Woolwich among best places to buy a home in London in 2020

PUBLISHED ON May 15, 2020

Five miles down the Thames from Canary Wharf, Woolwich is shaping up as a real alternative, with Berkeley Homes’ multi-billion-pound regeneration of Woolwich Arsenal, featuring 5,000 new homes plus bars and restaurants revamping the waterfront, and Crossrail due to upgrade transport links in 2021.

Down the line, British Land is planning a five-acre mixed development on inland Woolwich’s grotty high street, while Greenwich council has pledged £40 million to repurpose a series of historic buildings on the waterfront into arts and cultural venues.

A former ammunition factory will become a performance venue with seating for more than 4,000 people.

Transport is provided by DLR (Zone 4), and schools include the Ofsted “outstanding” St Peter’s Catholic Primary School and Cardwell Primary School.

Of all London’s regeneration zones, CBRE tips Woolwich to enjoy the biggest “regeneration house price growth premium” – 7.6 per cent per year.

There is plenty of river. Plenty of green space, in the shape of Oxleas Wood and Plumstead Common.

Woolwich’s waterfront flats are expensive, and the streets of period homes further inland have a rather bedraggled air. Local council estates are downright scruffy.

An average home in SE18 costs £481,000, according to Rightmove, up from £272,000 five years ago – a massive 77 per cent.

These average figures hide a massive range of homes. Berkeley Homes is currently selling splendid one to three-bedroom units at Royal Arsenal Riverside.

In the town center, you could pick up a four-bedroom period house for between around £550,000 and £600,000.

Prices for apartments drop the further from the river you move. A two-bedroom flat would cost between around £350,000 and £400,000, or less for ex-local authority property.

Source: Homes & Property