Property prices in South East London are set to increase faster than much of Greater London thanks to significant regeneration throughout the area. That’s according to JLL’s latest residential research report.
The report suggests that more than 31,000 homes are in the planning pipeline in South East London, with some areas primed to see dramatic changes to their dynamics and streetscape.
The Canada Water Masterplan, for example, is set to transform Canada Water, Surrey Quays and the surrounding areas by creating a new urban centre for a previously ignored corner of the capital. The £4 billion British Land project, set to be fully complete by 2033, will provide 3,000 new homes, a new town square, two million square feet of workspace and one million square feet of retail, leisure, entertainment and community space.
Elsewhere, the Old Kent Road corridor is also set for dramatic change, with this neglected area - the A2 acting as its domineering spine – recently seeing a spate of planning applications. This is set to lead to an array of towers scattered along its route which will alter its streetscape, skyline and demographics.
JLL’s report also insists other parts of South East London, including Greenwich and Deptford, North Greenwich and Elephant and Castle, will continue to ‘blossom into even more vibrant and appealing London neighbourhoods’.
In the near future, the area could be further boosted by enhanced transport infrastructure, with the proposed Bakerloo Line extension potentially being delivered as early as 2028. The current preferred route will extend the line from Elephant and Castle, down the Old Kent Road to Lewisham, significantly improving public transport access along the Old Kent Road where there is currently little connectivity to the Tube.
“South East London is full of characterful and contrasting neighbourhoods,” Graham Lawes, director of South East London residential at JLL, commented. “From established enclaves such as Blackheath to fast evolving districts in Greenwich, Deptford and Elephant and Castle.”
Lawes said it was 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 added: “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.”
Neil Chegwidden, director of residential research at JLL, also insisted the future was bright for this part of the capital. “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. Certain areas, such as Canada Water and Surrey Quays, are likely to experience even stronger growth in the medium-term.”