SE28 house prices lower than the national average

SE28. It’s only eight miles from the City of London, six miles from Canary Wharf, within spitting distance of an airport and a key beneficiary of the 2012 Olympics. But most importantly, according to figures released by Zoomf.com, leading London property search engine, SE28 is the only London postcode where house prices are lower than the national average.

As of 29 July 2007, the average price of the 186 properties for sale on Zoomf in SE28 was £187,716. This compares to an average national house price of £197,461, according to figures released by the Halifax in early July. In other words, properties in SE28, or Thamesmead, cost, on average, just under £10,000 less than properties in the UK as a whole. Living within Zone 6 doesn’t have to cost an arm and a leg, after all.

Importantly, Thamesmead is an area set for massive investment and change in the years ahead, so buying in while prices are at a discount to the national could offer considerable upside. The Thames Gateway Bridge, linking Thamesmead to Beckton, is due to open in 2013, thereby eliminating the ‘Berlin Wall’ effect of the Thames on this area of the Capital. This will massively enhance workforce mobility and the economic profile of the area, all the more so with the radical makeover of East London in the run up to the 2012 Olympics.

Mike Carter, co-founder of Zoomf.com, commented: “Who would have thought it? A postcode in London that’s cheaper — a good deal cheaper, in fact — than the national average and only six miles from Canary Wharf, arguably the global epicentre of financial services. Crucially, it’s also an area that’s set to benefit from massive inward investment in the years ahead, most notably the Thames Gateway Bridge, which will drastically cut travel times to the City and Canary Wharf. The billions of pounds that are being ploughed into East London to pave the way for the Olympics will also have an extremely positive effect. Could this be the postcode in London with the most potential for price growth in the years ahead?”