New homes in Greenwich

Jul 25, 2017
Why Buy New homes in Greenwich

Spotlight on Greenwich

Well-known as a tourist destination, the historic borough of Greenwich is perhaps less well-known as a destination for investors. Yet all that is changing. With billions being spent along its 8.5 miles of riverfront, the property market is booming. Greenwich peninsula – an emerging jewel in Thames crown Located in a loop of the Thames, the Greenwich Peninsula is the Capital’s largest single regeneration development.[1] With its stunning views, the land next to the O2 arena (previously known as the Millennium Dome) is being transformed into an entirely new district with a Manhattan look and a Central-Park style green area running through its heart.[2] Once the £8bn development is completed, this new district will provide over 15,000 new homes to an anticipated 34,000 residents.[3] Unlike its neighbour Canary Wharf, Greenwich Peninsula is being built for families. There will be crèches, new schools and over £500m being spent on public places and social spaces for the community to enjoy.[4] With North Greenwich station at the heart of the development, Canary Wharf is just one stop away on the Tube and the City is a 20-minute commute by Tube or DLR.[5] When Crossrail is completed in 2018, connections at Custom House and Canary Wharf will make many journeys across the Capital even shorter. London City Airport is a 15-minute journey via public transport[6] and both Heathrow airport and Gatwick are less than an hour's drive. Crossrail-fuelled development turns Woolwich into hotspot On the site of an old munitions depot dating back to the late 1600s, Royal Arsenal is now one of London's key growth areas and the site of a £1.2bn regeneration scheme with new shops, eateries, parks and over 5,000 new homes. Keen to ensure the area's rich military history is not lost, the development is also renovating 20 listed buildings with the aim of turning Woolwich into a tourist destination to rival its neighbour, Greenwich.[7]. Aside from its new green spaces, beautiful old buildings and classy new apartment blocks, the main draw for investors is its connections. On the Docklands Light Railway, journeys to the City take less than half an hour.[8] When Woolwich Crossrail station opens in December 2018, a journey on the new Elizabeth line to Canary Wharf will take just eight minutes while travel to Liverpool Street will only take 14 minutes.[9] Breathing new life into Charlton  Another of the Mayor's designated growth areas is a 250-acre site along the Charlton riverside which will eventually provide up to 5,000 new homes. Public consultations are now underway on proposals that include enhancing the Barrier Park, improving links from Charlton Village to the waterfront, establishing a new public transport link and creating new education facilities.[10] Kick-starting the development is a £200m transformation of the Westminster Industrial Estate into a creative quarter.  Adjacent to the Thames Barrier, the historic six-acre site will provide 450 residential units and creative workspace units built around new public areas.[11] Iconic landmarks and beautiful green spaces With all this development, you might get the impression that this is a built-up borough. On the contrary, Greenwich has over 50 parks, gardens and open spaces – the most famous of which is GreenwichPark. Dating back to Roman times, GreenwichPark hosts the Prime Meridian Line and Royal Observatory, and even its own small herd of deer. It is part of the Greenwich Maritime World Heritage Site and is home to The National Maritime Museum and OldRoyalNavalCollege. Offering great value for money Somewhat undervalued, property prices in Greenwich have been playing catch up in recent years. In 2014, it recorded the largest increase in house prices in the UK.[12] Since then, the rate of increase has slowed as the market finds its equilibrium. However, with homes typically costing £622 per square foot compared to the Greater London average of £930, there is still value to be found in this borough.[13] Current asking prices and rental yields As of January 2017, the average value of properties in the Royal borough of Greenwich is £436,935. This has seen an increase of 6.68% in the last 12 months and 52.76% in the last five years. For a two-bedroom apartment, the average asking price is £487,795 and the average asking rent is £1,636pcm, which means the gross rental yield is currently 4.00%.[14]   This content is correct as of January 2017