South East London’s property market update

Posted on 12 Feb, 2020

Step aside, South East London coming through. With names like Jude Law, Florence Welch and Tiny Tempah and many MPs within the Division Bell, this part of the capital deserves its chance to shine on the property stage.

South East London has boldly stepped in to the property spotlight having faced years on the side lines due to a lack of a decent Tube service and taxi drivers’ reluctance to cross south of the river. This corner of the capital, however, boasts some of London’s most creative public transport options and with ambitious plans to upgrade travel connections regeneration momentum is gathering pace.

For property buyers, South East London’s lag behind other areas has resulted in relatively affordable house prices and monthly rents, but as a note of caution movers have to choose wisely as many of the post codes are rising fast with some perhaps having already reached a peak.

The general rule of thumb is the closer you get to South West London (neighbouring Clapham, Brixton and Wandsworth Common, for example) or inner London (Southwark borough is a short hop over the river to the West End), the more expensive property is. Areas, including Dulwich, Greenwich and Blackheath, have long been moving in the £1 million+ house price brackets.

The new pretenders aren’t far behind. Bermondsey (where ethical investor Basil Demeroutis is backing a co-working development called The Italian Building), Peckham and Camberwell are all ‘on trend’, brimming with ‘woke’ bars and restaurants, booming café cultures, street food markets, artisan producers and lively arts scenes.

Moving further from the centre of London, the cluster of ‘creative’ enclaves – New Cross, Lewisham, Deptford, Catford, Crystal Palace and Sydenham – are firmly in vogue. Home to Goldsmiths, University of London, Camberwell College of Arts and the Trinity Laban, post-grad students tent to stay on in the vicinity thanks to a supporting cast of pubs, clubs, bars, studios and boutiques that have sprung up to accommodate budding artists.

The best value, however, can be found in the outer reaches of South East London, moving towards its border with Kent. Woolwich has become an example of first-class regeneration, with converted and new homes on the riverfront revitalising this forgotten town. Following suit are Abbey Wood, Kidbrooke and Thamesmead, where fevered house building is underway to colonise the last prime land for residential use.

Throughout South East London property hotspots are dominated by where public transport has been improved or will be enhanced. The DLR has already arrived in Lewisham, Greenwich, Deptford Bridge and Woolwich, while Abbey Wood and Woolwich eagerly wait for Crossrail stations to open. The Overground line also serves South East London, running north from Sydenham to Rotherhithe.

Contrary to popular belief, the Tube does actually operate in SE postcodes and there are plans to eventually extend the Bakerloo line into Catford and Lewisham. For now, Borough and Elephant & Castle feature on the Northern line and the Jubilee line stops at Bermondsey and close to the O2 on the Greenwich Peninsula. Also nearby is the highly original Emirates cable car to East London, while the commuter-friendly river taxi departs from Royal Arsenal Riverside in Woolwich.

 

South East London average house prices*

Area

Postcode

Average house price

Dulwich Village

SE22

£1,372,970

Bermondsey

SE1,SE15 & SE16

£618,039

Blackheath

SE3

£598,573

Greenwich

SE10

£597,430

Peckham

SE15

£564,171

Lewisham

SE13

£503,949

Sydenham

SE26

£496,709

Kidbrooke

SE9

£468,575

New Cross

SE8 & SE14

£453,695

Crystal Palace

SE19

£448,728

Woolwich

SE18

£444,764

Catford

SE6

£443,385

Deptford

SE8

£427,726

Abbey Wood

SE2

£338,303

Thamesmead

SE28

£314,326

 

*Figures from Rightmove as of 27th January 2020

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