Discover Smart Options in Deptford and New Cross Gate.
The market is getting ready for a rapid seasonal shift as the Autumn Moving Season fast approaches.
Market demand for quality, cost-efficient homes is steadily growing and the smart buyers are checking out new areas of London that offer affordable living and the prospect of value uplift in what remains a stubbornly price-elevated marketplace.
The Market – In Summary
Summer statistics reported via Dataloft show that the market is still well and truly moving. Homesale transactions report over 100,000 properties sold every month, and with a nationwide average of 80% of sellers outside of London believing that a sale of their property is possible within three months, and actual selling times in the region of 33 days – although completion times have stretched to 130+ days – market demand remains steady. With an average two-year fixed mortgage rate now 4%+, a 1.75% rise since December 2021 (Moneyfacts), buyer’s are carefully calculating next steps, and value for money really matters.
So too are sellers. New property listings are up 12% nationwide in August compared to 2021, but that remains 6% lower than in 2019, and with available stock 39% lower than in 2019, quality properties remain in short supply. Because of this, UK house price growth has reached almost 8% (year to date – ONS), and rental price growth continues to track at 3.2% (ONS, IPRHP).
With resale housing stock in short supply, off plan, new build developments seem to be the way forward for London buyers wanting to buy in early to emerging Zone 2 locations. There is still value to be had.
Deptford – SE8 Average price: £640 per sq ft.
It is safe to say that Zone 2 offers good value homes for buyers looking for a London home , and one area to watch is Deptford. The new Shoreditch? The new Peckham? Perhaps, but this emerging location is more than just good value. It has a buzz. A busy high street, vibrant street market, a community cinema, arts centre, and more independent cafés, bars and restaurants than you could ever want or need. Take a walk along Deptford Creek to the Thames, Blackheath is also comfortably strolable, and Greenwich is not much further again. Transport links to the City are excellent – Cannon Street in 12 minutes, or Canary Wharf via the Docklands Light Railway.
Up and Coming New Developments
You can see why Deptford has potential. Akin to Shoreditch, this once-industrial area is home to an inspirational number of quality property developments, and with thousands of new properties coming online in the coming months, this area is set to rise to new heights. Click here to view Stirling Ackroy’s new build options in Deptford.
The team at Stirling Ackroyd would be happy to show you around the area and introduce you to our new build and secondary market properties in the area. Click Here to contact us to arrange an area visit.
New Cross Gate, SE14 – Average price: £641 per sq ft
New Cross Gate may be in need of some localised TLC now, this postcode is about to feel the benefit from a £10 billion UK Government regeneration plan. The future aside, New Cross Gate offers superb transport links, comparatively great value and an investment upside for those with the vision and holding power to buy in now. New Cross Gate to London Bridge by train is a 10 minute commute, and there is a Bakerloo line extension planned with the potential to put New Cross Gate on the Tube network. A game changer, if confirmed, but initial thinking is that this will not materialise until 2030.
By 2040, historic high streets will be strengthened and riverside spaces and underused industrial sites will be transformed with cultural activity and regeneration. A central growth corridor follows the A21 road from New Cross signalling the potential for fornew, genuinely affordable homes, modern workspace and community facilities over the next 20 years. The delivery of the Bakerloo line extension will deliver a new transport hub at New Cross and unlock investment across the entire area. Click Here To Learn More.
The Old Kent Road is scheduled for extensive renovation and regeneration, and thousands of new homes including, including a £600 million mixed-used scheme with a 48-storey skyscraper, 1,100 flats, open space and piazzas, is on the horizon. A future £795 million residential development has also been confirmed, so there is confidence in New Cross Gate and it is well worth a look .
Local amenities are less than stellar, however a walk to Peckham or Bermondsey offers everything you would want as regards restaurants, shops and nightlife. However, property wise, the area is alive and growing into a city suburb to be reckoned with.
Introducing New Cross Gardens
This high-end collection of well-considered double and triple aspect one, two and three bed apartments set within an urban oasis in south-east London’s SE14. Each apartment has been constructed using carefully curated materials, and this new build development delivers high quality, generously proportioned homes with excellent eco-credentials. Additionally, each apartment benefits from a generous private outside space, with many boasting stunning City views, and completion is expected by December 2022.
Location: The site is situated within a superb location approximately two minutes from New Cross Station with excellent transport links to the City and London’s West End whilst also benefiting from the many amenities that New Cross and Deptford have to offer.
“For me, it’s the development’s location which is simply unrivalled,” explains George Davey – Managing Director – New Homes, Land & Development at Stirling Ackroyd. “It’s a part of South East London which ticks all the boxes for young first time buyers or buyers looking for a good access to The City and is still relatively affordable.”
“The immediate area has thrived off of Goldsmiths universities artistic reputation and has become a melting pot of culture, filled with independent businesses providing everything from amazing food to stylish hangouts and music venues. And, if that is not enough for buyers then the development is only a two minute walk from New Cross Station and you can be at London Bridge in five minutes or Shoreditch High Street in 16 minutes. You also have Greenwich on your doorstep, which is steeped in history and provides plenty of green open spaces.”
Secondary Market – Good Value
Deptford also has beautiful period terraces in conservation areas and period conversion flats. Three-bedroom period houses around Deptford Park, at the peak (before Brexit) were selling for £900,000. There are houses and larger flats in the area available from £700,000, so the area is well worth a look.
The team at Stirling Ackroyd would be happy to show you around the area and introduce you to our new build and secondary market properties in the area. CLICK HERE to contact us to arrange an area visit.
New Cross Gardens has been constructed with carefully curated materials to deliver high quality, generously proportioned homes with excellent eco-credentials. Each apartment also benefits from generous private outside space and many have stunning City views. With competition expected in the weeks ahead, New Cross Gardens is a great option for anyone looking for convenient City access for suburban prices.
If you would like to arrange to meet the team at the development Sales Centre, contact Stirling Ackroyd New Homes Department and we can arrange a meeting and local tour.
Top 20 Affordable Areas To Buy – Zone 2
New Cross – £316,877
Langdon Park – £324,789
Bromley By Bow – £325,050
Deptford Bridge – £327,667
Devons Road – £335,363
Bow Church – £340,340
New Cross Gate – £347,231
Bow Road – £349,702
Stepney Green – £362,125
Poplar – £363,986
Hackney Wick – £364,373
North Acton – £366,909
Queens Road Peckham – £378,033
Blackwall – £382,202
All Saints – £382,828
East India – £386,282
Mudchute – £402,913
North Greenwich – £404,535
Heron Quays – £407,452
Surrey Quays – £408,40