Is West Thamesmead up & coming?

BrixMorta

I hear that Erebus Drive in West Thamesmead is one of the worst effected areas in the country with regards to property price falls. Having visited the area recently it remind me of Docklands in the Late 80's, which went on to become enormously popular, despite a shakey start. What can people tell me about the explosion in development in West Thamesmead?

ray123

I am not aware of one. It might be a diamond in the rough but i doubt it. The transport links make commuting v difficult....
I would not choose to live there but you will find a bargain or ten! Public Transport links into London are a real problem that need to be addressed.
Have a look at this article regarding Thamesmead's past and potential future:
http://www.bbc.co.uk/insideout/content/articles/2008/10/08/london_thamesmead_s14_w4_feature.shtml

Gingernutmeg

It's a vile place. The problem is that a lot of the new develpoments there have been bought as BTL properties, without the buyers really thinking through who would actually want to live there. There's nothing in the area to attract the kind of young professionals who would start this 'regeneration' (no shops, bars, cafes, no decent public transport etc) and flats are either standing empty, or are attracting the wrong kind of people and the whole area just seems to be going round in a circle and never getting any better. Given the current climate, I really can't see who'd be able to give that area the kind of massive investment that it needs. It's not a nice area to live in and I can't see it being a sensible investment area either.

ukjoel

Its an area of social regeneration which means it is not as bad as it used to be. I dont think its the next docklands. The reason prices have fallen so hard there are because there have been so many properties built there in the last few years - many of which are buy to let and many of which are social housing for some of the worst parts of london. Because it was previously brownfield it was easy to build on and developers have gone to town there in last 5 years or so.

I am not saying one day it wont be desirable but dont think prices will stabilise until after the 2012 olympics down the road.

Think you have a good idea but timing is still too early. With so many BTL's there will be significant number of repos going cheap. All you need to is offer 1k more than the housing associations and they will be yours.

beaujolais-nouveau

BrixMorta wrote: »

I hear that Erebus Drive in West Thamesmead is one of the worst effected areas in the country with regards to property price falls. Having visited the area recently it remind me of Docklands in the Late 80's, which went on to become enormously popular, despite a shakey start. What can people tell me about the explosion in development in West Thamesmead?

When I first moved to London, I lived in Thamesmead for about six months. That was a long time ago but, more recently, I have done temp work in a GP's surgery there. And about two years ago, I travelled there in a car to attend a deanery meeting; it was late evening by the time we set off for home, and the roads were so poorly sign-posted it was like being on a circle of Hell: you know, as if once you got into Thamesmead you were not meant to get out again.

It is an area of significant social deprivation. That means depressing streets - and crime. Read this, printed last summer in one of our local freebies

Thamesmead is number one for bank card fraud
http://www.newsshopper.co.uk/news/2409427.thamesmead_is_number_one_for_bank_card_fraud/

reesacini

This area is up-and-coming

reesacini

I have recently purchased a property within the area and can certainly suggest it to others, the area was originally de-valued by Nigerian crime gangs which forced many hardworking people to lose their homes, these problems have been addressed now and the reson the prices are still low is due to the mortgage reposessions that are now drying up, once these reposessions cease house prices will rise again.
I do find it very humersous that so many people can coment on it with little to no knowledge, other that what they google.
The same was said for my last 3 investments in Birmingham and London and I made a mark-up of 15+PC on each one. and that was within the last 16 months not the 90's boom

ILW

reesacini wrote: »

I have recently purchased a property within the area and can certainly suggest it to others, the area was originally de-valued by Nigerian crime gangs which forced many hardworking people to lose their homes, these problems have been addressed now and the reson the prices are still low is due to the mortgage reposessions that are now drying up, once these reposessions cease house prices will rise again.
I do find it very humersous that so many people can coment on it with little to no knowledge, other that what they google.
The same was said for my last 3 investments in Birmingham and London and I made a mark-up of 15+PC on each one. and that was within the last 16 months not the 90's boom

Talk about trying to polish a turd.

Running_Horse

When it was built, councils all over London used it as an opportunity to dump their problem tenants, in the middle of nowhere, with no jobs, and nothing to do. I wouldn't live there if you paid me, and that's the problem, anyone with a choice will live anywhere else but Thamesmead.

Agbe

Avoid it. Seriously.

cattie

reesacini wrote: »

This area is up-and-coming

You must be talking about a different Thamesmead & not the SE London one. :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl: