South-East London Manor - a new vibrant neighborhood

The Thamesmead has undergone reconstruction

When Conrad Brown started looking for an apartment to buy in London, his wish list was short and clear. It had to be located near Canary Wharf, where he works, and be affordable. But when the opportunity arose to buy new apartments with shared ownership, one could say that Conrad's reaction was restrained. It met his two requirements, but Thamesmead? This vast southeast London area, built on abandoned marshes east of Woolwich, had become a symbol of how not to build social housing. Its overpasses were dark and dangerous, gang culture thrived here, and residents complained that they felt trapped in the area without public transport, bordered on one side by the river and on the other by railway lines and busy roads. Moreover, there was a severe lack of essential local amenities like shops and banks. "Thamesmead didn't have the most favorable history or reputation," admitted 59-year-old personal trainer Conrad. Nevertheless, the construction he discovered was close to the fast Elizabeth Line railway and was affordable.

Therefore, instead of giving up on moving to the infamous area where the film "A Clockwork Orange" and the Channel 4 series "Misfits" were filmed, he decided to look into the matter. Conrad discovered that Thamesmead is in the early stages of one of the largest and most ambitious regeneration projects in living memory. Around 20,000 new homes will be built on nearly 2,000 acres - more than five times the size of Hyde Park. "It seems like the obvious choice," Conrad said.

History has repeatedly shown

The purchase of real estate in areas at early stages of regeneration or those planning to receive transportation upgrades can yield higher profits. A CBRE study shows that property values around major regeneration zones increase by more than 2% annually compared to properties located slightly further away. Since 2012, when the construction of the Elizabeth line began, until last year, the average property value in the vicinity of some stations has doubled by the time the line opened. Thamesmead has long suffered from a lack of transport links since its inception. However, earlier this year, Transport for London expressed support for plans to include the area on the Tube map for the first time in its history. The government is currently considering plans to extend the Docklands Light Railway southward. A decision is expected in 2025, and the station could open by the early 2030s.

Don't judge Temzmid by its connections to the film "A Clockwork Orange."

The new DLR station will mark the beginning of the revival of Thamesmead Estate, which spans 1,878 acres and is led by the Peabody housing association, which took over management of the area in 2014. "What we inherited probably hadn't seen any improvements or investments for several decades," said Matthew Foulis, Peabody's project director in Thamesmead. Many of its approximately 5,200 homes were damp and moldy, windows needed replacing, and there were numerous social issues to tackle. Peabody decided that the best option would be to demolish the old homes and start anew. In 2018, construction began in South Thamesmead, where 534 new homes were built around the iconic Thamesmead lake. A new library and community center, a public square surrounded by shops, workspaces for creative individuals organized by Bow Arts, and a nursery were established on the site. Construction in South Thamesmead was completed last year, and its sales success indicates that in a city suffering from a deep housing crisis, Conrad is far from the only person willing to invest in Thamesmead. All but one private apartment have been sold. Conrad is not alone in his choice, as the apartments are quickly being snapped up.

The prices for the remaining 20 shared ownership apartments start at £78,750 for a 25% share of a one-bedroom flat valued at £315,000 on the open market. Two-bedroom homes start at £112,000 for a 25% share of a property worth £450,000. Conrad was paying £650 a month to rent a room in a shared house in Rochester, Kent, when he discovered Southmere. In November 2022, he moved into his one-bedroom apartment, paying a £15,000 deposit for a 30% share of a property valued at £350,000.

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