London Bridge is an incredibly varied and popular area to live with both buyers and tenants alike appreciating it for its diverse property stock, good transport links and historical character. Just over a year since it launched, the impact of the Shard can already be felt and the recent opening of the Shangri La Hotel along with the filling of office space is ensuring it remains topical. The improved regeneration of the area and the subsequent improved perception has really helped to build property values across both the sales and rental markets over the past few years. Investors in particular are viewing London Bridge as ideal for buy to let properties with many confident that they can get returns well above what they might receive for cash on deposit, particularly for properties priced up to £500,000. With the City and Canary Wharf on the doorstep, there are thousands of professionals renting in the area, attracted by all that it has to offer.
We’ve recently begun to see an increase in longer tenancies with many tenants now much more inclined to rent for longer than 18 months. With sales prices at an all-time high, tenants want the stability of a longer contract in order to be able to save for the deposits to buy once prices stabilise. There has also been a huge increase in stock levels, brought about by higher investments in the area which in turn is attracting a higher number of renters. The immediate areas around London Bridge and Southwark continue to be extremely popular with commuters able to access the Jubilee line directly to Canary Wharf, having access to work within 10 minutes whilst being able to actually live in a much more vibrant area.
Borough Market, one of the largest and oldest food markets in London, is a huge draw to the area and popular among locals and tourists alike. In addition, bars and restaurants can be found all around London Bridge, with an impressive array of trendy pop up restaurants and traditional English pubs running along Stoney Street in particular. Bermondsey Street continues to be hugely popular, often operating within its own niche market with many tenants and buyers specifically requesting to be close to this enclave. Paul Bent, Sales Manager at our branch notes that, “Bermondsey as a whole is seeing a huge increase in demand as is Elephant and Castle which is finally undergoing a turnaround in perception. The area is benefiting from huge regeneration and in particular, the strip between New Kent Road and Walworth Road (the Haygate Estate), has seen vast improvements.
Property prices here are a little more competitive however being close to transport links and central London is a big draw to many, especially young professionals. The sales market in London Bridge has been extremely buoyant with 90% of sales agreed being at asking price or above, fuelled by high levels of demand and a shortage of stock. Over the last few weeks however we have a noticed a rebalance in the market as stock levels increase and buyers realise there is more choice available to them. In testament to this, the supply of one bedroom flats has improved with many more options available to buyers, especially those looking between £400,000 and £500,000. Freehold houses continue to be rare and as a result achieve a premium, often selling extremely quickly.”