Research 2021 and Focus on: Housing supply analysis supply Housing Connectivity Five year forecasts Five year

knightfrank.com/research 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 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 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 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 suggests the -2028/29 proposed , 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 “ . the number of people existing and future transport hubs. including 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 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, 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 and Queen's House Greenwich

2 3 LEWISHAM AND GREENWICH REPORT 2021 LEWISHAM AND GREENWICH REPORT 2021

5. Developer: Knight Dragon REGENERATION

Both Lewisham and Greenwich are undergoing widescale regeneration. Regeneration around Gate in Lewisham alone is expected to attract 13,500 new homes and 4,000 new jobs. 3. LANDINGS Developer: Lendlease of family homes. The 1. At 40 acres, 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 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 . 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 . 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. 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, , Elverson Road, their proximity to Canary Wharf and Lewisham and Deptford Bridge. The the 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 and Southeastern train & CREATIVE via Canary Wharf on is served by the lines which provides a five to eight- ENTERPRISE via North Greenwich which connects to minute journey to and a the DLR 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 . 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. Smart Cities Index. Digital Greenwich X is London’s longest running contemporary Originally the winner for 2021, the event was is developing new standards for smart visual arts festival. postponed due to the Covid-19 pandemic. infrastructure and data with international Lewisham’s win sees the award shift south partners. The Sharing Cities program, Lewisham was one of six boroughs to win of the Thames after the inaugural Borough of a collaboration between cities across Creative Enterprise Zone funds in 2018 and Both Lewisham and Greenwich will Culture in Waltham Forest in 2019 and Brent’s Europe, has used Greenwich as a testing the CEZ is expected to create 3,500 new be within easy access of Crossrail via turn with the title in 2020. ground for new technology including jobs, 1,000 new training, job and education Canary Wharf on the DLR. Journey energy management systems in social opportunities for residents, and over 40,000 Greenwich housing blocks, energy-saving lighting times from Canary Wharf into square metres of new affordable workspace. The borough already has a strong visitor and controls, and sensors and digital Greenwich Park Street will be cut from 25 minutes to six Collectively, the zones are also expected economy given its royal, scientific, maritime and connectivity in lampposts. Autonomous to leverage more than £30 million of military heritage, as well as the establishment delivery robots have also been tested and investment, according to , of entertainment arena . However, it has the technology is now being scaled in other

the overwhelming majority of responses (89%) TfL is also considering whether it would be which represents London’s 32 borough more recently been focusing on boosting its cities abroad. local economy through digital innovation. in favour of the extension. possible to stretch the line all the way down to councils and the . Beckenham and Hayes in the south. However, the project cannot go ahead until the necessary funding has been secured. The Uber Boat minutes, while the route to Bond Street Transport for London, the new cycle project was given a boost in December when The area is also connected to will take just 13 minutes, down from 40 routes aim to link the borough up to NEW CONNECTIONS the government gave approval for Lewisham central London via water transport, minutes currently. central London via Greenwich Park, and councils to prevent development and several new piers have been proposed making cycling a more attractive and Bakerloo Line on sites that will be needed if and when the (see development pipeline, p4). The Uber Lewisham, meanwhile, has two DLR Boat by currently stops at safer option for residents. extension goes ahead. stations. It is also served by 20 railway Lewisham“ is an up-and- There are also plans underway “ 23 piers along the Thames between stations. Trains from New Cross, where Leisure and education coming regeneration hotspot. to extend the Bakerloo Line south-east Average sales prices within a 2km radius Pier in Greenwich and Pier in west around New Cross Gate and Lewisham London. As previously mentioned in this report, Goldsmiths, University of London is from Elephant & Castle through New Cross While Greenwich is well-established The area’s urban regeneration Gate to Lewisham. Plans include creating a stations which are on the proposed Bakerloo Convoys Wharf in Lewisham is set to be located, take seven minutes to reach in terms of retail and leisure, from is evident at extension route come in at £445,750 and another stopping point on the Thames Clipper new station at New Cross Gate and improving London Bridge. Greenwich has 13 £476,500 respectively, according to our route. Other proposed piers in the area include Greenwich Market to Cutty Sark: the , a gastronomic hub and the interchange station at Lewisham linking railway stations. analysis of the latest Land Registry data. Enderby Wharf, North Greenwich West and world's only surviving tea clipper, art space under the , DLR and buses. Canary Wharf East. Just two stops away on the proposed route, Consultations have also been launched Lewisham is an up-and-coming oldest railway structure The results of TfL’s 2019 public consultation average sales prices within the same radius on two new cycle lanes proposed regeneration hotspot. The area’s urban The Uber Boat service launched in August last in London about the proposed southern extension of the around Elephant & Castle, where the line year. Rides are accessed through Uber’s app, between Greenwich Park and both regeneration is evident at Deptford Bakerloo line were published in December with currently ends, are £600,000. with tickets booked and paid for in advance. and Shooters Hill. Funded by Market Yard, a gastronomic hub and art

