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Housing supply analysis Connectivity Five year forecasts Focus on: Lewisham and knightfrank.com/research Greenwich Research 2021 LEWISHAM AND GREENWICH REPORT 2021 LEWISHAM AND GREENWICH REPORT 2021 development in both Lewisham and Greenwich has not kept pace with housing Fig 2. New homes delivery WHAT IS DRIVING HOUSING need. Both boroughs were among the Net additional dwellings nineteen local authorities across England Lewisham Greenwich DEMAND IN LEWISHAM AND that will have to produce a housing 3,500 delivery action plan, outlining how they GREENWICH? will boost the completion of new homes 3,000 in their area, following the 2020 housing 2,500 delivery test results published in January. 2,000 These two London boroughs are attracting new residents through new modes of transport, regeneration Developers built 6,446 new homes in 1,500 ANNUAL HOUSING TARGET and parkland strategies. Now they must overcome an undersupply of housing. Greenwich between 2017 and 2020, around 1,000 10% below government housing targets for 500 that period. In Lewisham, they built 3,550, 0 A number of key infrastructure both purchasers and tenants, as well as which is 12% below targets. projects, including Crossrail and the helping both boroughs meet ambitious 2011-12 2017-18 2010-11 2016-17 2012-13 2013-14 2014-15 2018-19 2015-16 2019/20 2019/20 2009-10 The London Plan suggests the -2028/29 proposed Bakerloo Line extension, housing targets. boroughs of Greenwich and Lewisham are supporting an increase in housing During the past five years values in will require 4,491 homes every year for delivery and investment in areas of Source: MHCLG Lewisham and Greenwich have increased a decade. south-east London such as Lewisham 15%, compared with 8% growth in London and Greenwich. In turn, this has over that same period and a 1% decline in supported demand from buyers looking Data from the ONS shows nearby Tower Hamlets, which includes for relatively affordable homes close to “ Canary Wharf. the number of people existing and future transport hubs. including Greenwich Park and Blackheath first purpose-built wild swimming lake. The moving to Lewisham and However, Greenwich and Lewisham Data from the ONS shows the number and eight nature reserves. Greenwich borough also has a Greening Fund initiated Greenwich increased by remain relatively affordable, with of people moving to Lewisham and Park is currently undergoing an £8 million by the Mayor of Lewisham to make Lewisham values around 10-15% below the London 17% and 15% respectively Greenwich increased by 17% and 15% refurbishment project, which includes the greener. By April 2021 the Greening Fund aims average of £496,269. to deliver £360,000 of improvements to parks between 2015 and 2019 respectively between 2015 and 2019, PARK STRATEGIES opening up of new public spaces, a cafe, and open spaces. with 70% of movers in the 12 months to Furthermore, the pandemic has community kitchen garden and wildlife orchard. The council is also investing £1 million June 2019 aged under 35. Both boroughs encouraged homebuyers to seek Both Greenwich and Lewisham have across 11 other parks in the borough, focusing also have a fairly high proportion of more space and better access to substantial parkland, spanning more than on basic maintenance, play areas, and nature private renter households at 21% and parks in boroughs such as Lewisham 4,500 acres, making them an attractive and wildlife areas. 20% respectively. and Greenwich. proposition for both purchasers and renters. Most of that is in Greenwich, with just over Growth Reflecting this. average house prices in Lewisham offers 1,500 acres of green space, 3,000 acres of parks and woodland equating Lewisham over the 12 months to February equating to 17% of the borough. In total it has The homes being built and planned will to 26% of the borough, making it one of the 2021 increased 11%, according to the latest 47 parks and 18 nature reserves. Parks include 66% likely underpin further movement from greenest in London. It has over 50 parks, Beckenham Place Park which has London’s Land Registry data. In Greenwich, prices Of homebuyers regard rose 6% during this period. access to green space as Fig 1. House prices over the decade Meanwhile, economic growth may important in their search Indexed 100= Jan 2010 support values and demand further. for a home. Knight Frank The population of the two boroughs London Greenwich Lewisham Buyer Survey is forecast to rise by 10% over the 200 190 next decade, whilst average household 180 disposable income is expected to rise 170 160 53%. Growth in GVA, a measure of goods 150 140 and services produced in an area, is 130 expected to climb around a fifth. 