Investing in Property – Deptford property offers a cultural shift in the property investor’s fortunes
In the Borough of Lewisham, Deptford is returning to its once busy and bustling glory days – though in a new guise. Once the site of the royal dockyard, its maritime past has been replaced by an altogether more cultural core. More than a year ago, this sea change in demography prompted Martyn Evans of Cathedral Group to say the arrival of “artists and creatives has put Deptford at the apex of fashionability.”
In modern London, when the “art crowd” start moving in, it's usually a sign that real estate values are about to take off. This is what we're seeing in the dynamics of the Deptford property market.
A boutique town on the edge of the big city
Deptford has a remarkable feel to it. Its streets are lined with boutique-style shops, cafés and art galleries. It's on a development path that is being compared to that of Shoreditch to the north, though behind by several years. If Deptford property shows the growth witnessed in Shoreditch, the property investor buying now (with fundamentals confirmed as being in place) is likely to benefit accordingly.
Indeed, the median sold price of Shoreditch apartments in 1995 was £72,030. By February 2016, this median price had increased by an incredible 896%. Meanwhile, the median selling price of apartments in Deptford in 1995 was £61,694. In February 2016, this price had increased to £386,198 – a rise of 528%, and a significant underperformance when compared to Shoreditch.
Reasons to be optimistic about Deptford property
It is not only the cultural, arty atmosphere that makes Deptford a prime location for the property investor. In fact, if this was the sum of its attraction then it would be a hollow recommendation. Local fundamentals are particularly strong for the Deptford property market.
For a start, commuters and millennial lifestylers could not wish for a better location. The train journey into London Bridge is only six minutes. Within a short walk from here is the heart of the financial district, and Waterloo and King’s Cross St. Pancras are only two and five tube stops away from London Bridge. The Docklands Light Railway takes Deptford residents to Canary Wharf in less than a quarter of an hour.
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Nearby, Deptford Creek has been rejuvenated with a new riverside plaza and a host of cultural facilities incorporating the Trinity Laban Conservatoire of Music and Dance. A creekside walk, bars and restaurants, and artists’ studios and galleries work in harmony with the natural fringes of the Thames.
Deptford train station has received a £42 million facelift. Once derelict arches now form the hub of a hidden gem of retail. Funding has been made available to boost local education and leisure facilities.
So why invest in new build property in Deptford?
For property investors, this heady mix of fundamentals paints a picture at odds with the high affordability of Deptford property. Developers have already realised this potential, and are further regenerating the area, with new builds rippling from the centre.
Deptford is thriving and undervalued when compared to its peers. It's an ideal location for young professionals and arty types as well as city high fliers being so close to Canary Wharf & the city. Developers are concentrating on building a lifestyle location for the future: tree-lined streets and plazas housing an eclectic mix of boutique businesses, and bars and restaurants to suit all tastes. All just a stone’s throw from everything that central London has to offer.
To discover more about the opportunities and fundamentals propelling Deptford property call Gladfish today.