£220m investment in Beckenham, South Norwood and Lewisham
The mayor of London, Sadiq Khan, is handing over a huge £220m for local transport and regeneration improvements in south east London.
Several major projects have been outlined to begin in 2017/18, including a £1m refurbishment of Beckenham town centre, creating greener and safer cycle paths in South Norwood, plus pumping money into improving the junction of Sangley and Sandhurst Road in Lewisham.
Tony Chryseliou, Sales Manager, Portico London estate agents comments:
“The Mayor’s plans will certainly improve south east London’s desirability as an up-and-coming place to live. We’ve seen house prices in central London reach an inconceivable peak in the last few years, causing many people to reassess just how centrally they need to live. Subsequently, areas like Beckenham and Lewisham are starting to appeal to a much wider range of buyers - and there’s still room here for price growth too.”
This pocket of south east London is an attractive buy-to-let spot too - with investors still keen to secure property in the area despite increased stamp duty and tax changes.
Landlords can find a strong 4% yield* in Beckenham, with pockets even higher at 4.3% on Wickham Road. And yields are even higher in Lewisham; landlords can secure a 4.5% yield* in the area around Lewisham and Ladywell station, and a 4.8% yield* in the Deals Gateway area around Deptford Bridge station. In comparison, landlords looking to invest in central London can expect much lower yields of around 3%*.
Extending the Bakerloo line
South east London’s popularity is already on the rise, and now Transport for London (TfL) are proposing to extend the Bakerloo line beyond Elephant & Castle to Lewisham, serving Old Kent Road and New Cross Gate.
The new route would include four new stations, two on the Old Kent Road, another at Lewisham and one more at a key interchange at New Cross Gate. If the scheme is given the green light, (and funding is secured), construction could start in 2023 with services aiming to be running by 2028/29 - so there’s a fantastic long-term opportunity for investors here.
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