LONDON PROPERTY PRICES: Lewisham

• Situated in London’s relatively less gentrified southeast, Lewisham is historically undervalued. However, its closeness to Canary Wharf is causing property prices to rise. Lewisham had the fifth-highest average house price growth in Inner London last year at 19%, bringing average prices to £381,244 (RM2.26 million).

• However, Lewisham still has the third-lowest average house price in Inner London. This makes it a good choice for first-time buyers looking for affordable accommodation close to central London. Those working in Canary Wharf will surely appreciate a Lewisham address for the short commute to office.

• Lewisham has the third-highest proportion of owner-occupiers in Inner London, at 44%. Average rentals jumped 7% in the last year to £1,335 pcm, but this is still the lowest rental price in Inner London. This makes the borough still affordable in the short term for renters, but a good investment for landlords looking for probable growth.

• The Lewisham Gateway scheme will provide up to 193 new homes in the heart of the town centre and a new open space named Confluence Place. These homes will be in two new adjoining buildings next to the DLR (Docklands Light Rail) and main line stations. Significant roadworks are planned for the area.

• Another scheme of interest is Thurston Central, which will provide 322 private units of which 74% will be retained as privately rented stock.

• Overall, the borough has 3,165 units currently under construction and a further 8,725 units with planning permission.

• Lewisham currently has the fifth-highest expected population growth in Inner London over the next decade, at 10%, or an increase of 28,998 people. The current housing shortfall provides a wonderful opportunity for developers wanting to build within Inner London without the exorbitant price tag.

source: London living: A borough by borough showcase by CBRE

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