Focus On Croydon: The affordable South London hotspot that’s getting a £1bn facelift
If there’s one thing we learnt from the London property market in 2015, it was not to underestimate the outer boroughs.
Some of the largest house price growth increases were to be found in these supposed backwaters.
Growth in places like Haringey and Hillingdon far outstripped traditionally prime areas like Kensington & Chelsea and Camden, so it’s not surprising that developers have banked a considerable amount of their money in Croydon on the borders of Surrey.
Barratt London's New South Quarter development in Croydon
Hometown of supermodel Kate Moss and Super Hans from Peep Show, it’s a concrete jungle that’s inexplicably produced its fair share of glitzy stars.
The BRIT School is famously located here, where global superstars like Adele and Amy Winehouse were educated, among the quirky tramlinks and the historic Clocktower arts centre.
Australian shopping behemoth Westfield has also shone its spotlight on Croydon recently, announcing it was re-developing the old Whitgift Centre to the tune of £1bn.
“There has been a lot of property ‘hype’ about Croydon over the last few months,” says Camilla Dell, managing partner at independent property buying agency Black Brick.
“Foxtons has recently opened up a Croydon office and there has been a lot of interest in the area from investors thanks to its proximity to London, more attractive pricing and the opening of Westfield shopping centre in 2017.
“However, investors need to tread carefully and seek advice from a buying agent before buying in Croydon as we are starting to hear rumblings that there may be a risk of oversupply in the area, particularly from the new build sector.”
It’s true to say that some of the UK’s most prolific housebuilders are pushing Croydon as the next affordable place for young professionals to live in London, frequently quoting the 20 minute commute to Victoria and London Bridge.
And the sky’s the limit – quite literally – as four of these residential towers are over 40 storeys high. Mondial House by Bridgewater Properties packs in 42-storeys, Berkeley Homes’ Saffron Square is set to be 45-storeys, while Redrow’s Morello tower and Guildhouse’s One Landsdowne Road are 55 storeys a piece.
To put this into context, South Quay Plaza, set to be the UK’s tallest residential building near Canary Wharf, will be 68-storeys high when it’s finished.
In anticipation of thousands of new residents and visitors, the transport network will also be overhauled fixing what the Croydon Partnership describes as “the issue of poor connections between the existing retail centres and the surrounding area”, by opening up road and pedestrian access to address long-standing congestion problems, relocating a tram stop on George Street and building a 3,500 space car park.
Ashley Whitehouse, office sales manager at the new Foxtons branch, says, “Croydon attracts a wide variety of buyers looking to get good value for their money.
Averaging £275,000 for a one bedroom apartment, £325,000 for a two bedroom flat and £400,000 for a three bedroom terraced house, Croydon currently remains one of the most affordable London boroughs.
“With a good choice of local parks and schools rated by Ofsted as Outstanding and Good, Croydon also attracts families from nearby Beckenham, Crystal Palace and Streatham looking to upsize.”