LEWISHAM AND GREENWICH IN NUMBERS

17% 26% 15% 15% 75 76 24 17 LEWISHAM20 GREENWICH13 LEWISHAM GREENWICH LEWISHAM57 GREENWICH64 LEWISHAM GREENWICH LEWISHAM GREENWICH LEWISHAM GREENWICH RAILWAY STATIONS PROPORTION OF GREEN SPACE AVERAGE INTERNET SPEED (MB/S) AVERAGE HOUSE PRICE INCREASE NUMBER OF ‘OUTSTANDING’ OR NUMBER OF TENNIS COURTS WITHIN Source: Comparethemarket OVER PAST 5 YEARS ‘GOOD’ SCHOOLS 3 MILES OF LEWISHAM AND GREENWICH STATION Source: Playfinder.com 6 7 space under the oldest railway structure in London.

Nearby, Canary Wharf also continues to offer new retail and amenities. Last year, submitted plans for a 3.8million square EDUCATION scheme at North Quay, which is

adjacent to Crossrail’s new Elizabeth Lewisham and Greenwich are also home successful bid to become a London Line station on the north side of Canary to some of the best universities in London, borough of culture. It will also participate Wharf. The area also includes Jubilee helping to boost their student population during the year with planned pop-up Place Mall underground shopping and encourage further regeneration. exhibitions, creative interventions and the use of new digital technologies, including centre and retail and cafes at Crossrail Goldsmiths, University of London in augmented and virtual reality. Place, the area around the new Crossrail Lewisham was ranked 11th in London in a 2021 Times Higher Education station at Canary Wharf. In addition, The is known for ranking, while the nearby University of a new 23 acre site, , is its historic south east London campuses Greenwich was ranked 15th. Goldsmiths located in the Old Royal Naval College and currently under construction to is internationally renowned for creativity the 86-acre Park. The university provide offices, residential homes and and innovation. Located in New Cross, specialises in health, education, science, retail space. the college was a partner in Lewisham's engineering, computing and social policy. Outlook

Knight Frank forecasts house prices will climb 18% in between Economic forecasts 2021-2031

2020 and 2025. This year, we expect POPULATION GVA (ECONOMIC HOUSEHOLD prices in Greater London to rise 4% GROWTH GROWTH) DISPOSABLE INCOME reflecting the greater resilience of the economy in the capital as Covid-19 10% 23% 53% support measures are unwound. Given GREENWICH the high-quality development, new infrastructure and amenities planned for south-east London, areas such as LEWISHAM 9% 19% 53% Greenwich and Lewisham have the potential to outperform the wider Source: Experian London forecast.

We like questions, if you’ve Anna Ward Tom Rundall got one about our research, Associate Partner or would like some property +44 20 3861 6991 +44 020 7718 5223 advice, we would love to [email protected] [email protected] hear from you. Logan Cordy Emma Fletcher-Brewer Partner Partner +44 20 7861 5482 +44 20 7861 1705 Front cover: Jason Hawkes [email protected] [email protected]

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