Spotlight on Lambeth
From the glamorous transformation of Nine Elms on the south bank, to the lively suburbs of Brixton,
Clapham and
Streatham,
Lambeth is in an exciting place to live and work. With billions being invested into the borough and improved transport links on the way, it could be an ideal place to buy your next property.
Nine Elms – the final piece of the South Bank to be transformed
Central London’s last remaining industrial district, the vast brownfield site at
Nine Elms, has become one of the largest regeneration projects in Europe. In an area bigger than Hyde Park, more than 20 developers are working together to create a brand new residential and business quarter. On completion, the £15bn project is anticipated to create 20,000 new homes along with 25,000 new jobs.[1]
The Northern line is being extended to provide a new Tube station at Nine Elms to support the massive influx of residents and workers. A new section of the Thames path is to run along the district's river bank, flanked by new shops, cafes, restaurants, art galleries and public squares. A beautiful new 'linear' park will wind through the heart of the neighbourhood, linking Battersea Power Station to Vauxhall. Not just a place to live and work, Nine Elms is set to become London's newest leisure, culture and tourist destination.
Vauxhall – reclaiming its town centre from traffic
Part of the Nine Elms regeneration zone, Vauxhall town centre is also getting a makeover. The congested traffic gyratory is being redesigned to make the area more accessible for pedestrians and cyclists. The high street is to be restored with new shops, offices and places to gather in the evenings. A new civic square has been proposed and the railway arches are to be opened up to provide new space for business, community and cultural uses.[2]
As well as the changes at ground level, a cluster of tall buildings is springing up in the heart of Vauxhall. Making a striking addition to the London skyline, these new high-density, high-quality residential towers are to offer fabulous views along the river.
Brixton – foodie revolution drives up property prices
In the 1980s and 90s, Brixton was known for its high unemployment, crime and rioting. However over the last few years, it's been undergoing a startling transformation. A new entrepreneurial spirit combined with a strong sense of local pride helped to save the much-loved Brixton Market from being demolished. Since then, the market has been rebranded as BrixtonVillage and the neighbourhood is now home to one of the UK’s hottest food scenes.
Coinciding with this restaurant revolution, house prices have shot up. Buyers priced out of neighbouring areas like Clapham and Dulwich have pushed up the prices to well above the London average.[3] Confirming Brixton's hotspot status, a former department store is being transformed into a new creative centre, the old fire station and stables are set to become start-up studios and the council is moving out of the existing town hall to free up land and buildings for new homes around a new market square.
Streatham – south-west London's latest property hotspot
A few years ago Streatham High Road was named the scruffiest in Britain but since then a council and business-led initiative has been reviving Streatham's run-down town centre. Streatham Hub, a £1.4 billion regeneration project, brought 250 new homes to the area and a steady stream of other new developments has followed. There's now also a new leisure centre, a new library, a huge ice rink and a new playhouse on the way.[4]
Offering good value for money, Streatham is attracting young professionals. Prices are rising faster than the London average as buyers get more space for their money here than in Brixton or Clapham. As prices are still relatively low, there is more potential for price growth.[5]
Clapham – voted the best area to live in London
Another of Lambeth's suburbs came out top in Time Out London's 2015 City Living Survey.[6] Clapham's residents gave their area exceptionally high ratings across all categories – trendiness, friendliness, happiness, affordability and going out.As well its great bars and restaurants and its vast open space at Clapham Common, Clapham hasoutstanding transport links, including three Tube stops and Europe’s busiest railway station. Connections at Clapham Junction will get even better when Crossrail 2 arrives in 2030.
Current asking prices and rental yields
As of January 2017, the average value of properties in the borough of Lambeth is £632,295. This has seen an increase of 4.83% in the last 12 months and 53.43% in the last five years. For a
two-bedroom apartment, the average asking price is £892,038 and the average asking rent is £2,033pcm, which means the gross rental yield is currently 2.70%.[7]
This content is correct as of January 2017
