UK: The Portico Perspective -New Investment Hotspots? South East London Set for a Transport Boost

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If you’re planning on investing in London property, it pays to know about upcoming transport plans and improvements.

£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 told TPI:  “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.

*Rental yields quoted here are statistical assessments taken from our Interactive Yield Map www.portico.com/yields on 22/03/17. They are not guaranteed and may be lower if the property does not achieve continuous occupancy.

 

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About Author

Kizzi Nkwocha is the editor of The Property Investor and publisher of The Sussex Newspaper, My Well-Being Magazine, My Making Money Magazine and My Entrepreneur Magazine. Kizzi Nkwocha made his mark in the UK as a publicist, journalist and social media pioneer. As a widely respected and successful media consultant he has represented a diverse range of clients including the King of Uganda, and Amnesty International. Nkwocha has also become a well-known personality on both radio and television. He has been the focus of a Channel 4 documentary on publicity and has hosted his own talk show, London Line, on Sky TV. He has also produced and presented both radio and TV shows in Cyprus and Spain. Nkwocha has published a number of books on running your own business and in 2011 his team won the Specialized Information Publishing Association (SIPA) award for best use of social media. In the UK he runs a successful media consultancy called PRHQ which manages PR for businesses and individuals.

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