So Peckham is the new Brixton, and Tooting is the new Clapham – but where is the new Peckham and the new Tooting? Anyone who is looking to buy nowadays is after value for money (hard to find in London!) and an area that will improve in quality and of course, price. I previously wrote about the cheapest places to buy in South London and they remain broadly the same, but what I want to focus on here are those areas which might improve in price and quality over and above the general rise in prices through inflation.
How can an area outperform general market trends? Well, there are a number of factors, but key amongst them are firstly, new or improved transport links, secondly, major re-development schemes and thirdly, proximity to more expensive areas. Check out these websites for transport, regeneration projects and property values to get the best information. Without further ado, here are my top five up-and-coming areas in south London:
It’s an absolute no-brainer – Crossrail arrives in 2018 (Liverpool St 14 mins, Bond St 22mins) and a new road tunnel under the Thames, emerging nearby, is under serious discussion. Meanwhile two major redevelopment schemes are underway, Woolwich Arsenal and Woolwich Central, which will have a major impact on the area. Current values for SE18 are £410 per square foot, which compares with £594 in nearby Greenwich and £654 in E16 on the opposite side of the river. It is one of the last ‘cheap’ riverside districts in London.
Most Londoners probably couldn’t point to it on a map, but it will be the last stop on Crossrail and four minutes further on from Woolwich. Although some might say it’s an unremarkable bit of suburbia, the SE2 post code, at £304psf, is the cheapest in London, so the only way is up!
Surrey Canal Triangle
‘Where?’, you ask. Well this is a planned regeneration scheme near to Millwall football ground taking in bits of Deptford, New Cross and Bermondsey. The big plus point is a new station on the London Overground route between Queens Rd and Surrey Quays at Surrey Canal Rd which the developers are funding. Anywhere within half a mile or so of this, such as around Deptford Park, is bound to feel the benefit. Generally, Deptford (SE8) is attracting more attention in any case.
SE17, at £589psf is the cheapest post code nearest to central London by far – nearby Borough in SE1 is nearly double that. Add to that the huge regeneration scheme underway at the former Heygate estate and the one planned at the Aylesbury estate, alongside the transformation of nearby Elephant & Castle and you have a recipe for a significant upward trend. Ex-local authority housing is the best bet in this area.
This is my long shot – the only claim to fame of SE25 is being the home of Crystal Palace F.C. Otherwise it’s another unremarkable bit of suburbia waiting to be ‘discovered’. At £381psf, like Abbey Wood, it’s starting from a very low base. The USP is its very good rail connections from Norwood Junction, including the London Overground plus Tramlink. Estate agents are very good at inventing new and pleasant sounding areas, and I’ve noticed part of the area (on the north side) being marketed as ‘Norwood Lakes’.
Think 3-5 years plus for a significant positive effect. If you’re playing the (really) long game try Lewisham or even better, Catford – one day the Bakerloo line will surely arrive, but don’t expect anything before 2035. Happy hunting!