New Build Investor Guide – Lewisham

May 2021

Buying a new build property off plan? Check out our Area Guide first

Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?

Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.

Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:

1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?

Lewisham, London

Lewisham is one of 12 inner London boroughs and is located in south London. Spanning over 13 miles², it is the second largest inner London borough by area. The borough borders the river Thames, Greenwich, Bromley and Southwark. It includes the districts Deptford, Blackheath, Lewisham, New Cross and more.

Demographics

Lewisham’s population is forecast to grow by 7% by 2030

Population (2018) 310,324
Forecast Population 2030 333,474

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 70%
Under 15 21%
Over 65 9%
Martial Status:  
Single 54%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancy for those born in Lewisham between 2016 and 2018:

Males 79 (UK average is 79)
Females 84 (UK average is 83)

Source: ons.gov.uk


Population Density (2011)

Lewisham is the least densely populated inner London borough, with 8,702 people per km2.

Source: ons.gov.uk

International Migration (2018-19)

5,651 new residents from overseas, the 19th highest of all London boroughs.

Source: ons.gov.uk

Country of Birth

Location of Birth Proportion of Population
UK and Ireland 68%
EU 8%
Other countries 24%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   24,438
Crime rate per 1,000 population (April 2017 -March 2018) 81
Lewisham has the 2nd lowest crime rate per 1,000 people of all inner London boroughs.  

Source: data.london.gov.uk


Education

Schools

Primary Schools 83 (17 of which have an Ofsted rating of outstanding)
Secondary Schools      25 (3 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 14 (2 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk


Universities

Goldsmiths, University of London

Hospitals

University Hospital Lewisham
BMI, The Blackheath Hospital

General Wellbeing

Population considering themselves in very good health 49%
Population considering themselves in very bad health 1%

Source: data.london.gov.uk


Employment & Economy

83% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Public administration, education and health    30%
Finance, banking and insurance 27%
Distribution, hotels and restaurants 15%
Other Services 10%

Source: data.london.gov.uk

Major Employers

In 2020, there were 10 companies in the borough employing more than 250 people and 65 companies employing between 50 and 249 people. (source: nomisweb.co.uk)

Jobs and Job density

Aproximately 35,169 residents of Lewisham also work in the borough. 76,650 people travel into the borough each day for work and 94,272 residents work outside the borough. The daytime population of borough therefore decreases by 17,622 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

Source: nomisweb.co.uk and data.london.gov.uk


Housing

Number of residential properties in Lewisham 125,830

Source: data.london.gov.uk


Property Ownership (2018)

own property outright (no mortgage) 17%
own property with mortgage 33%
rent from a Housing Authority or the Local Authority 28%
rent from a private landlord (representing approximately 27,800 private rentals) 23%

Source: data.london.gov.uk

Household with no car or van (2011) 48%

Source: nomisweb.co.uk

Household Composition

One person households    34%
One family households     51%
Other  (sharers / students etc)   15%

Source: nomisweb.co.uk

Average House Prices

House prices in Lewisham were the 2nd cheapest of all inner London boroughs and grew the most of all inner London boroughs between January 2020 and 2021.

Average achieved price January 2020 £409,732
Average achieved price January 2021 £450,161
Increase/Decrease  +10%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions fell by 23%.

Number of residential sales to year ending September 2019 3,204
Number of residential sales to year ending September 2020    2,477

Source: ons.gov.uk

Achieved Rents (January to December 2020)

Mean monthly average rents in the borough:

  London Median Rents
(per calendar month)
Lewisham
(per calendar month)
Studio     £950 £850
1 bedroom £1,200 £1,150
2 bedrooms £1,450 £1,350
3 bedrooms £1,750 £1,600

Source: london.gov.uk


New Build Developments in Lewisham

Just four new build large developments in Lewisham are currently available for sale.

Construction PropTech Pioneer

Deptford Foundry (Anthology)

Total Number of Apartments 316 (276 private)
First Launched May 2016

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Average Prices – Deptford Foundry

  Minimum Average Maximum
Price £345,000 £478,145 £775,000
Price per ft² £582 £697 £931
Area (ft²) 534 692 1,142

source: Molior

  Minimum Average Maximum
1 Bedroom £345,000 £404,320 £495,000
2 Bedroom £470,000 £538,269 £660,000
3 Bedroom £650,000 £697,273 £775,000

source: Molior


The Pomeroy (Peabody)

Total Number of Apartments 65 (45 private)
First Launched February 2020

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Average Prices – The Pomeroy

  Minimum Average Maximum
Price £415,000 £535,643 £700,000
Price per ft² £501 £678 £800
Area (ft²) 540 825 1,398

source: Molior

  Minimum Average Maximum
1 Bedroom £415,000 £426,278 £442,000
2 Bedroom £510,000 £537,500 £565,000
3 Bedroom £600,000 £652,500 £700,000

source: Molior


The Scene (Peabody)

Total Number of Apartments 120 (101 private)
First Launched November 2020

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Average Prices – The Scene

  Minimum Average Maximum
Price £405,000 £500,900 £570,000
Price per ft² £649 £704 £728
Area (ft²) 559 714 871

source: Molior

  Minimum Average Maximum
1 Bedroom £405,000 £406,000 £407,000
2 Bedroom £555,000 £564,167 £570,000

source: Molior

Dacres Wood Court (Bellway)

Total Number of Apartments 59 (39 private)
First Launched March 2021

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Average Prices – Dacres Wood Court

  Minimum Average Maximum
Price £354,495 £412,924 £502,495
Price per ft² £543 £613 £640
Area (ft²) 558 680 926

source: Molior

  Minimum Average Maximum
1 Bedroom £354,495 £355,621 £357,000
2 Bedroom £472,495 £489,328 £502,495

source: Molior


Environment & Leisure

Lewisham is home to:

45 parks and open spaces of various sizes – Beckenham Place is the largest (98 hectares)
3 outdoor gyms
Badminton courts in 4 locations
Basketball courts in 5 locations
Cricket pitches in 9 locations
Football pitches in 15 locations
Hockey pitches in 2 locations
Table tennis in 13 locations
Tennis courts in 14 locations

Transport

Lewisham’s overground stations are in Zones 2, 3 and 4.

Overground Stations

Beckenham Hill Bellingham
Blackheath Brockley
Catford Catford Bridge
Crofton Park Deptford
Forest Hill Grove Park
Hither Green Honor Oak Park
Ladywell Lee (London)
Lewisham Lower Sydenham
New Cross Gate St Johns (London)
Sydenham (London)  

Underground Stations

There are no underground stations in Lewisham.

The Docklands Light Railway (DLR) runs from Lewisham to Bank and Canary Wharf.

Local Government

The Labour Party

UK market report 1536x768 2 PropTech Pioneer