As we outlined in a previous blog, this time of year is great to sell a home, driven by increased buyer demand, the desire to be in homes before Christmas and the boom that follows the traditional summer slowdown.
And, fortunately for those looking to sell a home in Canada Water, Surrey Quays, Bermondsey, Rotherhithe or South Bermondsey, there are reasons to be optimistic – despite the ongoing Brexit negotiations and the well-publicised struggles of the prime London market.
Buyers seeking greater affordability will be looking away from the centre, to up-and-coming areas with excellent transport links, more reasonably priced property, a good selection of green space and a growing range of places to eat and drink.
Canada Water to benefit from significant investment
The £4 billion British Land project to transform and enhance Canada Water – providing thousands of new homes, a huge amount of workspace and new shops, restaurants, bars, leisure facilities and entertainment venues – is helping to keep interest high in this sought-after commuter hub.
Prices have risen here by around 13% since 2015, according to Rightmove, and the average price currently stands at just under £525,000 – relatively affordable by London standards, which makes it appealing for second steppers branching out from a starter home and young professionals looking to get on the ladder for the first time.
As one of the Mayor of London’s Opportunity Areas, Canada Water is experiencing more investment and regeneration than most. This kind of thing tends to be attractive to potential buyers, who will want to buy in a desirable area where there is the prospect of decent house price growth in the future.
With the first part of the Canada Water Masterplan potentially being completed by 2022, and the project as a whole reaching completion by 2033, the chances of house prices rising steadily are good as demand for homes in one of London’s boom areas grows at a rapid rate. Even now, a number of developments are ongoing, which is further helping to encourage buyers to the area.
Two of its main draws are its transport links and its closeness to Canary Wharf. It’s one stop away from Canary Wharf - one of the world’s key financial centres - on the Jubilee Line, and also plays host to London Overground services providing quick commutes to cultural hotspots such as Shoreditch High Street, Hoxton and Dalston.
Bond Street, in the heart of the West End, can be reached in just 12 minutes, while it’s even quicker to get to London Bridge, Waterloo and Westminster.
As a property seller, you can use the excellent transport connections, the planned developments and the buzz surrounding Canada Water to your advantage. Make sure, on viewings, that you or your estate agent talk positively about the local area and its main attributes, as location is very often a key factor for London buyers and could swing their decision either way.
Affordable residential living in London
Surrey Quays – once a key part of the capital’s shipping industry – might have struggled for identity in the post-industrial era, but it has started to recover in recent years, aided by its strong transport links, relative affordability, quiet, family-friendly feel and selection of good or outstanding local schools.
Flats are most popular, selling for an average price of around £450,000-£500,000, mostly to young professionals eager for easy access to Canary Wharf, the City and the West End. The overall average price is just over £515,000, up by around 15% on 2015 as Surrey Quays’ burgeoning population has been met by increased demand.
The area will also directly benefit from the Canada Water Masterplan, while the London Overground extension – between Clapham Junction and Surrey Quays, which opened in December 2012 – has also helped to draw more commuters here.
Its quieter, more residential feel could be a key selling point, particularly for buyers looking to escape the hubbub of the city. Again, it’s important to utilise the regeneration of Canada Water, the proposed pedestrian and cycle bridge between Rotherhithe and Canary Wharf, and the area’s surprising amount of local green space to your advantage when selling a home.
Given the transport links on offer and the ‘away from the hustle and bustle’ vibe, demand for homes should continue to be high. You can use the keenness of buyers to be in their home before Christmas to give some impetus to your sale, too.
A welcome price boost
The regeneration of Rotherhithe – which encompasses Surrey Quays and Canada Water – is helping to make the area fashionable among homebuyers again. The Masterplan and the planned bridge are the two main pillars of its transformation, which could lead to a price boost of 30% between now and 2022, when the first phase of British Land’s scheme is set to complete.
It certainly feels like an exciting time for this part of south-east London, and that also means it’s a good time to be a seller. People want to move to areas with a buzz, and Canada Water, Surrey Quays and Rotherhithe currently have that. You should certainly feel confident of getting a good price for your home in the current market conditions, even allowing for Brexit uncertainty and other variables.
How much is your property likely to be worth?
If you’re selling now, or thinking of listing your home on the market soon, you’ll be keen to know how much it could be worth. To this end, we provide instant online valuations to give you an estimate of your property’s worth.
In the current market, it's absolutely imperative that your initial asking price is set at the right level. You'll need to work with a reputable local estate agent to ensure you avoid overvaluing, which could be detrimental to a future sale.
If you would rather discuss your options in greater detail, you can contact Living in London on 020 7231 0002.