The property market in the UK, and particularly London remains flat with most people attributing this to uncertainty caused by the prolonged Brexit negotiations. According to the latest UK Land Registry data, Richmond and Southwark have experienced significant growth of 5.5% and 6.1% respectively. Nevertheless, prices in Lewisham, a borough located next to Southwark, grew 3% over the last year. It is also noteworthy that Lewisham is the only Inner London Borough where the demand for rental properties exceeding current supply by 33%. Here are a few reasons why we think Lewisham is a great place regardless of your property plans.
Lewisham Gateway & the extension of the Bakerloo line
The project for the renewal of Lewisham area was approved in 2014 and regeneration is already well underway. With £375 million to be invested, this project should be finished by 2021 and will have a huge positive impact on the area. The Lewisham Gateway complex is going to deliver up to 800 new homes, shops, restaurants, bars, coffee shops, green space and a new cinema. Land adjacent to the station has been developed already with 193 new apartments. The scheme also includes upgrades to the road and river network in the area.
The most exciting infrastructure plan is the extension of the Bakerloo Underground line which will vastly improve the already very effective overland trains and DLR service. As is the norm with transport improvements of this type we expect prices to continue to gradually grow, and significantly jump once the line is opened in 2029.
As majority of the boroughs are beyond the means of many young Londoners, less discovered areas like Lewisham are an alternative solution to acquire own home whatever your situation. With an average price of £356,000 for a flat and £702,000 for a house, Lewisham is considered one of the top three boroughs for starter homes in London.
Welcome to our office
Madison Brook International expanded the network of offices into the area in September 2017. Located just a short walk from the overland train and DLR stations our office is an ideal first port of call when you visit Lewisham. If you are thinking about moving, acquiring a new home, investing in the area or you are simply passionate about property – please feel free to visit us for a cup of coffee and free consultation with our team of local experts.