The East London line extension hiked house prices by up to 11 per cent. Now the line is getting a new spur, reports David Spittles
London's dozen Tube lines are the veins of the capital's property map - and major improvements to any part of the network always inject fresh life into the areas that benefit. A sound buying strategy is to focus on areas that appeal to commuters and to buy before upgrades have an impact on property values.
Properties within 500 metres of a Tube station are nine per cent more expensive - typically that's £27,000 - than an identical property 1,500 metres from the same station. This finding is from the latest research by mortgage lender Nationwide.
Estate agents will tell you that since the opening of the East London line extension through Hackney two years ago, prices have jumped 11 per cent - a rise second only to the gold-plated territory of prime central London, where house prices have been propelled by international buyers.
Both first-timers and top-end investors need to act now to take advantage of the next big Tube upgrade - a spur to the East London line from Surrey Quays to Clapham Junction. This extension will be open by December and will provide a much-needed link between inner south-east and inner south-west London.
Denmark Hill on the Camberwell/Dulwich border, and improving Peckham will have stops along the spur andare likely to see the biggest lift in property prices.
"Peckham has reached the stage where people want to live there rather than have to live there because property is relatively cheap," says Becky Munday of estate agent Wooster & Stock.
Camberwell has a handsome Georgian quarter yet remains a somewhat unsung location. The best addresses are Camberwell Grove and Grove Lane that climb towards Denmark Hill station and the Dulwich border. Substantial four-storey period houses cost about £1.22 million.
Find us on Homes & Property to read more about Camberwell Grove.