£1m home on sale for almost £700k more than borough average

£1 million Barking house

This home in Barking has been listed for sale for £1,015,000. - Credit: Alastair Lockhart LDR

A terraced house in London’s cheapest borough to buy a home is on sale for £1 million.

The six-bedroom property in Halsham Crescent, Barking is listed by Zoopla for almost double the average London house price.

The property is made up of two family homes joined together, with two living rooms, two bathrooms and a large garden at the back.

Six-bedroom property in Halsham Crescent, Barking

The six-bedroom property in Halsham Crescent, Barking is made up of two family homes joined together. - Credit: Google

Estate agents Sandra Davidson says the property benefits from being close to schools, shops and public parks.

However, it is far more expensive than most homes in the area.

Barking and Dagenham is the cheapest London borough for house prices, with an average asking price of £319,220, according to the Office for National Statistics (ONS). 

The capital's average is £510,299.

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This makes the £1,015,000 home in Halsham Crescent almost £700,000 more expensive than its average neighbour.

It provides more space for the asking price than other parts of London, with a two-bed flat at Landmark Pinnacle in Canary Wharf listed on Rightmove also for £1,015,000.

House prices across the UK have risen consistently over the past year, fuelled by the stamp duty holiday during the pandemic.

A report by Halifax showed asking prices continued to rise in August, with a 0.7pc increase that month, compared to a seven pc increase over the past year.

It found London was the only UK region where house prices dropped over the previous three months.

According to ONS, prices in Barking and Dagenham have risen slightly faster than the rest of London over the past year - up 6.8pc compared to the capital’s average 6.3pc growth.

Halifax managing director Russell Galley said: “Much of the impact from the stamp duty holiday has now left the market, as highlighted by the drop in industry transaction numbers compared to a year ago. 

“However, while such government schemes have provided vital stimulus, there have also been other significant drivers of house price inflation.

“We believe structural factors have driven record levels of buyer activity – such as the demand for more space amid greater home working. 

“These trends look set to persist and the price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end.”

Sandra Davidson was contacted for comment.