House in Barking goes on the market for £1.2m
Alastair Lockhart Local Democracy Reporting Service
- Credit: PA ARCHIVE IMAGES
A house in Barking has gone on sale for almost four times the average price in the borough.
Barking and Dagenham has the cheapest house prices in the capital and also the second worst income deprivation, current figures show.
Despite this, the four-bedroom home in Longbridge Road, Barking has an asking price of at least £1.2 million, and is likely to be sold for far more.
The huge detached house has three living rooms and three bathrooms, along with a sizeable garden at the back.
It follows a property in Halsham Crescent, Barking being listed for sale for £1,015,000 recently.
Barking and Dagenham remains the cheapest area in London to buy a home with an average house price of £319,000, figures from the Office for National Statistics show.
This is less than half the typical London asking price of £649,941, according to property website Zoopla.
House prices have risen across the UK throughout the coronavirus pandemic, driven up by the stamp duty holiday.
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London house prices were slower to rise over the last year as people moved out of the city, but still went up by about two per cent.
Average prices in Barking and Dagenham also rose above £305,000 for the first time during the pandemic.
While this is still cheap compared to the rest of London, a number of properties are up for sale for well above the borough’s average.
One five-bedroom home in Barking is listed for £949,000, while a number of other five and six-bedroom properties in the neighbourhood are on sale for around £900,000.
House prices have continued to rise in the borough despite residents being some of the poorest in the capital.
According to Barking and Dagenham Council, the borough has the second-worst income deprivation in London.
Its residents are almost twice as income deprived as the average person living in the capital, according to the London Trust.
The borough’s increases in house and rent prices, along with other rising costs, have made life even more expensive for people in Barking and Dagenham.