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Dagenham Buy-to-Let Guide

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    Everything You Need to Know About Dagenham Buy-to-Let

    Dagenham has a reputation as one of the most affordable areas of London to buy a property.

    Located within the London Borough of Barking and Dagenham, it’s a convenient place to live with good links to central London.

    But in the current UK property market, is Dagenham still a top choice for London BTL investors? And how does it compare to other UK regions for property investment?

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      Buy-to-Let Property Prices in Dagenham

      According to Rightmove, the average property price in Dagenham was £361,211 over the past year. This is much cheaper than the London average, which stands at £532,113 as stated by the UK House Price Index. However, it is still substantially pricier than the UK average of £287,782.

      Rightmove states that Dagenham’s average property price is similar to last year’s figure and is 5% higher compared to 2021.

      The lack of growth in Dagenham property prices over the last year is unsurprising as the UK property market has been generally subdued, particularly affecting the London area. Why not learn more about property investing with our free guide.

      Looking to the future, the UK property market is forecast to return to good growth in the next few years, with a predicted boost of 17.9% leading to 2028, as per Savills. However, the outlook for London is not as promising as the national forecast, with a prediction of 13.9%, which may be bad news for Dagenham investors.

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      Buy-to-Let Rental Market in Dagenham

      According to housesforsaletorent.co.uk, the average monthly rent in Dagenham is £1,552 PCM. This is more expensive than the average UK rent of £1268 PCM calculated by the HomeLet Rental Index but cheaper than the London figure, which comes in at £2127 PCM. So, despite the hefty rent required to live in Dagenham, it’s still a more affordable option for tenants when compared to many other London areas.

      Zoopla states that Barking and Dagenham is currently the best area in London for high average rental yields. They calculate the gross average rental yield for the area to be 6.24%. This is impressive for a buy-to-let property in London, as they typically have meagre rental yields.

      When it comes to rental demand, London has a higher proportion of people renting than other areas. There aren’t enough private rental properties to meet demand, meaning there is likely to be consistent demand from potential tenants in Dagenham, and rental costs will stay high.

      In terms of possible student accommodation investment opportunities, Coventry University has a site at Dagenham; the town is also in reasonable proximity to Central London, where there are several world-class further educational institutes.

      However, Dagenham is not known as a student town, and other parts of London may be more appealing to student renters.

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      Buy-to-Let Investment in Dagenham: Area Breakdown

      The London Underground District Line runs through Dagenham, and Becontree station is the closest to central London. Moving out, there’s a station at Dagenham Heathway. This small commercial area is considered the borough’s second town centre after Barking Town Centre. At the eastern edge of Dagenham, there’s Dagenham East station, which is close to the Eastbrookend Country Park.

      The area around the Dagenham Dock train station is in the south, beside the River Thames. Chadwell Heath is a separate area that borders Dagenham to the north.

      Becontree

      Average Property Prices in Becontree

      The average property price in this area is £362,713.

      Average Rental Yield in Becontree

      The average rental yield in this area is 5.16%.

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        Dagenham Street View

        Dagenham Heathway

        Average Property Prices in Dagenham Heathway

        The average property price in this area is £352,857.

        Average Rental Yield in Dagenham Heathway

        The average rental yield in this area is 5.25%.

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        Dagenham East

        Average Property Prices in Dagenham East

        The average property price in this area is £366,502.

        Average Rental Yield in Dagenham East

        The average rental yield in this area is 7.65%.

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          Dagenham residential area

          Dagenham Dock

          Average Property Prices in Dagenham Dock

          The average property price in this area is £350,178.

          Average Rental Yield in Dagenham Dock

          The average rental yield in this area is 5.26%.

          Dagenham street view

          Chadwell Heath

          Average Property Prices in Chadwell Heath

          The average property price in this area is £403,784.

          Average Rental Yield in Chadwell Heath

          The average rental yield in this area is 6.59%.

