Southeast London set for Transport Boost, Creating Investment Hotspots
If you’re planning a future property investment, it pays to know about upcoming transport plans and improvements. Those considering the capital should look to southeast London, where a transport boost is planned.
So where are the key investment hotspots in southeast London?
£220m investment in Beckenham, South Norwood and Lewisham
The Mayor of London, Sadiq Khan, is handing out a huge £220m for local transport and regeneration improvements in southeast London.
Southeast London set for Transport Boost, Creating Investment Hotspots
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 improving the junction of Sangley and Sandhurst Road in Lewisham.
The Sales Manager of Portico London estate agent, Tony Chryseliou, comments: “The Mayor’s plans will certainly improve southeast 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 southeast London is an attractive buy-to-let hotspot too, with investors still keen to secure property investments in the area, despite higher Stamp Duty and forthcoming tax changes.
Landlords can find a strong 4% yield in Beckenham, with certain areas even higher, such as Wickham Road at 4.3%.
And yields are even higher in Lewisham, where 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
Southeast London’s popularity is already on the rise, and Transport for London is now proposing an extension of the Bakerloo Line beyond Elephant and 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 go-ahead 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.
Will you be looking to southeast London for your next investment?