the prices are mostly rising, at around a steady 1-2%. Flats in Becontree are said to be going for less than 200k, which is shocking… Given that is still London and we’re used to hearing prices much much higher. Could there be money in our backyards?
As a resident of Dagenham (for well over 10 years), I have been keen to get out of the area for a change, and I’m sure I’m not alone in this. I simply can’t ignore the possibility of a great deal in my local area to get on the housing ladder, after all Barking is in Zone 4 and that means cheaper travel! Perhaps we should all try looking for gems in and around London, given that the stats for East London are so favourable. It’s time to turn our attentions to places like Erith, Dartford and Sidcup.
If you are still looking to rent, word on the street is that rent controls could be coming to London. Current Mayor Sadiq Khan is hoping to implement these changes to give the under 34’s an easier time. It’s already gotten a little easier with the ban of a lot of landlord imposed fees since June this year, rent controls would be another step in the right direction. Unfortunately, it’s unlikely to happen before January 2020, and the current mayor doesn’t yet have the power to make it happen… But imagine if he succeeds? Rents may finally fall, settle and be more affordable!
In the meantime, we’ll all just have to search for the odd gem where we can, right?
What are your tips for breaking into the housing market?