According to the report, more than 31,000 homes are in the planning pipeline, with some areas set to see dramatic changes to their dynamics and streetscape. For example, the masterplan at Canada Water and Surrey Quays will create a new urban centre, and a change of focal point which will significantly enhance its appeal and profile. The Old Kent Road corridor is also set for dramatic change.
This neglected area, with the A2 as its domineering spine, has seen a spate of planning applications where an array of towers scattered along its route will alter the streetscape, skyline and demographics. As well as these new changes, other parts of south east London, such as Greenwich and Deptford, North Greenwich and Elephant and Castle will continue to blossom into even more vibrant and appealing London neighbourhoods.
The area is also set to benefit from enhanced transport infrastructure. The proposed Bakerloo Line extension could be delivered as early as 2028 with the current preferred route extending the line from Elephant and Castle, down the Old Kent Road to Lewisham. This would significantly improve public transport access along the Old Kent Road where there is presently little tube connectivity.
Graham Lawes, Director, South East London Residential at JLL, comments: “South East London is full of characterful and contrasting neighbourhoods. From established enclaves such as Blackheath to fast evolving districts in Greenwich, Deptford and Elephant and Castle. It is also thrilling to see new neighbourhoods being planned and developed. Canada Water, for example, will see an even greater transformation as the British Land scheme takes shape, while the Old Kent Road area will change steadily as new developments spring up along this historic route into and out of London.
The plethora of new developments and the more modern feel to the area is also attracting new people into South East London, providing a greater depth of housing demand and in turn, a more eclectic mix of residents.
Neil Chegwidden, Director of Residential Research at JLL, adds: “As a result of the ongoing transformation of South East London, as well as the pricing advantage compared with many other more established and perhaps more fashionable areas of London, we expect residential prices and rents to grow at a faster rate over the next five years relative to much of Greater London. Certain areas, such as Canada Water and Surrey Quays, are likely to experience even stronger growth in the medium-term.”
