Crystal Palace has recently been described by the Financial Times as London’s latest up-and-coming area – and with good reason! Since the opening of the East London Line extension in 2010, this pocket in SE19 has seen considerable change and regeneration as a new demographic has moved in. Those who live here are now able to access Canary Wharf in just 24 minutes or Oxford Street in just 38 minutes.
Period property stock:
With these travel times, demand for homes in the area has surged as many have realised the fantastic period property stock it offers. Many of the homes available here were originally vast Victorian properties, some of which have since been converted into flats but equally there are still a great number of large family homes alongside 1930s semi-detached houses. Interestingly, this area falls into five London boroughs – Bromley, Croydon, Lambeth and Southwark, so council taxes can vary considerably depending on where you live. In the past year, property prices here have risen by around 20% as demand has soared. A great example of the period properties that exist in the area can be found on Church Road in the form of a grand, Grade II listed residence. Offering 11 bedrooms, a 274ft rear garden and even including a ‘spaceship’, the property is priced at £3,250,000. This is quite an exceptional property however, and pricing can be substantially less with many first time buyers able to purchase a flat for below £250,000 while families can expect to pay upwards of £600,000.
New build activity:
Crystal Palace has also seen quite a bit of activity in the new build sector over the last few years. John East, Director of our Land and New Homes division, comments: “Crystal Palace has been the subject of regeneration since the mid 1980s. Some of that has been focused on the construction of new build homes while also involving improvements and works to existing period homes in the area. Since the recession and in the last few years, many developers have seen the growth potential this area offers, with much of it concentrated within the Crystal Palace Triangle. Small pockets of new build activity has been seen just off the Westow Hill and Westow Street as well as around Gipsy Hill and Central Hill. We are now starting to see the last phase of this activity taking place around Church Road. Sylvan Hill in particular will see a large site in the future of around 30 to 40 homes which will be a welcome boost for the area.”
A scheme we are marketing in the area, Woodview Mews, has just two units remaining out of 11 since its launch a few months ago with all of these units selling off-plan during the construction phase. Ranging in price from £295,000 to £870,000 the scheme is interesting as the floorplans of the properties have been designed to be adaptable with a minimum of construction work.
Resurrection of the Crystal Palace:
Residents of Crystal Palace are able to enjoy a variety of local amenities including Crystal Palace Park which offers magnificent views across London. The park was once home to the original Crystal Palace, a beautiful Victorian cast iron and glass building which was originally erected in Hyde Park in 1851 and later moved to SE19. It sadly burnt down in 1936, however there are now discussions to rebuild the structure which would be a welcome boost for the area.
As Crystal Palace undergoes continued regeneration, more landlords are realising the investment potential here. Toby Gooding, Lettings Manager of our branch, notes that: “One and two bedroom flats tend to be in the most demand with about 80% of our rentals falling into that category. Many tenants tend to move here from surrounding areas such as Dulwich as they realise they can get far more for their money – a two bedroom flat will typically cost around £1,300 to rent whereas in Dulwich that would secure a one bed property. It is one of the few areas in London where a one bedroom flat can be obtained for around £1,000 per month. Family houses tend to be a bit more expensive meanwhile and are usually in the region of £,1750 per month.”
If you are looking to buy, sell, let or rent in the area, contact our Crystal Palace branch today.