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Why regeneration is set to boost prices in South East London

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Last Updated: 25/06/2019  
Tags: Living In London, Canada Water, Surrey Quays, South East London, Property Sellers, Instant Online Va

If further evidence was needed that South East London is having its moment in the sun, with rising demand, growing house prices and a selection of up-and-coming areas ready to give Brixton, Shoreditch, Hackney and Clapham a run for their money, a new report has confirmed it once and for all.

The study, from global property firm JLL, predicts that house prices in South East London are set to increase faster than much of Greater London in the coming years thanks to significant regeneration throughout the area.

A sizeable part of this regeneration is formed around the Canada Water Masterplan – the progress of which we recently covered – which accounts for 3,000 of the 31,000 new homes currently in the pipeline in this part of the capital.

The £4 billion British Land project, which is set to complete its first phase in 2022 and be fully completed by 2033, is aiming to transform Canada Water, Surrey Quays and the surrounding areas, with two million square feet of workspace and one million square feet of retail, leisure, entertainment and community space, including a new high street and a new relocated Tesco store.

There will also be 15 acres of open space, including a new town square and park, as well as some 20,000 jobs up for grabs once the project has reached its conclusion.

In addition, the project will transform the fortunes of historic buildings such as Surrey Quays Shopping Centre and Surrey Quays Leisure Park, as well as the former Harmsworth Quays Printworks and the former Rotherhithe police station.

The buzz and hype surrounding Canada Water is already having an impact on house prices, with Zoopla data suggesting that the current average values of homes in the area have been rising steadily over the last 12 months, while in Surrey Quays it’s a very similar story.

As well as the Canada Water Masterplan, the area could also be transformed by the proposed Rotherhithe to Canary Wharf Bridge – London’s first pedestrian and cycle bridge and a great way of linking one of the capital’s most up-and-coming areas with an already well-established global hub.

What else could boost house prices?

It’s not just regeneration that can help to increase house prices, home staging can too. In fact, a recent survey from The Home Staging Association UK & Ireland found that 38% of property sellers said home staging increased the offer value on their home by 1-3%, while a further 16% cited a 7-10% rise in offer value.

Some 85% of those responding said that a staged home sells up to three times faster and achieve a higher price.

As we can see, effective staging can have a significant impact on both the price achieved and the speed at which a sale can happen. Preparing your property so it looks its best is something you can do, or something which can be outsourced to a specialist staging company.

How much is your property currently worth?

It’s hugely important, when selling your home, to set a fair, accurate and realistic asking price. Set it too low and your risk selling yourself and your property short, but set it too high and it will put buyers off.

Recent research from Zoopla shows that the first hour of a property's listing on a portal is the most crucial when it comes to generating leads.

According to the property website, the highest proportion of consumers express an interest in a property and are classified as leads within the first 59 minutes of the listing going live.

This therefore reinforces why it is so crucial to get your pricing right from the start so as not to deter prospective buyers.

To help you on your way, we provide instant online valuations to give you an idea of what your home is currently worth. While these valuations aren’t always 100% accurate, they give you a good idea and guide to what your home could go for.

If you require a more accurate face-to-face property specific valuation, we suggest you contact us to arrange a free no obligation appraisal/valuation.

It’s also vitally important that you work with an experienced, local estate agent – and here at Living in London we can provide the expertise, local knowledge and skillset to help you get the best possible price for your home.

To discuss your options in greater detail, and learn more about selling a home in Canada Water or Surrey Quays, you can contact Living in London on 020 7231 0002.