Property prices in south east London are set
to rise faster than much of Greater London thanks to significant
regeneration throughout the area, a new market research report suggests.
There
are more than 31,000 homes are in the planning pipeline, with some
areas set to see dramatic changes to their dynamics and streetscape,
according to the analysis from real estate firm JLL.
For example,
the masterplan at Canada Water and Surrey Quays will create a new urban
centre, and a change of focal point which will significantly enhance its
appeal and profile. The Old Kent Road corridor is also set for dramatic
change. This neglected area, with the A2 as its domineering spine, has
seen a spate of planning applications where an array of towers scattered
along its route will alter the streetscape, skyline and demographics.
As
well as these new changes, other parts of south east London, such as
Greenwich and Deptford, North Greenwich and Elephant and Castle will
continue to blossom into even more vibrant and appealing London
neighbourhoods.
JLL points out that the area is also set to
benefit from enhanced transport infrastructure. The proposed Bakerloo
Line extension could be delivered as early as 2028 with the current
preferred route extending the line from Elephant and Castle, down the
Old Kent Road to Lewisham. This would significantly improve public
transport access along the Old Kent Road where there is presently little
tube connectivity.
‘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 developments 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, certain areas, such as Canada Water and Surrey Quays,
are likely to experience even stronger growth in the medium term.
‘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.
No comments:
Post a Comment