Barking and Dagenham homes cost ten times more than average pay, stats say
Alastair Lockhart, LDRS
- Credit: PA
Barking and Dagenham people will have to pay more than 10 times their earnings to be able to afford a house in the borough, according to figures.
In a report published on March 23, the Office for National Statistics (ONS) said buying a home would cost the average full-time worker in England 9.1 times their income in 2021.
This increases to more than 10 times the average income in Barking and Dagenham.
The statistics come in spite of the borough being the capital's most affordable to buy a home.
According to property website Zoopla, an average home in Barking and Dagenham costs £337,865.
This is significantly lower than the London average home price of £715,201.
Around 91 per cent of all local authorities in England and Wales saw house prices grow faster than earnings in the last year.
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Kensington and Chelsea was the least affordable borough in London, according to the ONS data, with house prices 36.5 times the average income in the West London borough.