Homes selling for huge prices in east London’s cheapest areas

Homes across some of London’s cheapest areas to buy have been sold for £100,000 more than the average local home price.

Some homes in the area, including maisonette flats, have been sold for over £800,000 in recent weeks.

In Barking and Dagenham, a six-bedroom home recently went on sale for over £1 million – almost £700,000 more than the average house price in the borough.

This is well over the average London asking price of £510,000.

Barking and Dagenham is the cheapest place to buy a home in London with an average price of £319,000, according to the Office for National Statistics.

However, August saw a number of homes sell for well over this average as house prices continue to rise across the UK.

One three-bedroom home on Felton Road in the borough sold for £390,000, according to The Move property sales website.

In nearby Tower Hamlets, the average asking price for a home is £580,000, more than the London average, according to estate agents Foxtons.

Here too, properties sold for huge prices in August with the most expensive Tower Hamlets flat, a maisonette selling for a whopping £800,000.

The next most expensive home in the area was a three-bed Mile End flat, which went for £650,000.

In neighbouring Newham, cheaper than Tower Hamlets but more expensive than Barking and Dagenham with an average of £448,000, a terraced home sold for £760,000 – the most expensive in the borough.

Two other Newham homes sold for £650,000 and £600,000, also well above the London average.

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Alastair Lockhart

Local Democracy Reporter