Bakerloo line extension to push up South East London prices

Ryan Bembridge

October 16, 2018

The proposed Bakerloo line tube extension is expected to push up house prices in a similar way to areas surrounding the Northern line extension to Battersea.

The Bakerloo extension is likely run from Elephant and Castle station along the Old Kent Road to New Cross Gate and then Lewisham, while it is anticipated to be delivered in 2029.

Research from eMoov shows that prices in Wandsworth have risen by 32% since the Northern line extension into Battersea Power Station was announced in 2014.

Russell Quirk, chief executive of Emoov.co.uk, said: “Prices start to climb long before the delivery of these projects, and so the sooner you buy, the more you stand to make.

“This is evident around the Northern line extension, areas due to benefit from Crossrail, even the recently proposed Barking Riverside development and it’s a very safe bet that we will see it the length of the Old Kent Road due to the extension of the Bakerloo line.

“With delivery not expected until 2029, there’s a real chance that house prices in these South East outcodes could start, and continue, to outstrip London over the next decade – increasing by as much as 60-70%.

“There’s even greater potential for price growth across South East London as the further expansion of the Bakerloo line from Lewisham could be confirmed as soon as next year.

“This expansion would further connect this once secluded piece of London to the rest of the city, and if past examples are anything to go on, then house prices in the area should see a welcome increase.”

Prices around Old Kent Road have dropped in the past year, by -3% and -6% in the outcodes of SE15 and SE17 – but this could change.

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