Over the last three years, South East London has become a hive of activity and equally as sought after as other parts of London. Offering good quality property stock and with the recent introduction of the East London line extension, the area has become far more accessible and popular among young professionals and families.
KFH has seen a whopping 70% increase in the number of buyers registering with our South East London sales branches compared to the same time last year. While the pool of buyers has increased however, the number of properties available is relatively small in comparison and as a result competition is fierce for the best properties, with prices rising rapidly.
We're finding that currently the best way to market these homes to such a large number of potential buyers is to host an open day which allows everyone the same opportunity of viewing and making an offer. Typically, we're finding that these can be attended by up to 30 interested buyers and we're seeing that the resulting offers are often achieving over and above asking price.
A good example is our Peckham branch, which recently hosted two open days for properties on Limesford and Kirkwood Roads in Nunhead. Both were attended by more than 20 couples looking to buy and on the Monday morning following the open day, each property received five offers each, with both going under offer at considerably more than the asking price.
It's interesting to note that prices in South East London have increased by around 20% in the last year, depending on the location and quality of the home. The property on Limesford Road, Nunhead, sold for £680,000 and yet the same property would have only achieved in the region of £550,000 in 2012.
In general, good quality two and three bedroom high end flats and houses with outside space have risen by up to 25%, while small, purpose built flats in less desirable areas have achieved relatively lower increases of around 8% in the past year. Our volume of sales has increased by almost 20% compared to 2012 and we anticipate greater volumes going into 2014 as regeneration efforts to improve local areas near completion.
A huge factor contributing towards the desirability of South East London has been the East London line extension which snakes its way from Clapham Junction, going up towards Surrey Quays and then continuing further North towards Highbury and Islington. It has really connected areas like Peckham, Brockley and Crystal Palace to the City and North London and in response, we've seen a much younger demographic investing in these areas, keen to capitalise on lower house prices, higher rates of capital growth and lovely period properties.