Focus On Deptford: First time buyers flock to SE8 in search of affordable homes, but is it the new Shoreditch?
In Tudor times, Deptford was the centre of the naval world. Operated by the Royal Navy from the mid-16th to the late 19th century, the Deptford Docks maintained warships for 350 years and attracted the greatest mariners of the time to its shores, from Sir Water Raleigh to Sir Francis Drake.
But once the navy left in 1869, its star dimmed and it gradually become known to Londoners as Greenwich’s less salubrious neighbour.
But thanks to rapid house price growth, it’s having a bit of a moment among first time buyers and young professionals in particular, who are attracted to its decent transport links – into the City via Deptford National Rail and Canary Wharf via the DLR – and cheaper house prices.
Entrance to the marketing suite of the Deptford Foundry
“As prices in London have rocketed in recent years, Deptford has become a rare, Zone Two refuge for first time buyers,” says David Fell, research analyst at Hamptons International. “A combination of relatively affordable house prices and new developments offering Help to Buy, makes deposits for new buyers among the lowest anywhere in Inner London.
“Despite the pace of the London market slackening in recent months, there are few signs of a slowdown in Deptford. With five per cent fewer homes for sale in SE8 than there were last year, asking prices continue to edge upwards.”
And there’s no reason why this shouldn’t continue, as Deptford has a varied and growing housing stock. Ex-council homes mix with period buildings, and a one bedroom flat is approximately £100,000 cheaper on average than in Greenwich.
Job Centre, an Antic pub on Deptford High Street
Its status as one of London’s rare, underdeveloped waterfront sites means developers have been falling over themselves, looking to capitalise on its emerging cool factor. Anthology has taken over an old metal works, built 276 industrial chic homes on it and renamed it Deptford Foundry.
Meanwhile, sustainable developer Lend Lease – which has worked extensively on the regeneration of Elephant & Castle and Stratford’s Olympic Park – is creating six new micro-neighbourhoods under the collective title The Timberyard, on the site of, you guessed it, a former timber yard. And Barratt London is building over 562 new homes across five buildings at Greenland Place while last month, Boris Johnson approved Convoy’s Wharf, a £1bn scheme that will bring 3,500 new homes to the area.
“Following an influx of buyers from Greenwich and Canary Wharf looking for comparative affordability,” says Christopher Venter, Greenwich sales manager for Foxtons, “the area is now home to creative residents and businesses that have led to it being likened to Shoreditch with its array of quirky amenities.”
Lend Lease's vision for six new neighbourhoods in Deptford
And Venter isn’t the only agent to be touting it as the new Hackney. Thomas Chamberlayne, residential investment and development director at JLL, has called it “one of the hippest locations in south London to rival Shoreditch, Dalston and Hackney to the north of the Thames.”
Deptford High Street is thriving, with plenty of new cafes and pop ups to complement its much-loved market. Among them is The Job Centre, an Antic pub which gained notoriety for taking over an actual Job Centre. Organic cafe Deli X is another local favourite, while vegetarian restaurant The Waiting Room is one of London’s trendiest meat-free restaurants. You can even hop on a bus for a night out thanks to Big Red, a pop-up pizzeria set on a double decker.
“Considered south east London’s most exciting new investor area,” Chamberlayne continues. “Deptford is thriving and is expected to out-perform the market with outstanding growth prospects over the next few years.”
Area Highlights
- If you’re sick of the tourist crowds at Borough Market, then head to the Giffin Square Food Fair on the first Saturday of every month. There’s street food from a diverse number of places but the Caribbean and South Africa make a strong showing.
- It may have caused controversy when it opened, but Job Centre is now a local fixture serving craft beers among vintage decor and bric a brac from Deptford’s markets.
- Art Hub is a gallery space, a place for artists to rent studio space and it runs educational workshops. Its Summer Art and Design Fair is coming up on 10 June.
- Austrian street food trader Fleisch Mob has set up Big Red, a restaurant inside a double decker bus on Deptford Church Street that’s selling Austrian street food alongside a seasonally-changing menu. There are even kid’s movies and roast dinners on Sundays.
- Get close to nature in Brookmill Park, which has an ornamental garden and a Banksy.