According to research from the Office of National Statistics¹, Barking and Dagenham is one of the top five boroughs in the UK with the largest housing price growth over the last year. With the area earmarked for further growth and the average house price still under £280,000, this borough is an affordable property hotspot, with lots of untapped potential. For homebuyers keen to invest before prices soar, East Thames, part of the L&Q Group, is working with Barking and Dagenham Council to deliver the first phase of an ambitious regeneration project, transforming the eastern side of the Gascoigne Estate and creating over 1,500 new homes
As a nod to the area’s industrial history, the name Weavers Quarter commemorates Barking Jute Works, also known as the Abbey Works, which closed in 1891 and was reputed to be the largest factory in the UK. The development, which will bring a £300million investment into Barking town centre, will offer a range of homes from one to four bedrooms, available for rent and shared ownership, set around open green space. The first phase is due to launch in autumn 2017 and will deliver 470 new homes.
East Thames, part of the L&Q Group, and Barking and Dagenham Council have a strong vision to transform the area into an exciting and vibrant new part of the local community by 2024. Plans include the development of a 690-pupil primary school, a 1,850-pupil secondary school, a community centre, retail and office space as well as a public square. In addition, a Community Counts fund is available, providing grants of up to £500 to individuals, groups and organisations who work with people living on the Gascoigne Estate.
Tony Harker, East Thames’ Director of Sales & Marketing said, “With average house prices considerably lower in comparison to other areas of London, Barking and Dagenham is a up-and-coming regeneration area, ideal for first time buyers. We are delighted to be delivering the first phase of Weavers Quarter, bringing new, high-quality homes to the Gascoigne Estate. We are placing a large emphasis on engaging the local community to create a place people are proud to call home.”
Councillor Darren Rodwell, Leader of Barking and Dagenham Council, added, “Weavers Quarter will be one of London’s most attractive new neighbourhoods, with bright new homes and great community facilities, set in beautiful green spaces. The name we’ve chosen reflects the area’s past, but also signals an exciting future as a thriving community and successful part of the borough.”
Alongside the plans to regenerate Gascoigne Estate, Barking and Dagenham Council also has extensive plans to regenerate and grow the borough, aiming to deliver 50,000 new homesand 10,000 new jobs over the next 20 years, creating an inclusive community for current and future buyers. Part of this will be Barking Riverside, which will be delivered by the L&Q Group.
Ideally located for transport links into London, Weavers Quarter is less than half a mile from Barking station, which itself is just 15 minutes’ journey time from the City. The station also connects directly to Westminster on the District Line in less than 40 minutes and to Liverpool Street on the Hammersmith & City Line in only 25 minutes, and provides an Overground service. Bus services are regular, taking passengers further into Barking and central London, while residents can reach the M25 in less than 15 minutes.
For more information and to register your interest, please visit weaversquarter.co.uk