Dagenham is a suburb located in the London Borough of Barking and Dagenham, in East London 13 miles away from the City of London. It comprises of postal codes RM8 – RM10, neighboured by Redbridge, Havering and Tower Hamlets boroughs. Its transport links to London are outstanding, with District Line tube stations situated in Dagenham East, Heathway and Becontree, and easy access to Barking main line station and Chadwell Heath soon to be Cross Rail, also A13 and A12 A roads leading to Stratford and the City.
The area historically has had periods of growth, population and employment wise, due to Ford Motor Car Company housing a huge production site in Dagenham. The majority of Dagenham houses built by the Council were to accommodate 40,000 Ford workers in the 1950’s. In 2013 Fords finally ceased production.
However, with this negative, a positive followed and there is now an ongoing programme of regeneration in the area which has produced an average rise in house prices in Dagenham of £125,000 over the past 5 years.
According to Zoopla the average price paid for Terraced housesin Dagenham (mid terrace being the most popular) was £301,562 The average price for flats sold was £215,632, an increase of 7% up since 2016.
The Dagenham locally born and bred Councilor Darren Rodwell stated ‘in this borough you can get a 3 bedroom house, 100ft garden, 2 cars on the front, still for under £300,000’ ‘there’s nowhere else in London this can happen’. ‘Barking and Dagenham is half the price of Richmond in the west, half the journey time away from the center but twice the fun’. Great news for first time buyers as they won’t pay stamp duty!
The main focus of regeneration now is on affordable homes. There is an ongoing estate renewal programme which is improving existing estates into better places to live. In RM8 the new housing development Lymington Mews has created 610 new homes, a stones throw away from Chadwell Heath Cross Rail line which will offer 12 trains running an hour at peak times, where passengers can travel through Central London without having to change trains, hence making the journey much faster and easier. This is bound to have a positive effect on house prices in Dagenham.
At Becontree Heath, Countryside have built 170 new homes, consisting of private town houses, apartments and shared ownership.
On the former Ford plant 2650 homes and a school are going to be built, and finally in Dagenham East there has been the go ahead for a £100m Film/TV Studio and Hotel to be built.
Ian Ferguson, Commercial Director of Be First (the preferred partner of Barking and Dagenham Council to build this project) has said ‘this agreement is another sign that Dagenham is on the up’.
‘Dagenham East is fast becoming a hotspot for dynamic high-tech industries, with the film studios and data center plants now out of the starting blocks.
‘These developments will bring thousands of jobs for local people at all levels – from construction worker, carpenters and Hotel staff to set designers, film and TV Producers. This will generate millions of pounds for the economy!
So house prices in Dagenham offer great affordability now, and look set to offer great investment opportunities in the future.