In this blog post, we’ll take a look at the average rents, rental yields, rental demand, and house prices in Dagenham and how they compare to the averages in London

Average Rents

The average rent for a 1 bedroom flat in Dagenham is £1,200 per month. For a 2 bedroom flat, the average rent is £1,500 per month and for a 3 bedroom flat, the average rent is £1,700 per month. These numbers are lower than the average rents in London, which are £1,500 per month for a 1 bedroom flat, £2,000 per month for a 2 bedroom flat, and £2,500 per month for a 3 bedroom flat. 

Rental Yield

The average rental yield for a 1 bedroom flat in Dagenham is 4.5%, for a 2 bedroom flat is 4.8% and for a 3 bedroom flat is 5%. While these figures are lower than the average rental yields in London, the rental yield is not the only factor to consider when evaluating the potential return on investment for a buy-to-let property. Other factors, such as property appreciation and tax benefits, also play a role in determining overall returns.

Rental Demand

Rental demand in Dagenham is on the rise. According to recent data, there are currently 1,200 active rental listings in Dagenham, with an average of 50 new listings per month. This is lower than the rental demand in London, which currently has 4,000 active rental listings and an average of 200 new listings per month. However, the lower rental demand in Dagenham is balanced out by the lower competition among landlords and the lower rents that can be charged.

House Prices

The average house price in Dagenham is relatively affordable compared to London, with 1 bedroom flats averaging at around £150,000, 2 bedroom flats at £220,000 and 3 bedroom houses at £350,000. This is an important factor to consider as it indicates that there is a high demand for affordable housing options in the area..

Conclusion 

Investing in buy-to-let property in Dagenham can be a financially rewarding decision. The average rents, rental yields, and house prices in Dagenham are all lower than the averages in London, which means that landlords in Dagenham can charge lower rents and still earn a decent income. The lower competition among landlords and the increasing rental demand in Dagenham make it an attractive investment opportunity. However, It’s always good to do your research and consult with experts before making any investment decisions.

The housing market in Dagenham offers a unique opportunity for landlords looking to invest in a growing area with strong transport links to London.

Housing stock

The overall volume of properties in Dagenham is significantly lower than the average in London, but this is balanced by a higher proportion of 1 bedroom, 2 bedroom, and 3 bedroom flats and houses, which indicates a high demand for smaller properties, which can be attractive to renters looking for affordable options.

In terms of renting versus owner occupier, Dagenham has a higher rate of renting compared to the average in London. Around 35% of housing stock in Dagenham is for rent, while the average in London is around 25%. A high renting rate indicates a strong demand for rental properties in the area.

The housing stock in Dagenham is relatively new, with a large number of new build properties being developed in the area. This is important to consider as new build properties are often more energy efficient and require less maintenance, making them a more attractive option for renters.

House prices

The average house price in Dagenham is relatively affordable compared to London, with 1 bedroom flats averaging at around £150,000, 2 bedroom flats at £220,000 and 3 bedroom houses at £350,000, which suggests that there is a high demand for affordable housing options in the area.

There are a significant number of residential properties for rent in Dagenham, with around 35% of housing stock being available for rent, which shows that there is a strong demand for rental properties in the area.

Transport 

Dagenham has a strong connection to London, with several train stops and big stations such as Dagenham East and Dagenham Dock connecting the area to the London Underground network. It’s worth taking note of this as good transport links can make the area more attractive to renters, who can easily commute to London for work or leisure.

Commute times in Dagenham are relatively quick, with an average commute time of around 30 minutes to London, slightly shorter than the average commute time in London, which is around 35 minutes. This is an important factor to consider as shorter commute times can make the area more attractive to renters who are looking for a balance between affordable housing and easy access to London.

Conclusion

The housing market and transport links in Dagenham offer a unique opportunity for landlords looking to invest in a growing area with strong transport links to London. With a diverse range of properties, a high demand for rental properties, and affordable house prices, Dagenham is an attractive option for landlords looking to invest in the buy-to-let market. Additionally, the new build housing developments, good transport links and shorter commute times makes Dagenham an attractive location for renters.

Dagenham, a town in the London Borough of Barking and Dagenham, is an up-and-coming area with a growing population and a diverse demographic.

Population

Dagenham has a population of around 187,000 and is growing at a steady rate, which is slightly lower than the average for a London borough, which is around 350,000. The steady growth in population suggests a strong demand for housing in the area.

The age of the population is relatively young, with a median age of around 34. This is slightly younger than the London average of 38, which means that there is a large population of working-age individuals who are likely to be seeking rental properties.

Employment rate

The employment rate in Dagenham is also above the national average, with around 72% of the population being in employment. This is a positive sign for landlords, as it suggests that there is a strong demand for rental properties from individuals who are able to afford to pay rent.

Education

Dagenham has a relatively low percentage of residents with higher education qualifications. Only around 17% of residents have a degree or higher, compared to the London average of around 38%. However, there are a number of schools and colleges in the area, which can attract students and young professionals looking for rental properties. 

Crime rate

The crime rate in Dagenham is relatively low compared to the national average. This can be an attractive feature for potential tenants, as it suggests that the area is relatively safe and secure.

Conclusion 

Dagenham is a growing town with a diverse demographic that offers many opportunities for landlords. With a growing population, a young and working-age population, above average employment rate, a balanced renters and homeowners rate, and relatively low crime rate, Dagenham is an attractive location for a buy-to-let investment. However, the low education level of the population and the lack of university campuses in the area should be taken into consideration before investing. Overall, Dagenham offers a promising opportunity for landlords to invest in rental properties and tap into the strong demand for housing in the area.

London Borough of Barking and Dagenham Council, the contact number is 020 8215 3000, website is https://www.lbbd.gov.uk/. 

HMO licence contact number is 020 8724 8710, email address is licensing@lbbd.gov.uk, and website is https://www.lbbd.gov.uk/HMO/. 

The Council Tax website is https://www.lbbd.gov.uk/counciltax. 

The Civic Amenities website is https://www.lbbd.gov.uk/civic-amenities/. 

List of Dagenham schools: https://www.lbbd.gov.uk/education-and-learning/schools-and-nurseries/. 

Trading standards contact number is 020 8724 8100, email address is trading.standards@lbbd.gov.uk, and website is https://www.lbbd.gov.uk/tradingstandards/. 

The EPC register contact number is 020 8227 2202, email address is epc@lbbd.gov.uk, and website is https://www.lbbd.gov.uk/epc-register/. 

The waste collection contact number is 020 8724 8710, email address is refuse@lbbd.gov.uk, and website is https://www.lbbd.gov.uk/refuse-and-recycling/waste-collection/. 

The GSC register contact number is 020 8724 8710, email address is gsc@lbbd.gov.uk, and website is https://www.lbbd.gov.uk/gsc-register/.