North vs south: the well-connected London areas where homes are up to twice the size for half the price

Good-value property and improved transport links — soon to include two new Crossrail stations — are the major reasons why home buyers are heading in their droves to south-east London. In the past this area of the capital was dismissed by many who preferred the more gentrified neighbourhoods of north and west London.

But buyers are doing their maths and concluding they can now get a property twice as big for half the price and still get to work quickly.

The recently improved Overground network has brought areas such as Forest Hill and Sydenham in from the cold, while the Bakerloo line extension from Elephant & Castle to Lewisham will be the capital’s next major Underground upgrade and is already causing property ripples.

South-east London stretches from Bermondsey to Beckenham and from Woolwich to West Norwood, and includes some buzzing Zone 2 districts — Walworth and Rotherhithe for example — close to the main employment hubs of the West End, City and Canary Wharf.

This part of the capital also has leafy town-meets-country equivalents to Hampstead and Highgate. Blackheath occupies a high plateau alongside majestic Greenwich Park and has a village centre plus private roads with detached houses in big plots. Developer Berkeley is working up a scheme of 30 homes on the site of a former BMW showroom moments from the village.

Pretty Dulwich enchants with its duck pond and cottages, treasured Dulwich Picture Gallery, a working tollgate, renowned private schools and a golf course. And beyond the snaking South Circular road are underrated inner suburbs such as Eltham.

In general, property prices are still significantly lower than those north of the river, according to London-wide estate agency Winkworth, which confirms that there are far more cross-river moves than in the past. In south London, the average property value per square foot is £650, much lower than north London (£956) and west London (£1,075).

CROSSRAIL

The seemingly endless stock of period houses is now being swollen by new homes projects, many of which will benefit from the two Crossrail stations in south-east London when they open this time next year. It will be a symbolic moment for a traditionally Tube-starved corner of the capital.

While Crossrail will link 40 stations across its east-west route, Woolwich and Abbey Wood stations are the only ones located south of the river. Nevertheless, Crossrail is a huge transport boost and one of several factors combining to open up the SE postcodes to buyers and renters.

DOWN THE TUBE

The Bakerloo line extension will run through new tunnels along Old Kent Road — where there will be two new stations — on to New Cross Gate, then eventually to Lewisham and possibly to Hayes. A spur to Bromley town centre is also being considered.

Though trains will not start until after 2025, people who want to put down roots are already factoring this transport upgrade into their buying decisions.

VILLAGE PEOPLE

LADYWELL, BROCKLEY AND NUNHEAD

Ladywell, which has 10-minute trains to London Bridge, has acquired “village” status following streetscaping improvements and the arrival of a cluster of independent shops and eateries. Coming soon is the redevelopment of a listed Victorian public baths and snooker hall that will bring a Curzon Cinema, new homes, a café and a crèche.

Brockley, recently the area’s main pull, has a conservation area of wide, tree-lined avenues surrounding Hilly Fields, a green expanse crowned by Prendergast girls’ secondary school.

Nothing much had changed for more than 20 years around the local train station, but with the Overground has come a batch of lively new family-friendly bars and bistros, cafés selling organic food, delis and a micro brewery. It is a new hub for Brockley.

A second-hand car showroom next to the tracks has become new flats, while Brockley Cross has been enhanced by the Tea Factory, a development of copper-clad flats that cantilevers out above street-level premises including an art gallery.

Nunhead, the sedate side of Peckham, now has an organic café, deli, gastropub, bike shop, book store, florist and kids’ fashion boutique alongside the long-established butcher, baker and fishmonger.

The historic green has been refurbished, too, and an eco-friendly community centre added next to neat Victorian almshouses. Nunhead Green, a scheme of homes overlooking this delightful space, is being built. Call 0344 809 9167.

Check out Nunhead’s network of still-affordable small-scale Victorian terrace houses and visit Nunhead Cemetery, built in 1840, one of London’s greatest and now also a nature reserve. The Ivy House, London’s first community-owned pub, is an award winner and can be found in Nunhead, too — proof of a rooted community.

NEW CROSS

Fashionable at last

New Cross is swinging into fashion right now, with Goldsmiths College giving it something of a youthful, creative edge. Property is relatively cheap and it’s one of the best-connected places in the capital.

New homes, once scarce, are arriving in big numbers. Bond House, right next to New Cross Gate station, will have 89 flats plus affordable studios for artists. To register, visit crestnicholson.com.

CRYSTAL PALACE AND SYDENHAM

Going up in the world

Estate agent Pedder reports that in Crystal Palace — the highest point in south London — property values are 70 per cent above five years ago, but still have some way to travel, as more people are discovering the area’s lovely leafy slopes and unpretentious town centre. The Triangle is a scheme of seven flats in exotic-sounding Gipsy Hill. Two-bedroom homes are priced from £565,000. Call 020 7738 6839.

Once under the radar, Sydenham has a rapidly improving high street and is also getting a raft of new homes, tucking in amid some splendid period housing. Lawrie Park Place brings 27 new houses on the site of a former Salvation Army mission. Call 020 7352 7073.

Wells Park Place has 46 high-quality new homes set around landscaped gardens on Sydenham Hill with lovely views over Kent. Prices from £550,000, up to £1.45 million for large townhouses. Call 020 3437 0473.

Neighbourhoods south of the river will continue to struggle to beat north London property values, yet it seems inevitable that every SE postcode will smarten up at some stage. Thamesmead once appeared beyond redemption but, spurred on by Crossrail, Peabody is replacing its grey, depressing past with an exciting new scheme. Such areas may be the best ones to search. If you can get in before the boutiques and bistros arrive, it may pay to play a waiting game.

MAKING THE MOVE: FROM CAMDEN TO HITHER GREEN

Dan and Meryck Green spotted south-east London’s potential five years ago when they moved to Hither Green, mainly because of the quick commute to their Soho offices.

The couple had been renting in Camden and like a lot of people they preferred north London. However, friends suggested they look south for value. Blackheath and Dulwich were too expensive, so they started to study journey times from different places.

“It was a revelation,” says Meryck. “Properties were — and still are — a snip compared with many other parts of London. There are some lovely conservation areas and parks, and regeneration is under way. It genuinely feels on the up.”

With two young children, the Greens decided to upsize to another improving south-east London district. So in 2014 they sold their three-bedroom flat for a profit and bought a £400,000 house in South Norwood that is now worth more than £500,000.

Dan, a media talent director, says: “The amazing thing is that frequent trains go direct to London Bridge, where I now work, in 16 minutes. It’s one of the city’s biggest commuter secrets. It takes me 35 minutes door to door. It’s also on the Overground, so I can easily reach Shoreditch.

“There are tree-lined streets with nice Victorian and interwar houses, and we’re seeing the same process in Norwood that happened in Hither Green. Tellingly, a cool new bar called Shelverdine Goathouse has replaced a Wetherspoon on the high street.”