120 110 100 Housing delivery 90 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Whilst housing delivery has increased, Source: Knight Frank Research, Macrobond government targets for housebuilding suggest the level of residential Old Royal Naval College and Queen's House Greenwich 2 3 LEWISHAM AND GREENWICH REPORT 2021 LEWISHAM AND GREENWICH REPORT 2021 5. GREENWICH PENINSULA Developer: Knight Dragon REGENERATION Both Lewisham and Greenwich are undergoing widescale regeneration. Regeneration around New Cross Gate in Lewisham alone is expected to attract 13,500 new homes and 4,000 new jobs. 3. DEPTFORD LANDINGS Developer: Lendlease of family homes. The Charlton Riverside 1. At 40 acres, Convoys Wharf is Supplementary Planning Document 4. CHARLTON RIVERSIDE the single largest development site in provides a vision for 7,500 homes to be Lewisham. The scheme from Hutchison delivered over the next five to 10 years. Whampoa will link to the existing High Street and historic town centre of Deptford and deliver 3,500 new homes. 5. Likewise, the Greenwich It will also provide 2,000 new jobs as Peninsula, which connects to central well as office space, a jetty park and a London via the North Greenwich 1. CONVOYS WHARF Developer: Hutchison Whampoa new waterfront, converting an old jetty Jubilee line tube station, is another into a riverside pier with a restaurant opportunity area with capacity for and bar. A new bus route and river-bus around 17,000 new homes and 15,000 jetty will connect the development to new jobs. So far, 2,000 homes have Canary Wharf and Central London. The already been delivered. NEW CROSS 6. LONDON SQUARE GREENWICH river-bus will connect to the Thames GATE Developer: London Square Clipper network. The first phase of 6. London Square Greenwich is a the £1bn scheme secured planning new development designed to reflect the permission in June last year. local architecture, situated at the heart of Greenwich only a few minutes walk The regeneration of the Heathside away from Greenwich Station. Offering 2. ARDEN 2. Developer: Peabody and Lethbridge Estate by Peabody is 46 homes in a mix of 1, 2 and 3 bedroom entering its final chapter with the launch apartments all with private outside of Arden. Phases one to four of the new space. The development will also feature scheme have already been completed a private courtyard garden for residents LEWISHAM delivering 782 new homes, a modern and a communal amenity space. 8. KIDBROOKE VILLAGE community centre, café, nursery and Developer: Berkeley commercial space. Phases five and six will 7. Redeveloping Leegate Shopping complete from summer 2022 and offer 219 Centre into a comprehensive mixed- private homes across five buildings built use development is among Lewisham around numerous parks, gardens and Council’s plans for east of the borough. green spaces offering residents extensive DEVELOPMENT PIPELINE The council is currently working on its 7. LEEGATE amenities and on site car parking. draft local plan, which sets out its long- TOTAL UNITS Developer: Galliard Homes term development strategy until 2040. , 3. Lendleases's Deptford Landings It hopes redeveloping Leegate Shopping will contain one of Deptford’s largest Centre will provide hundreds of new Source: Knight Frank Research, Molior concentrations of new homes — more homes and shops. than 1,100 on an 11-acre site just west of PROPOSED EXTENSION TO THE BAKERLOO LINE the town centre, plus new retail, cafes 8. To date, over 1,900 new homes PROPOSED THAMES PIERS and restaurants. EXISTING THAMES PIERS have been delivered at Kidbrooke Village. The regeneration has already 4. Charlton Riverside in the Royal supported over 8,000 jobs including Borough of Greenwich covers 122 140 apprentices and works in hectares and is set to become a mixed partnership with Greenwich Local use quarter with a significant proportion Labour and Business. 4 5 LEWISHAM AND GREENWICH REPORT 2021 LEWISHAM AND GREENWICH REPORT 2021 Connectivity stations in the two boroughs including Lewisham and Greenwich benefit from Greenwich, Cutty Sark, Elverson Road, their proximity to Canary Wharf and Lewisham and Deptford Bridge. The the Royal Docks business district and DLR also provides quick access to Both Lewisham“ and easy access to the city. Both boroughs Westfield Shopping Centre at Stratford. Greenwich will be within are also within easy reach of London Greenwich and Deptford are also on DIGITAL INNOVATION easy access of Crossrail Bridge and the West End. Greenwich the Thameslink and Southeastern train & CREATIVE via Canary Wharf on is served by the London underground lines which provides a five to eight- ENTERPRISE via North Greenwich which connects to minute journey to London Bridge and a the DLR Brockley Market, Lewisham the Jubilee line. The DLR is a key route 16 to 20-minute journey to Farringdon into Canary Wharf and the City, with according to Transport for London. Lewisham As London Borough of Culture winner, In 2017, Greenwich was recognised Several artists' studios have been based in Lewisham is set to play host to a as a smart city innovator in the UK Deptford for over a decade, while Deptford programme of cultural events in 2022.
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