Where to buy a London home in 2020: three of the capital's emerging districts with big futures

Giant regeneration schemes will drive 2020’s housing market as London's fast-changing districts appeal to home buyers playing the long game.
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Ruth Bloomfield12 February 2020

Early indications are that buyers and sellers are coming out of the woodwork in 2020.

Latest Rightmove research shows asking prices across London are up year on year, as are the number of homes coming on to the market and the number of sales being agreed.

Miles Shipside, Rightmove’s housing market analyst, predicts an “active spring market” for the first time since 2016’s EU referendum.

If you want to take advantage of a reviving market in a city where billions of pounds is being invested in creating new homes and facilities, these three regeneration zones, all very different, could be great places to start your 2020 house hunt.

Greenwich Peninsula

Greenwich Peninsula is a waterfront suburb with thousands of new homes
Daniel Lynch

If you like your regeneration zones box fresh, this £8.4 billion project could be just the thing.

In total 15,000 new homes, shops, cafés, bars, restaurants and 48 acres of open space is creating a new waterfront suburb in the shadow of The O2.

The nearest station is North Greenwich on the Jubilee line with services taking just two minutes to Canary Wharf, eight to London Bridge and 18 to Bond Street.

Two new schools are part of the scheme and nearby Millennium Primary is rated “outstanding” by Ofsted.

Why Greenwich Peninsula is tipped as one to watch in 2020

It’s going to be a big year for the peninsula with the completion of Upper Riverside, one of a series of planned new residential neighbourhoods.

This year will also bring the Design District, a business district for creatives with studio, workshop and desk spaces, galleries, a basketball pitch and walkways.

The pros: vast investment is creating an innovative location with masses to do for all age groups, morning, noon and night.

As the population grows, so will the vibrancy of the area.

The cons: at present there are no senior schools on the peninsula. St Mary's Magdalene C of E School has Years 7 to 10 at the moment, and will cater for Years 11 to 13 by 2022. Other options in Woolwich and Greenwich include the excellent St Ursula’s Convent School but there are also some, such as the Royal Greenwich Trust School, not currently well rated.

Average house prices in Greenwich Peninsula ​ and what there is to buy

The peninsula is in SE10 where the average price of £550,000 covers a huge range, from seven-figure riverfront penthouses to majestic period houses in Greenwich village, and down.

Upper Riverside prices start at £550,000 and you could buy a three-bedroom flat with wonderful views for just over £1 million.

A four-bedroom townhouse at Greenwich Millennium Village is £900,000, while in a slightly older scheme, £430,000 to £500,000 buys a two-bedroom flat, or you’d pay £300,000 for a one-bedroom flat.


Barking Riverside

The Barking Riverside site has a mile of tidal Thames frontage, with big skies, mudflats and a nature reserve

East London’s biggest development, with plans for more than 10,000 new homes, shops, restaurants, schools and leisure facilities is taking shape on a 443-acre site that was once home to a huge power station.

Work started on the £3.5 billion project in 2008 and will finish around 2025. When complete there will be seven new on-site schools and a population of up to 30,000.

Why Barking Riverside is tipped as one to watch in 2020

Transport for London is on track to complete a two-mile London Overground extension in 2021, giving Barking Riverside a train link to Barking and beyond. Journeys to central London will take just over 20 minutes. Transport improvements have a strong record of increasing property prices — just look at Crossrail.

The pros: the site has a mile of tidal Thames frontage, with big skies, mudflats and a nature reserve. Negotiations to add the area to the Thames Clipper river bus service are ongoing, as are plans for a safe, segregated cycleway between Barking Riverside and Ilford.

The cons: an entirely new neighbourhood can feel soulless and the nearest neighbour, Barking, is very run down, though regeneration plans are afoot. Early residents who moved to Barking Riverside in 2012 complained of feeling very isolated. A growing population and new station will help.

Average house prices in Barking Riverside ​— and what there is to buy

The starting point is just under £60,000 for 25 per cent of a one-bedroom shared-ownership flat. Full ownership of a one-bedroom flat starts at £262,500. London Help to Buy is available (barkingriverside.london).


Old Kent Road

Planning permission has been granted for Cantium, a new mixed-use development at 520 Old Kent Road, bringing more than a thousand new homes, including a 48-storey tower

Teetering on the edge of regeneration for the past several years, a series of massive developments could finally change the fortunes of an area which has for generations been known as a cheap buy on the Monopoly board.

This ancient route from Bermondsey towards New Cross has been used by Londoners since the Celts ruled England, and was later paved by the Romans. Today it is dismally scruffy but its future looks increasingly upbeat, with new homes and facilities on the horizon.

Stations nearby include Zone 1 Elephant & Castle on the Northern line Tube, and South Bermondsey, with five-minute trains to London Bridge. But a real game changer, down the line, would be if the Bakerloo line extension goes ahead and Old Kent Road gets a station of its own. Transport for London will make a decision over the next couple of years.

Local schools include Phoenix Primary School, which gets top marks from Ofsted, and Townsend Primary School, Pilgrims’ Way Primary School, Ark Walworth Academy (seniors), which all have “good” inspection reports.

Why Old Kent Road is tipped as one to watch in 2020

Developers are poised to start massive investment in the area. Last March Galliard Homes and Aviva Investors were given planning permission for Cantium, a £600 million mixed-use scheme at 520 Old Kent Road, including a 48-storey landmark tower, 1,113 new homes, new piazzas, a public square and a linear park.

In total, £10 billion is expected to be spent on developments along the road, focusing on the two miles between the Bricklayers Arms roundabout and the junction with Ilderton Road.

Pros: close to the bars and restaurants of neighbouring Bermondsey and Peckham, and enjoying a ripple of buyers priced out of these areas.​

Cons: right now it’s grotty and traffic-clogged, and its going to be a building site during the short and medium term. Some of the developers will probably hold fire until a decision on whether the Bakerloo line extension is happening.

Average house prices in Old Kent Road ​ and what there is to buy

Most of Old Kent Road is in SE15, a postcode with an average price of £570,000 according to Rightmove, up around a third in the past five years.

£650,000: a three-bedroom terrace house just off Old Kent Road in Peckham

Property on and around the road ranges from elegant Victorian townhouses close to Burgess Park, to smaller period terrace houses around the Bermondsey and Peckham borders. A three-bedroom house would cost £600,000 to £700,000.

Two-bedroom flats on the northern side of the Old Kent Road cost £450,000 to £500,000 but buyers will find better value closer to New Cross, where there are two-bedroom terrace houses priced at £450,000 to £500,000, and one-bedroom purpose-built flats priced between £250,000 and £300,000.

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