As the capital begins to return to work after lockdown, a new study from Hamptons International reveals the three best value-for-money locations across Zone 2.
From up-and-coming south-east London to a leafier option in the west, all with fast links into the heart of the city and the option of walking or cycling to work.
Homes for sale in Deptford, SE8
Average price: £638 per sq ft
Often touted as the new Shoreditch — or the new Peckham — this south-east London neighbourhood has more than just value for money on its side.
There’s a busy high street and an excellent street market, a cinema run by the community, an arts centre and stacks of independent cafés, bars and restaurants.
You can walk along Deptford Creek to the Thames, while Blackheath is an easy walk to the east, with Greenwich just beyond.
Transport links are great for the City, with trains to Cannon Street in 12 minutes, or Canary Wharf via the Docklands Light Railway.
£565,000: a two-bedroom flat in Vertex Tower, Deptford
Deptford’s property stock also includes period terraces in conservation areas and period conversion flats.
Michael Petherbridge, area manager at agents Oliver Jaques, says a three-bedroom period house around Deptford Park would cost from £700,000.
“They were selling at the peak of the market, four or five years ago before Brexit, for £900,000,” as demand rippled down the Thames from London Bridge, he explains.
Younger buyers wanting to be close to the high street should budget £400,000 to £500,000 for a two-bedroom flat.
Homes for sale in Acton, W3
Average price: £669 per sq ft
This Victorian suburb has regeneration potential thanks to the promise of new transport links.
Already blessed with five Tube or train stations within its boundaries, W3 has seen a wave of investment since Crossrail was announced.
From next summer trains from Acton Main Line, on the fast new Elizabeth line, will reach Bond Street in nine minutes, down from the current 27 minutes, with the Canary Wharf commute slashed to 23 minutes instead of 42 minutes.
There are also plans for a Crossrail station at Old Oak Common, which will benefit those living in North Acton.
Acton is one of London’s larger suburbs but Narendra Gandhi, director at Winkworth, says the most sought-after spot is Poets Corner, just north of Acton Central station. An Edwardian house with four to five bedrooms there would cost about £1.35 million.
£500,000: a one-bedroom terrace house in The Goldsmith Buildings, a listed almshouse in Acton, W3
To achieve more bang for your buck, Gandhi suggests the streets around Springfield Gardens for a three- to four-bedroom house at about £1.1 million.
Younger buyers might prefer South Acton, which has the advantage of being close to Gunnersbury Park, the area’s biggest and best open space, as well as the bars, restaurants and shops of Chiswick High Road.
A two-bedroom period conversion would be about £500,000, while the ongoing regeneration of the South Acton Estate — now known as Acton Gardens — has helped smarten up the southern part of W3.
Buyers who want a new home could take a look at The Verdean, by Mount Anvil, a development of almost 1,000 properties on a six-acre site close to Acton Main Line station.
The scheme has plenty of open space, which is surely a post-lockdown essential, as well as an on-site gym.
The homes went on sale this week with Savills, priced from £369,999.
Homes for sale in New Cross Gate, SE14
Average price: £641 per sq ft
Gritty and grimy now, this postcode is on the edge of a £10 billion regeneration plan. It offers great transport links, good value and investment potential.
New Cross Gate to London Bridge trains take 10 minutes. But Bakerloo line extension plans could put the area on the Tube map.
If the project goes ahead it would make a massive difference to the area, but trains are not slated to run until at least 2030.
Meanwhile, scruffy, traffic-clogged Old Kent Road is in for a huge facelift with thousands of new homes including Cantium, a £600 million mixed-used scheme with a 48-storey skyscraper, 1,100 flats, open space and piazzas.
This month, developers Avanton and Urban & Provincial secured permission for more than 260 flats, plus new shops, on a warehouse site. In total they plan to build more than 2,100 flats at a cost of £795 million.
Work on the phase just approved starts next year, with the first residents moving in at the end of 2022.
Right now local amenities are a bit basic. Post-lockdown it will be better to walk to Peckham or Bermondsey for restaurants, shops and nightlife. But in property terms there is plenty going on beyond new homes.
The Telegraph Hill and Hatcham Park conservation areas are pretty enclaves of Victorian houses, where a four- to five-bedroom home would be about £850,000, remarkable value for Zone 2.
A two-bedroom period conversion flat starts at £400,000, while a two-bedroom purpose-built flat in a dated development would be about £300,000.