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A number of key infrastructure projects, including Crossrail and the proposed Bakerloo Line extension, are supporting an increase in housing delivery and investment in areas of south-east London such as Lewisham and Greenwich. 

In turn, this has supported demand from buyers looking for relatively affordable homes close to existing and future transport hubs, according to a new .

Reflecting this increased demand, average house prices in Lewisham, over the 12 months to February 2021 increased 11%, according to the latest Land Registry data. In Greenwich, prices rose 6% during this period. However, Greenwich and Lewisham remain relatively affordable, with values around 10-15% below the London average of £496,269.

Whilst housing delivery has increased, government targets for housebuilding suggest the level of residential development in both Lewisham and Greenwich has not kept pace with housing need. 

Both boroughs were among the nineteen local authorities across England that will have to produce a housing delivery action plan, outlining how they will boost the completion of new homes in their area, following the 2020 housing delivery test results published in January.

Developers built 6,446 new homes in Greenwich between 2017 and 2020, around 10% below government housing targets for that period. In Lewisham, they built 3,550, which is 12% below targets.

Going forwards, widescale regeneration is expected to alleviate the supply shortage. Regeneration around New Cross Gate in Lewisham alone is expected to attract 13,500 new homes and 4,000 new jobs. Lewisham鈥檚 year as London Borough of Culture in 2022 is also set to drive further investment into the area. 

Likewise, the Greenwich Peninsula, which connects to central London via the North Greenwich Jubilee line tube station, is another opportunity area with capacity for around 17,000 new homes and 15,000 new jobs.

Photo by Jason Hawkes