Homeowners in Bexley are benefiting from a steep rise in property values, with prices for new-build homes across the borough surging by 28 per cent in just five years..
Figures released by property experts HouseScan have revealed that the average price of a new-build house in Bexley increased from £271,970 in September 2015 to £374,377 in September 2020. Bellway London, which is building 518 apartments at its Eastside Quarter development in Bexleyheath, says the increase – the joint third highest of all London boroughs – underlines the investment potential of this part of the capital.
Emma Hamlett, Sales Director for Bellway London, said: “The London Borough of Bexley – and Bexleyheath in particular – is undergoing large-scale regeneration, making it an increasingly attractive option for housebuyers in the capital.
“With proposals to increase rail services through Bexleyheath into central London being put forward as part of a possible Crossrail expansion, the prospects for future price growth look extremely promising.”
The HouseScan data also showed that new-builds have outperformed second-hand properties in Bexley during the same period, with price growth outstripping that of older properties by eight per cent.
Emma said: “New-build homes represent the best route onto the property ladder for many first-time buyers in the capital because of the availability of the London Help to Buy scheme, the lack of a buying chain and lower maintenance requirements. What these figures show is that buyers are also benefitting from higher price growth compared to second-hand properties, not only in Bexley but across the capital.
“We’re confident that the value of new-build will continue to outpace the wider market. Research by Savills has shown that new-build homes are on average a third more energy efficient than second-hand properties, making them a good option for buyers looking for both investment potential and a sustainable home to live in for today.”
Bellway’s Eastside Quarter is being built on the site of the former Bexley civic offices, off Broadway. The development, which comprises studio, one, two and three-bedroom apartments, opened in early 2020.
Prices for the apartments at Eastside Quarter start from £219,995. For more information about the apartments available, visit bellway.co.uk.