First-time buyer homes in London’s most affordable borough

Recently named as the most affordable borough in London, Barking has some of the cheapest property prices in the capital. However, according to data published by the Office for National Statistics, house prices are still unattainable for local residents, with homes in the area currently costing ten times the average wage.*

Meeting the demand for affordable homes in Barking, first-time buyer sales agent Red Loft is marketing a brand-new development called Challingsworth House, with one- and two-bedroom homes available exclusively through Shared Ownership. Part of the wider BeFirst regeneration initiative which is redeveloping the Linton Road car park and the site of Crown House, Challingsworth House will deliver a total of 56 Shared Ownership apartments. Following a successful launch at the end of July, Challingsworth House is already a popular choice for first-time buyers, with 65% of phase 1 now reserved.

Red Loft is marketing the homes on behalf of B&D Reside, a housing provider working in partnership with the London Borough of Barking and Dagenham.

Wendy Hegarty, Partner at Red Loft, comments: “We are pleased to be marketing a much-needed collection of Shared Ownership homes for first-time buyers in Barking, on behalf of B&D Reside.

The area has been undergoing a significant transformation in recent years. Two exciting new recent transport launches for nearby Barking Riverside – a new Uber Boat by Thames Clippers service and Overground station – have firmly put Barking on the map as a desirable East London neighbourhood for first-time buyers and will improve the already strong transport connections to central London in the area.”

The Shared Ownership apartments at Challingsworth House offer first-time buyers stylish homes designed for modern living. Buyers have a choice of contemporary Moores units to kitchens, which are also complete with integrated appliances including a Beko electric oven, Grundig ceramic hob and fridge-freezer. Bathrooms feature modern white sanitaryware and a chrome heated towel rail whilst master bedrooms are fitted with built-in wardrobes. On site, residents have access to both communal play areas and cycle storage. All homes offer private outdoor space, with many balconies enjoying westerly views across the City of London’s skyline.

Situated just 0.2 miles from Barking station, Challingsworth House is located in the heart of the historic neighbourhood of Barking. New residents will enjoy the urban London living, close to a number of green open spaces. Close to the development are a range of popular amenities including cafés, pubs, leisure centre and a theatre which hosts live dance, drama and comedy shows. A short walk away, the Abbey in the parklands of Barking Abbey Green is an enchanting open-air venue for classical music, whilst Barking Park is another local green space, complete with splash park, wildflower meadows and boating lake. As well as local Barking Park, Parsloes Park and Mayesbrook Park, both RSPB Rainham Marshes and Fairlop Waters Country Park are both only 6 miles away, perfect for residents looking to escape the busyness of the city for the great outdoors.

Providing easy access into central London, Barking Station is just a few minutes’ walk away from Challingsworth House, offering regular trains into London Fenchurch. The station is also serviced by direct District and Hammersmith & City lines, which provide access right across the capital. For commuters, Canary Wharf is reachable in 18 minutes and Oxford Street in 33 minutes. A number of bike routes along the river make Barking a great place for cycling enthusiasts, whist easy access to the North Circular connects drivers with destinations around London and the national motorway network.

Shared Ownership prices start from £75,000 for a 25% share of a one-bedroom apartment (FMV: £300,000) and £97,500 for a 25% share of a two-bedroom apartment (FMV: £390,000).