Spotlights on Bexley
Crossrail driving strong house price growth
Buyers continuing to search for affordable homes close to the Capital's regeneration zones and emerging Crossrail hubs are influencing property values in the Capital's outer boroughs, resulting in them continuing to outperform many central districts. Thanks to new Elizabeth Line links coming to Abbey Wood station at the end 2018, prices have soared by nearly 17% in the year to December 2016.
Despite that, Bexley is still London's second most affordable borough, an average of £355,000, house prices in Bexley heath are up to £130,000 less than the London average. Average monthly rents are between April and June of 2016 were £1,135, which is also far below the London average of £1,998.
A new housing zone at Abbey Wood and South Thamesmead
To help accelerate the building of much-needed new homes in preparation for Crossrail's arrival, the area of Abbey Wood and South Thamesmead has been designated as a housing zone. Bexley Council recently approved plans to build more than 1,500 homes. Ranging from one-bedroom flats to three-bedroom homes, the properties will be built next to the new Elizabeth Line station in Abbey Wood.
Work will begin later this year to create the first 500 new homes, a new library, commercial spaces and lakeside square at the SouthmereVillage site. In the second phase, the remaining 1,000 new homes are expected to be completed by 2024. To help facilitate regeneration on both sides of the river, there are plans for a new DLR link from Gallions Reach to Thamesmead and a London Overground extension from Barking Riverside to Abbey Wood.
High-quality education, including prized state schools
Bexley offers a broad range of high-quality primary and secondary schools. The borough’s secondary school students have achieved GCSE results higher than the national average with consistent improvements year on year.
All of the state primary schools in Bexley are judged to be 'good' by the government education watchdog Ofsted. It also has three selective grammar schools, which are all judged to be 'outstanding'. As for state comprehensive schools, both Bexleyheath's Catholic schools are judged to be 'good', as is Bexleyheath Academy.
A great place to raise a family
Family-friendly Bexley was recently named the best place to bring up a child in London. Analysing nearly 2,400 postcodes in England and Wales, the 2015 Family Hotspots report listed three of Bexley's postcodes in the top ten most affordable and desirable places in London for families. Topping the list was the DA5 postcode, with DA18 coming in fifth and DA6 at number eight.
Bexley has over 100 parks and green spaces making it one of the greenest in London. Many of these have superb facilities including sports pitches, fitness classes and play facilities. Bexley is the second safest borough in London in terms of recorded crime. The borough also has high levels of resident satisfaction and is one of only 26 local authorities in England to have been rated as 'excellent' by the local government watchdog.
Central London is within easy reach
Three railway lines run through the borough, offering fast connections to Victoria, Charing Cross and Cannon Street. From Bexley to London Bridge it takes 28 minutes, and from Sidcup it takes 22 minutes. When Crossrail's Elizabeth Line arrives in Abbey Wood, journeys to Canary Wharf will take just 11 minutes and to Bond Street just 25 minutes.
Current asking prices and rental yields
The current average value of properties in the London borough of Bexley is £363,711. It has increased 4.62% in the last 12 months and 44.52% in the last five years. For a two-bedroom apartment, the average asking price is £255,999 and the average asking rent is £1,085pcm, which means the gross rental yield is currently 5.10%.
This content is correct as of March 2017