Published: 15/08/2019If you are selling your home, you will inevitably want to know the current house price situation in the area in which you are looking to sell.
This will not only give you a good indication of what your home could eventually sell for, it will also enable you to set an asking price that is fair, realistic and taking into account factors such as local market conditions and buyer demand.
But how are prices in South London performing? And, more specifically, how are they performing in key London commuter hubs such as Brockley, Hither Green and Lewisham?
Here, using our experience of operating in the South London sales market, we take a closer look...
A boom for London’s urban villages
Although house prices in London have seen an overall downturn in recent times, fuelled by Brexit uncertainty and political concerns, there are certain city villages which are bucking the trend.
According to an exclusive study for Homes & Property, Honor Oak – a leafy, increasingly trendy hotspot for buyers, sandwiched between Brockley and Forest Hill in south-east London – has seen prices rise by nearly 7% year-on-year (almost £36,000 in cash terms) to an average of £537,600.
Honor Oak benefits from fast London Overground rail services to the City, proximity to lots of green space and easy access to the numerous pubs, restaurants and cultural offerings in nearby Brockley, Forest Hill and Dulwich.
City or urban villages are typically characterised as areas with period housing, wide open green space, a strong sense of community and a good range of independent shops, bars, cafés and restaurants – which is something Honor Oak and its surrounding areas score strongly on.
Brockley and Forest Hill could make strong claims for urban village status, too, which are especially popular among older millennials and families looking for more space and a location with a village-like aesthetic that also has excellent connections to central London.
Prices rise in London’s hidden gem
Brockley is often described as one of the capital’s secret hotspots – overlooked, underrated, unheralded – but prices in this community-led, creative and village-esque corner of south-east London have risen by 6% on 2016, with an average price of just over £533,000 (Rightmove).
After London Overground arrived in Brockley in 2012 to transform its appeal forever, property prices soared and the area became a hotbed for gastropubs, independents shops, cool bars and restaurants and artisan bakeries.
It has plenty for sellers to recommend to buyers – not only excellent transport links, but also ample green space nearby (Telegraph Hill Upper Park, Brockley and Ladywell Cemetry and Brockley Common), culture vulture favourite the Brockley Jack Theatre and Brockley Market (a weekly farmers’ market, held on Saturdays, with artisan produce, street food, plants and flowers).
For family buyers, there are also a number of good local schools (infants, primary and secondary) and nurseries on offer.
The growing appeal of Lewisham and Hither Green
These are two areas which sit side by side, but are very different in character and look – leafy, quiet Hither Green and busy, bustling Lewisham.
Both, however, are undergoing regeneration and becoming increasingly attractive to buyers - in particular first-time purchasers.
Lewisham, for example, has recently seen work started on Lewisham Gateway, a £130 million scheme – with a completion date of 2021 - which is set to build 900 homes as well as new shops, restaurants, bars and cafés.
If the plans to extend the Bakerloo Line to Lewisham do happen, this would also have a considerable uplift on house prices – something sellers may wish to point out to would-be buyers with one eye on future sell-on value.
Lewisham currently has an overall average price of just over £450,000, with flats the most popular type of property at an average of around £375,000. Terraced and semi-detached properties are also popular and have much bigger price-tags. Sold prices in Lewisham are up 16% since 2016, according to Rightmove.
Hither Green, meanwhile, has become another go-to destination. It offers an excellent sense of community, quiet surroundings, strong transport links and plenty of excellent places to eat and drink. Like Brockley, it has that village-like feel which can prove so attractive to buyers.
Despite being only a 12-minute journey to London Bridge, making it a commuter’s dream, it has a family-friendly, highly residential feel. Hither Green currently has an overall average price of around £450,000, up 3% since 2016, with flats again the most popular property type. Period flats and houses are commonplace in this area, which is likely to appeal to many types of buyers.
What impact will Brexit have on prices?
It’s still the great unknown, with no clarity as of yet regarding how Britain will leave the European Union. The rhetoric surrounding a no-deal exit has ramped up since Boris Johnson became Prime Minister – Johnson said in his leadership campaign that Britain would be leaving on October 31, ‘do or die’ – but some still believe it won’t happen because Parliament will act to block it.
All options are still up in the air – from no deal and a general election to revisions to Theresa May’s Withdrawal Agreement Bill or a second referendum – but for now uncertainty and constant speculation persists.
While all this uncertainty is certainly not helpful to the market – or the confidence of buyers and sellers – the above suggests that house prices in South London are not being too badly affected by Brexit.
What’s more, the property market has previously shown its ability to bat off political and economic uncertainty – and would very likely do the same whatever the outcome is with Brexit.
At Bryan & Keegan, we have offices in Brockley, Hither Green and Park Lane if you would like to get in touch and find out more about local house prices and selling your home for its maximum value.
If you would like an idea of how much your home could be worth on the current market, we also offer instant online valuations.