          (Average property prices were taken from Rightmove in late 2023, and rental yield estimates were calculated with figures from housesforsaletorent.co.uk in the same period – We have a useful Stamp duty calculator for our readers to utilise)

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            What is the Best Area of Dagenham to Invest in?

            When researching average prices and yields for smaller areas of towns, the lack of data can make it challenging to find reliable results.

            However, taking these figures as a guide and looking at Dagenham’s overall reputation, it seems that property prices are quite similar across Dagenham and more expensive in the neighbouring Chadwell Heath.

            According to housesforsaletorent.co.uk, rent is higher in the Dagenham East area, making for a higher average rental yield.

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              Why You Should Consider a Buy-to-Let Investment in Dagenham

              Affordable Property

              Dagenham is one of the cheapest areas in London to buy property, making it a top choice for London buy-to-let investors.

              By getting a good deal on a property, investors can keep the initial costs of investing low and start seeing returns quicker. For this reason, it’s advisable to research more affordable areas with high demand levels.

              Dagenham is one of the best options for investors explicitly searching for a London property, but prices still tend to be much higher than the UK average. It’s worth remembering that other regions are typically much more affordable.

              Regeneration

              Plenty of exciting regeneration schemes on the cards for the Barking and Dagenham borough should help make the area more profitable for investors. Why not learn how to invest in real estate with our free guide!

              This includes a possible new London Overground station and a new film studio in Chadwell Heath.

              Thanks to these various regeneration efforts, Barking and Dagenham seems to be an up-and-coming area of London.

              Looking out for regeneration areas is a good strategy for property investors to find cheaper regions that benefit from capital growth in the near future. This is because the area will become more attractive and likely see a boost in popularity as a place of residence.

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                Dagenham New Builds

                Across the country, there’s a lack of available rental properties, and new builds are needed to keep up with demand. Dagenham is no exception, and the local council and private developers have this area in mind for further development.

                Regeneration areas, particularly, such as Becontree Heath, seem to be attractive locations for new builds.

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                Off-Plan Property in Dagenham

                The trend towards new-build properties in the UK, particularly in London, has also led to more opportunities to get involved in off-plan buy-to-let investment properties.

                With the high demand for new properties in the London area, there are likely many opportunities for investing off-plan in Dagenham.

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                  How Does Dagenham Compare to Other UK Regions When It Comes to Buy-to-Let?

                  When it comes to the best areas to invest in London, Dagenham seems like one of the best value areas for property investors to target. While cheaper properties can be found in surrounding commuter towns such as Luton and Slough, Dagenham is one of the top options for those who want a more central London property.

                  However, for investors willing to look further afield, properties in the North of England can be acquired much cheaper and, on average, offer much better rental yields.

                  In particular, major cities in the North West are increasingly popular for buy-to-let investments. While the Dagenham area ranks as one of the best parts of London for high rental yields, Liverpool has one of the highest average gross rental yields for the whole country, according to Zoopla. Investment properties in Manchester can generally be acquired cheaper than the national average.

                  Looking to the future, London also has the worst projected capital growth for the next few years, as predicted by property experts Savills. London is expected to grow 13.9% up to 2028, lower than the UK average of 17.9%. The North West is forecast to grow 20.2%, a much more promising number than London.

                  Learn more: Find out why North West property professionals are more optimistic by reading our latest news and insights.

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                    Want to Invest in Dagenham?

                    Dagenham is undoubtedly one of the most affordable options when it comes to London property investments and offers some good average rental yields compared to the surrounding areas.

                    But when comparing Dagenham to the whole of the UK, it’s clear that other regions can offer a better deal. The cost of acquiring property in Dagenham is still much more expensive than the national average, and higher rental yields can be found elsewhere.

                    To learn more about some UK buy-to-let hotspots, take a look at some of our latest area guides.

                    We cover topics such as:

                    Map of Dagenham

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                    Author

                    Jessica Ferris

                    Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.

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