No housing slump as far as we're concerned
PUBLISHED: 15:04 17 January 2008 | UPDATED: 14:08 02 July 2010
AS THE rest of the capital anxiously awaits the predicted housing slump, the borough of Barking and Dagenham remains a property hot-spot. Excessive property prices, combined with rising interest rates have already led to prices falling in many parts of
AS THE rest of the capital anxiously awaits the predicted housing slump, the borough of Barking and Dagenham remains a property 'hot-spot.'
Excessive property prices, combined with rising interest rates have already led to prices falling in many parts of the country.
However, despite gloomy predictions from property experts, the housing market in the borough is booming, largely due to the fact that property in the area provides good value for money.
Gerry Toor, of Hanson Estates in Ilford, said, "Good transport links to London contribute to the continuing rise in demand, but the bottom line is affordability - and Dagenham still has many properties below the stamp duty."
Despite warnings of a fall in property prices, the value of housing in the borough has continued to rise, and buyers are just as eager as ever to move into the area.
Figures show that property prices in Barking and Dagen-ham rose by 11.3% between November, 2006 and November, 2007, compared with an average of 8.6% for the surrounding boroughs.
This gives it the highest rate of growth in the area, according to a report newly published by the Land Registry.
Drawing parallels with the situation in the USA, experts have warned that house prices in the UK have become much more excessive than those in America before the property-slump hit, and have suggested that the soaring prices will force the market to correct itself.
At the moment, however, Barking and Dagenham seems determined to buck the trend.