There are only three boroughs in London where the average price of a house is less than the average budget of a first time buyer, according to the latest Land Registry house index.
Average house prices in Bexley, Newham and Barking and Dagenham are less than £304,205, the average starter house price in London, as reported by Your Move and Reeds Rains.
Barking and Dagenham was disclosed as the borough with cheapest average London house price at £274,173, followed by Bexley at £287,732 and Newham at £295,306.
Newham has had the highest price growth of all the London boroughs at 17.2 per cent; the average London house price increase was 10.9 per cent. The steep rise has been attributed to developments at Stratford and the new Crossrail line linking to Forest Gate, meaning there is much investment potential.
Bexley is considered a ‘family borough’ due to the schools in the area, of which two are grammar schools and rated outstanding by Ofsted (Beths Grammar School and Bexley Grammar School). There is also a low crime rate.
Barking and Dagenham, considered the most affordable, will have increased accessibility to transport. This will be in the form of and Overground extension on the Gospel Oak – Barking line to the Barking Riverside regeneration project and will likely inspire price growth in the area.