Located right next door to each other and joined by two of London’s most impressive green spaces, Greenwich and Blackheath are two of south east London’s hottest post codes. But if you’re on the move, or thinking or investing, how do you choose between the two? Jemmah Wright of JLL Greenwich and Chloe Luxon of JLL Blackheath both state their case the best postcode to live and invest in
Jemmah Wright, Senior Sales Consultant at JLL in Greenwich
Greenwich has always been a vibrant and exciting area
The Royal Borough of Greenwich has changed considerably over the last two years, but it has always been a vibrant and exciting part of London. The area has so much to offer, including a wealth of educating and entertaining experiences.
The main attraction, and the reason people flock to the area to buy their dream home, is its open green spaces, along with the Observatory, the National Maritime Museum, Greenwich Market, and the Cutty Sark tea clipper. The town centre is full of life with its cosmopolitan feel, and an abundance of shops, bars, and restaurants keep the extensive number of visitors we see each year more than interested.
At JLL, we have seen house prices increase by 35% in the last two years; investors are no longer those looking to turn around property, they are parents looking to help their children get onto the property ladder and invest their money for retirement. We have seen a lot of clients rushing to beat the 3% Stamp Duty rise due to be implemented on second and buy-to-let properties in April this year and, in some cases, this has affected the areas they purchase in. Some have chosen to go further afield with fears that they will be unable to beat the changes.
We have seen house prices increase by 35% in the last two years in Greenwich
I do feel that the market has slowed down a little in Greenwich due to the forthcoming changes to Stamp Duty, but I don’t think we should see much of an effect on the number of properties being sold in the area. However, sellers will need to consider reducing prices to reflect the 3% increase, especially on properties that are more attractive to the investor market.
Having said that, I believe that prices in Greenwich will continue to rise this year thanks to amazing developments like The River Gardens becoming available and improving the quality of stock. I recently sold a one-bedroom apartment for £555,000, which set a record for JLL Residential in the South East. But by how much will prices continue to grow in the area? Now that is a good question!
Chloe Luxon, Sales Consultant at JLL in Blackheath
Blackheath is a true village in the heart of London
Known as a true village in the heart of London, Blackheath prides itself on its charming and historic past, beautiful open spaces and elegant setting. Overlooked by magnificent Georgian and Victorian houses, Blackheath is a popular location for families and couples due to the number of amenities it has to offer, ranging from traditional pubs and the variety of shops, to the outstanding schools and great transport links.
Blackheath benefits from a mainline train station located in the centre of the village, and makes commuting to the City extremely convenient. Being only 12 minutes from London Bridge station and 20 minutes from Charing Cross, it’s no wonder that Blackheath is such a desirable location.
This welcoming neighbourhood has become one of the most sought-after areas south of the river, and for this reason we continue to see a high demand for property. We don’t believe that Blackheath has been hugely impacted by the changes to Stamp Duty because the area is a very family-orientated community, rather than a magnet for second-home owners or investors. However, there will be a small margin
of landlords affected by the increase and I believe, in many cases, they will seek to retrieve some of the 3% from the seller of the property they are buying.
The average property value in the Blackheath area currently sits close to the £700,000 mark
The average property value in the Blackheath area currently sits close to the £700,000 mark and it is an area that offers a steady increase for capital growth and a safe investment for both landlords and homeowners alike.
With property prices set to rise by around 8-10% in 2016, I think we will have a very productive year and reach new records for properties sold. For example, we recently sold a three-bedroom end-of-terrace house, located just off the Heath itself, which was a great example of a typical Blackheath family home within easy reach of the village centre. The property was marketed at £995,000 (freehold) and sold well within 14 days at a great price.
For further information on the local property market see jll.co.uk/residential