Greenwich, Rotherhithe and Surrey Quays have all regenerated, and now it’s the turn of Deptford. David Galman, Sales Director at Galliard Homes gives us the lowdown on the Deptford property market…
Deptford is best known for…
Deptford was the breeding ground of some of Britain’s most famous musicians – Jools Holland and his one-time Squeeze bandmates Glenn Tilbrook and Chris Difford, as well as noughties bands such as Athlete and the Klaxons. It is also home to Cockpit Arts, which houses hundreds of designer makers at its Creekside studios, and the Trinity Laban Faculty of Dance, a leading centre of contemporary dance. Bearspace on Deptford High Street blazed the trail in showcasing emerging contemporary artists in the area and now there are a wealth of cool galleries.
Restaurant and bar recommendations in Deptford…
The Big Red Pizza Bus has taken the area by storm with its kooky double-decker dining and was voted the area’s best restaurant in the Time Out Love London Awards. The London Particular, Maddy’s Fish Bar and The LP Bar, the latest triumvirate of trendy operators on the nearby New Cross Road, are also excellent local hangouts.
The Deptford property market
‘The area’s changing dramatically,’ says David Galman, Sales Director at Galliard Homes, which has a number of developments in the area. ‘People still see it as an affordable area that’s clinging on to the shirt tails of Rotherhithe, Surrey Quays and Greenwich. All of those areas have begun to regenerate over the last four or five years, so it’s still affordable, but it’s got a chance of growing because the transport links are good.
‘We’ve nearly finished developing the Distillery Tower at Seager Place, an old gin distillery by Deptford Bridge DLR Station,’ says David. ‘That’s proved popular and has nearly sold out, so we’re also developing Distillery Crescent next to it. It’s interesting to see what’s happened to the prices over the last couple of years – they’ve increased by about 10-15% since we started selling it, so anyone that bought off-plan is in the fortunate position that it’s worth considerably on completion.
‘We’re also developing Neptune Wharf on Grinstead Road, just off Evelyn Street, which we’ll be bringing to market around March next year with one bedroom apartments starting from about £225,000.’
The future of Deptford’s property market
‘I think there’ll be a number of new developments and refurbishment programmes in Deptford over the next five years,’ continues David. ‘In that period of time it perhaps won’t reach the heights that places like Borough and Bermondsey have done, where they’ve reached really high prices. Deptford is obviously a place that people see as providing value, but that will disappear as more people realise this and the prices rise. Then you’ve got to find the next place, which will likely be Lewisham.’