Buying a house in the borough will cost you £122k more than five years ago
PUBLISHED: 16:00 22 August 2018
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House prices in the borough have soared so much that first time buyers face spending £122,000 more than if they got on the housing ladder in 2013.
According to the data from the Office of National Statistics (ONS), buyers who made their first step onto the property ladder in Barking and Dagenham in June spent an average of £285,392 - around £122,000 than five years ago.
In addition the average homeowner in the borough will have seen their property jump in value by around £128,000 in the last five years.
While property prices in London have fallen by 0.7per cent in the last 12 months the borough has bucked the trend with prices increasing by 4pc.
The average property in the borough sold for £301,023 - significantly higher than the UK average of £228,384.
The data comes from the House Price Index, which the ONS compiles using house sale information from the Land Registry, and the equivalent bodies in Scotland and Northern Ireland.
Last week housing charity Shelter released a report that showed rents in Barking and Dagenham were becoming more unaffordable than anywhere else in England.
The average rent of a two-bed property was up by 42 per cent between 2011 and 2017, but the household income in the borough had risen by just two pc over the same period.