Barking
Shared Ownership in Barking
Barking is an historic riverside town in East London with mention in the Domesday Book as far back as AD1086. It’s better known now for its busy shops and bustling market with a diverse community.
Recent large regeneration projects have seen new communities moving in and new businesses, shops, cafes and more have followed. Rightmove recently revealed that Barking is one of the ten London postcodes which have seen the biggest jump in buyer demand in the past year.
With nearby Dagenham there are plans for an incredible makeover, considered to be one of London’s largest regeneration projects in recent years, which will place Barking as one of the most vibrant and visited parts of east London. There are plans for 50,000 new homes, over 25,000 new jobs and an emphasis on liveability, mobility and sustainability.
The Dagenham Film Studios, a 22-acre site will be transformed into a Hollywood-style film studio complex – creating 1,200 new jobs. The Dagenham Dock Markets will support around 11,800 jobs. 25,000 new jobs will be created, along with the regeneration of 1,700 acres for commercial use at The Thames Freeport.
The Borough’s food sector will be transformed with the relocation of The City of London’s three biggest wholesale food markets – Billingsgate fish market, Smithfield meat market and New Spitalfields fruit and vegetable market. Set to co-locate to Dagenham Dock, this move will create the largest wholesale market in Britain and will bring a wide variety of new jobs to the area and excellent training opportunities.
Road, Rail or even River! Barking is so well connected
Barking is well served for transport with an underground station, centrally located in the town centre which is on both the Hammersmith and City and the District lines giving excellent access to the city and further afield.
The overground line, now called the ‘Suffragette Line’ after Annie Huggett who was the last living Suffragette and was from Barking, will take you throughout north London and over to the west. The new Barking Riverside extension has added 4.5km to the London Overground Gospel Oak to Barking line, running from Barking to the new station at Barking Riverside in 7 minutes.
You could always take to the water with the new Barking Riverside pier, which will provide a unique way to access central London, and will connect Barking to the city via water transport. Or if you prefer to drive the A13 and the north circular both come past Barking.
Barking is THE place to be
The borough is currently made up of 25% public parkland, this includes The Chase, a 120-acre urban nature reserve. There will also be new, green public areas, landscaping and riverside walkways created by some of the new mixed-use developments coming forward.
You could move to Barking to a Shared Ownership home and be amongst some of the notable people who cam from Barking like Bobby Moore and John Terry from Football or Billy Bragg, The Edge and Megan Mckenna from music.
Shared Ownership Barking: How could it help you?
Shared Ownership is a ‘part buy, part rent’ way of owning your own home for a smaller upfront payment – making it easier for buyers to get on the property ladder.
So, what does ‘Shared Ownership’ mean? When buying a Shared Ownership home, initially you can buy anywhere between 25% and 75% of the home (or sometimes 10%). You would take out a mortgage for the share you are buying, or in some cases you can be a cash buyer. On the outstanding percentage of the property that you don’t yet own, you pay a subsidised rent.
The combined monthly mortgage and rent payments are often less than if you were to buy the home outright and can sometimes be less than if you were renting.
Shared Ownership makes buying your dream home a quicker and easier process in sought after locations such as Barking.