Rrevellers at the Bermondsey Street Festival
Affordable housing in Zone One is becoming something of a rarity in London, but look just south of the river and you’ll find one area in particular that’s still a decent prospect for first-time buyers looking for a good investment.
Paul Bent, sales manager at Kinleigh Folkard & Hayward’s London Bridge branch says young professionals are starting to catch on to the opportunities in Bermondsey and they’re flocking there in growing numbers.
”Bermondsey is becoming an increasingly popular hub for young professionals who want to be centrally located but benefit from access to good transport links, but who also want a local community feel with vibrant bars and restaurants. While flats and trendy apartments are hugely sought after among this young demographic, equally popular are freehold houses which are in demand among young families and professional sharers.”
The catch here is that the area was bombed intensely during the Second World War, decimating many of its industrial warehouses and period homes, so these properties can be “as rare as hens’ teeth,” according to Bent.
But if you can get your hands on one along Fort Road, Alma Grove, Reverdy Road and Lynton Road, then they can achieve impressive premiums, boosting house values anywhere between £650,000 to £850,000.
St Saviour's Wharf, a Victorian grain house on the bank of the Thames
For buy-to-let investors, the housing stock is just as diverse as the residents, with two bedroom flats commanding anything from £340 per week to £795 per week, depending on size and specification.
Property website Zoopla
names King Stairs Close towards Rotherhithe and Bermondsey Wall West towards London Bridge as the highest value streets, with houses selling for over £1m in each. Zoopla also notes that average house prices have increased by nearly 20 per cent over the past two years, adding approximately £81,000.
But there’s still plenty of space to accommodate lower earners at the other end of the market, says Jamie Burnhope, buying consultant at buying agent Black Brick.
“Bermondsey has a high concentration of local authority buildings in which privately-owned apartments can be bought for under £600psqft. With the regeneration at Elephant & Castle and the continual growth of London Bridge, Borough and Shad Thames, Bermondsey represents a very good value option for any first-time buyer wanting to be in a central location.”
|LOCAL AREA PRICES|
FIVE REASONS TO MOVE TO THE AREA
1 The White Cube gallery moved into an old 70s warehouse in 2011, making it the biggest commercial gallery in Europe when it opened.
2 It’s one of those rare beasts – a relatively affordable spot in Zone One. This means you can take local buses to central London or there’s always Bermondsey Tube Station on the Jubilee Line, which is running 24 hours from September.
3 Bermondsey Street has been a popular shopping spot for years now. It’s lined with independent cafes and restaurants like Maltings Cafe, Jose and Zucca. Bermondsey Street Festival is also held every year, celebrating local cuisine, music, art and dance.
4 Whether you’re a cask connoisseur or an amateur drinker, there are loads of great pubs to frequent in the environs of Bermondsey. The Royal Oak and Market Porter are renowned for their impressive selection of real ales from all around the country, while Gladstone Arms and Lord Clyde remain firm local favourites.
5 Some say Borough Market’s foodie crown has been stolen by nearby Maltby Street Market. A highlight among the street food vendors is St John’s Bakery.
|Time to Canary Wharf||14 minutes|
|Time to Liverpool Street||18 minutes|
PRIVATE VIEW: ON THE MARKET IN BERMONDSEY
FORT ROAD From £750,000
This three bedroom period house has character in abundance, with original features such as the newly-sanded wooden flooring throughout. The terraced house also features wooden decking in its south-facing garden. It’s available freehold and close to local shopping hotspots Bermondsey Street and Maltby Street Market. Contact Kinleigh, Folkard & Hayward’s London Bridge office on 020 365 9230.
CLUNY PLACE From £1.35m
This three bedroom flat has high ceilings and wide, open plan spaces, allowing the new buyers to design the layout of the apartment according to their needs. The property boasts a jacuzzi, a “floating fireplace”, ceiling speakers, controlled lighting and an outside terrace, all spread over 2,000sqft of living space. Contact Kinleigh, Folkard & Hayward’s London Bridge office on 020 365 9230.
LANGDON WAY From £700,000
This end-of-terrace three bedroom house is offered freehold in good condition. It also comes with a rear patio garden, a front lawn and space for parking. Situated near Maltby Street Market, the 983sqft property is offered chain free and is less than a mile from Bermondsey, Surrey Quays and South Bermondsey stations. Contact Kinleigh, Folkard & Hayward’s London Bridge office on 020 365 9230.