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Borough by borough 2016: Lewisham
Historically undervalued despite its close proximity to Canary Wharf, things are looking up for Lewisham. Over the last year alone the borough enjoyed the fifth highest average house price growth in Inner London and a 7% increase in average rental price.
Situated in the south east of London and neighbouring Greenwich, Lewisham is what might be described as ‘up and coming’. Historically undervalued despite its close proximity to Canary Wharf, Lewisham enjoyed the fifth highest average house price growth in Inner London over the last year at 19%, bringing average prices to £381,244.
However, despite this strong recent growth, Lewisham still has the third lowest average house price in Inner London. This places the borough as a good bet for first time buyers looking for affordability without sacrificing proximity to central London and a particularly attractive option for those working in Canary Wharf and looking for shorter commutes to work. As it stands, at 44% Lewisham has the third highest proportion of owner occupiers in Inner London.
The rental market is mirroring this growth trend with Lewisham’s average rentals jumping 7% in the last year to £1,335pcm. This figure represents the lowest current rental price in Inner London making the borough very affordable in the short term for renters but a good investment for those looking for probable growth.
Significant regeneration of the town centre, together with the Lewisham Gateway project, promises to further improve the borough’s overall façade.Lewisham Gateway will deliver two new adjoining buildings next to the DLR and mainline station which will provide up to 193 new homes in the heart of the town centre and a new open space named Confluence Place. The scheme will also include significant road works in a push to make the borough better connected. 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 permissions. However, when looking at population predictions, these figures still fall short. Lewisham currently has the fifth highest expected population growth in Inner London over the next decade at 10%, which equates to an additional 28,998 people. This shortfall provides a wonderful opportunity for developers wanting to build within Inner London without the exorbitant price tag.