Is West Thamesmead up & coming?

AMILLIONDOLLARS

West Thamesmead is completely different from the original Thamesmead town.

As a poster has previously said, because of the massive Fraud that took place between 2005-2007, prices have been depressed and a lot of the flats that originally sold for between 250-300k plus, have been resold via auctions etc.for between £105-155K. (a loss for some mugs, I mean investors of over £100k+:D)
Which puts these flat into the reach of first time buyers, thereby building a Solid community.

A lot of these flat have been bought by Gallion HA who are heavily investing in the area with Shared Ownership, and Rent Before you Buy Schemes (and you are accessed before they take you on, plus you have to invest a stake of your own money to be accepted, thereby ensuring that you will contribute to the community you live in). A lot of BTLers/Landlords have been repossessed, and their undesirable tenants have moved on. Permanent resident are reporting an improvment in the area.

I am not saying that Thamesmead is perfect (yet!) it still need a decent transport systems and the Gateway Bridge needs to be reinstated (blame Boris for the cancellation this year)

But my DD is willing to take her chances and has indeed purchased a two bed/2 bathroom flat on the river front for £135k, where in London can you find property that cheap?, especially as up the road in Woolwich, Berekley Homes are selling a smaller sized 2 bed flat for £300k. What first buyer wants to carry this kind of debt on a first purchase??

Rome wasn't built in a day, and I expect a turn around period for Thamesmead to be at least 10years, but if you can get in on the ground floor now and help the change things, then it will be sky the limit. As the saying going says, where there's muck, there's brass!!

People should take time out to read the excellent documents below:
http://www.strategycomplete.com/Thamesmead_report.pdf#
http://www.bbc.co.uk/insideout/content/articles/2008/10/08/london_thamesmead_s14_w4_feature.shtml

To finish off, I have done a lot of reseach into Thamesmead since my DD said that she wanted to live there, I have driven and walked around the area several times, done a lot of reseach on the PC, its not as bad as some people like to make out, only time will prove me wrong, but I personally get the feeling that West Thamesmead will take off!

AMD

ILW

From my memory, Thamesmead has been up and coming ever since Clocwork Orange was filmed there in the 70s. Trouble is it seems to keep dropping back again.

AMILLIONDOLLARS

ILW wrote: »

From my memory, Thamesmead has been up and coming ever since Clocwork Orange was filmed there in the 70s. Trouble is it seems to keep dropping back again.

We are talking about West Thamesmead there is a distinction!!:D

AMD

Blacksheep1979

To the OP - avoid it's a !!!!!! pit

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

What percentage of the emails that you send out about being owed millions of dollars (for a small finders fee) get a reply?

fc123

I know the area well as fairly near to where I grew up and still own.
I have known people who got given the £25pw flats on the concrete estate during the 80's and worked their butts off to get out as quickly as possible(and they did it too).

All the new build and W Thamesmead is cheap for a reason.

An ok=ish place to start out and then you move once you can afford to.
Schools and such like are tricky in the area too.

Woolwich makes it look cheap...but Woolwich is still a dive IMO...unless you can barricade yourself inside the private gated devt at the Arsenal and don't need to rely on local education provision.

kerri247

Hello,
I lived in North Thamesmead for 7 years (from 2001) and was originally under the impression that it was 'up and coming'. For a time it was awful, it got better slightly and now it is suffering again (in my opinion). The new developments are built with very little parking, no road adoption (therefore the council rarely look after it) and the 'landscaping' is a good collection ground for the rubbish that people like dumping on the stret instead of the bins. Its really good having the sports centre and good parking near the shops but it lacks the investment (bars, restaurants etc) to attract the type of residents that we assume make a place better.
West Thamesmead is a bit better then the rest of the place and maybe overall it is slowly improving, but I think it will take time.
Ironically, I sold my house to a housing association. When I go back to visit my old neighbours they say they are very good neighbours and the associations do screen their tennants before moving them in.

I hope this helps
Kerri

PasturesNew

Thamesmead, 2 beds, £79,950
http://www.rightmove.co.uk/property-for-sale/property-21471694.html

Running_Horse

AMILLIONDOLLARS wrote: »

We are talking about West Thamesmead there is a distinction!!:D

AMD

That's the trouble with so much Thames Gateway regeneration. It doesn't matter how many blocks of flats you build nearby, as long as places like Larner Road and Lensbury Way exist, nothing will change for most locals who have no choice but to live there.

AMILLIONDOLLARS

PasturesNew wrote: »

Thamesmead, 2 beds, £79,950
http://www.rightmove.co.uk/property-for-sale/property-21471694.html

That's an old ad. The whole block, situated in North Thamesmead hence the price was sold to a developer at auction a couple of months ago, from memory 12 Flats in total.

THE WHOLE LOT WENT FOR £885,000 EXCLUDING COMMISSION AND STAMP DUTY!!!!!!. (Because it was sold as a batch stamp duty does apply)

It would be interesting to see how much they are charging for rental

AMD

PasturesNew

AMILLIONDOLLARS wrote: »

That's an old ad.

It's live on RM right now... so doesn't really qualify as "old"

AMILLIONDOLLARS wrote: »

The whole block, situated in North Thamesmead hence the price was sold to a developer at auction a couple of months ago, from memory 12 Flats in total.

THE WHOLE LOT WENT FOR £885,000 EXCLUDING COMMISSION AND STAMP DUTY!!!!!!. (Because it was sold as a batch stamp duty does apply)

It would be interesting to see how much they are charging for rental

AMD

Here are 2 beds in Thamesmead for rent.
http://www.rightmove.co.uk/property-to-rent/find.html?locationIdentifier=REGION%5E85472&sortByPriceDescending=false&minBedrooms=2&includeLetAgreed=true&_includeLetAgreed=on