Value for homebuyers in Barking

By James Renoux-Wood - Thu 24 March 2016, 12:41 pm

Research into property in London has revealed that house prices near stations on the London Overground, such as in Barking, are 24.6% below the average in the capital.

Barking house prices were the cheapest out of all areas analysed near these stations, at £279,599 – way below the London average of £530,409, according to the research by crowdfunding platform Property Partner.

The rise of property prices in Barking, IG11 in the past year, was 11.4%, compared with the capital’s average of 13.9%, the research found. 

Dan Gandesha, CEO of Property Partner, said: "Although the rise of the London Overground is no longer a secret, there are still some hidden property gems to be found across the network. For savvy buyers, there are some genuine opportunities to purchase well below average London prices in areas still under the radar.

“And with TFL taking over a number of major rail franchises in the next five years, connecting the south and south-east with central London, areas further afield are likely to become more accessible and appealing to buyers who have been priced out of the London market. 

“A growing number of Londoners have accepted that to buy they need to move further out, and the integration of existing train franchises into the Overground network should expand the commuter belt and allow more people to live and work in London.”

 

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