What will the property market be like post Covid-19 in SE8?
Today we’d like to analyse the property price change in Deptford over the last five years.
It is a very interesting area to consider – a neighbourhood in permanent regeneration mode since the beginning of the 16th century when it became the first of the Royal Dockyards.
We have taken into consideration all properties sold between 2014/15 and re-sold in 2019/20.
Several new developments have been built within this time frame and more are still to come, making Deptford one of those locations that have been on the radar of a lot of investors and first time buyers over the last decade.
Speaking about new developments, it’s only natural to start with Greenland Place that, along with adjacent Deptford Landings (formerly The Timberyard), are the two biggest building sites in the far north part of the SE8 postcode.
The same one bedroom apartment that sold at £345,000 in June 2015 in Copenhagen Court, Greenland Place, has been resold 4 years later at £410,000 (+18%)
Another apartment set inside the same development, Leeward Court, sold for £390,000 in June 2015, and was resold in January this year for £444,000, achieving a 13% growth.
Moving from that area, let’s take into consideration another apartment in Drew House, part of a modern riverside development just next to Convoys Wharf, another area on the radar of many investors. A one bedroom apartment that sold at £345,000 in 2014 completed at £450,000 at the end of December 2019 (+30%).
In Trundleys Road, the same Victorian conversion flat that sold at £267,500 in August 2015 was sold at £300,000 in November 2019 (+12%).
Ex-local authority properties, generally renowned for having a good rental yield rather than price appreciation, have performed well. Minutes away from Deptford High Street, in Deloraine House the same apartment that sold for £280,000 in January 2015, has been resold at £300,000 in October 2019 (+7%). And in Hazelwood Estate, Evelyn Street, the same maisonette flat sold at £285,000 in February 2017 was sold on for £375,000 just two years later (+30%).
Looking at the house price index in Lewisham local authority, taken as a whole, prices achieved in February 2020 are 20% higher than in 2015.
Behind these numbers there is an underlying change of Deptford. Its lively high street with its iconic market, butchers and pie-and-mash shops, the beautiful St. Paul’s church, and the renowned Albany Theatre have been joined by a multitude of creative spaces, coffee shops, restaurants and bars that have attracted more an more people to the area in the last few years. There are great transport links that connect Deptford to the City and Canary Wharf within 15 minutes. There is of course debate as to whether some of the changes are “good”, but as far as the property market is concerned, we are seeing positive and steady momentum that has benefitted many.
What will market become post Covid-19? This is the million-dollar question that everyone in the sector would like to have the answer to. Off course we don’t have a crystal ball, but we believe that in light of what has been happening in Deptford so far, we can look forward to a further increase in the number of people wanting to move to this beautiful part of town, with a consequent increase in demand for properties to rent and buy.