The latest data from the Office of National Statistics (ONS) has revealed that the average price of a property in the Barking and Dagenham area has increased by 2.6 per cent in the past year.
The figures show that the average property sold for £298,538 this year, significantly higher than the UK average of £232,797.
Throughout London, average property prices have fallen by 0.2 per cent in the year to August, the capital underperformed when compared to the UK as a whole, which saw the average property value increase by 3.2 per cent.
In the last five years, the average homeowner in Barking and Dagenham will have seen their property jump in value by around £125,000 in the last five years.
The figures also showed that buyers who made their first step onto the property ladder in Barking and Dagenham in August spent an average of £282,901, around £118,000 more than they would have expected to have to pay five years ago.
The highest house prices in the country in July were found in Kensington and Chelsea, London, where properties sold for an average of £1.35 million,16 times the cost of a home in Burnley, where the average property cost just £85,900.
Experts believe the uncertainty over the outcome of Brexit negotiations has fuelled a tougher lending environment.
House price growth in real terms is slowing, and inflation is growing at the rate that had been expected over the last few months. This is resulting in buyers, sellers and lenders all considering holding off to see the outcome of negotiations.
In the Long-term future, experts predict that we will see affordability, with the Bank of England base rate expected to be back above 2 per cent by 2021, rather than the ultra-low rates seen in recent years.
Despite the rise in house prices in the area, the volume of sales has actually decreased, with 1,944 homes sold in Barking and Dagenham, 3 per cent less than the previous twelve months.
