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The sales and lettings market in the South East of London are set to be buoyant in the coming months due to high demand, according to a new analysis report. There has been a notable migration of buyers from parts of North and West London setting up home in the Royal Borough of Greenwich thanks to it being comparably good value for money, according to the report from JLL. The associate director at the firm’s Blackheath office, Graham Lawes, said that this, coupled with high local demand, is fuelling the prices and momentum is set to continue throughout the year. ‘For City workers, the accessibility to Canary Wharf is a huge attraction. Young professionals and high earners are drawn to the area thanks to the addition of new boutiques, high end restaurants and bars opening in the historical borough. Families are also attracted to the Royal Borough thanks to its excellent local schools with impressive Ofsted reports,’ he explained. He pointed out that it is widely regarded that parts of the South East of London will see prices rise beyond the national average and that there is a huge disparity from one side of London to the other. The imminent arrival of Crossrail will add to this. ‘Blackheath and Greenwich will continue to attract interest but I anticipate Lewisham (SE13) Charlton (SE7), Woolwich (SE18), Plumstead (SE18), and Abbey Wood (SE2) to see the largest growth percentages over the next year as properties there are excellent value,’ added Lawes. The area’s rental market has also been strong, according to Charlotte Russell, assistant lettings manager of JLL’s Greenwich office. ‘This year, the rental market in Greenwich and Blackheath has been particularly strong for one and two bedroom properties. These properties have achieved up to 18% increases in rents year on year in some areas, largely due to relocation for employment into Canary Wharf and the City,’ she said. ‘Such relocations have positively impacted the rental market, particularly now that Greenwich is offering riverside developments to match Canary Wharf, and this has increased both the popularity of the area and spectrum of tenants. Additionally, we are seeing more people staying in their properties longer term with minimal void periods between tenancies,’ she explained. Looking ahead to spring, the firm anticipates that the rental market will remain buoyant, particularly going in to the warmer months, when tenants prefer to move with riverside living likely to remain popular with potential tenants. ‘We hope that new developments such as Platinum Riverside, Greenland Place, Peninsula Tower, and the ever growing Royal Arsenal Riverside in Woolwich, will keep the market in good supply as the demand increases,’ added Russell. In the City and East London property sales market there is likely to be a focus on what happens with Canary Wharf with the estate being sold to a Qatari led bid and planning passed to develop Wood Wharf. But in the… Continue reading →
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