Significant regeneration throughout south east London is set to drive up property prices in the region at a faster rate than much of Greater London, a new market report suggests.
Indeed, the analysis from real estate firm JLL suggests that many areas in the south east of the capital will see their streetscape change dramatically with over 31,000 homes set for development.
The development plans include a new urban centre at Canada Water and Surrey Quays which is expected to boost the area’s appeal, while the Old Kent Road corridor has also been earmarked for a significant facelift. The area has been the subject of years of neglect but will soon boast an array of towers along the A2, which will drastically alter the streetscape, skyline and demographics.
Additionally, the appeal of other districts within the region, such as Greenwich and Deptford, North Greenwich and Elephant and Castle will continue to grow with further developments.
Meanwhile, the transport infrastructure is set to be enhanced in the area, and this is likely to include the Bakerloo Line extension, which could directly link Elephant and Castle to Lewisham via the Old Kent Road by 2028. Currently, there is limited Underground access along the Old Kent Road, so this would improve transport links significantly.
‘South East London is full of characterful and contrasting neighbourhoods. From established enclaves such as Blackheath to fast evolving districts in Greenwich, Deptford and Elephant and Castle,’ said Graham Lawes, director of South East London residential at JLL.
‘It is also thrilling to see new neighbourhoods being planned and developed. Canada Water, for example, will see an even greater transformation as the British Land scheme takes shape, while the Old Kent Road area will change steadily as new developments spring up along this historic route into and out of London,’ he explained.
‘The plethora of new development and the more modern feel to the area is also attracting new people into South East London, providing a greater depth of housing demand and in turn, a more eclectic mix of residents,’ he added.
According to Neil Chegwidden, director of residential research at JLL, stronger growth can be expected in the medium term, particularly in Canada Water and Surrey Quays.
‘As a result of the ongoing transformation of South East London, as well as the pricing advantage compared with many other more established and perhaps more fashionable areas of London, we expect residential prices and rents to grow at a faster rate over the next five years relative to much of Greater London,’ he said.