New Cross - thoughts?

[Philip1986]

Hi all,

I am interested in looking in the New Cross/New Cross gate area for a property purchase. It is within the Hatcham conservation area. Basically I will live there for a few years and then rent it out afterwards as I move overseas. I know it is essentially an 'up and coming' area and close to central London with awesome transport links, but from an investment AND living point of view would it be considered safe for London standards? It is within my price range, however I don't wish to buy in an area which is considered a 'dud'. Also, it is for a long term investment and won't be a home for life.

Thanks,
Phil

New cross/gate is an alright area. You didn't say if your were getting a house or a flat. The houses round there a v expensive so clearly there is a market and like you said there are 2 train stations down the rd from each other and a bus garage. Considering the number of houses it has good outdoor space in terms of parks, telegraph hill etc. The area has a lot going for plus a university. The traffic is a nuisance though.

I don't see how you could lose money it is zone 2!

Very true. It is a flat conversion that I am looking at. These days it’s so competitive to get a decent-sized flat in Zone 2 that has access to the City under 400k. It made me realise that New Cross is probably one of the last affordable places in Zone 2!

I live in hatcham park, on a quiet street. Ten mins walk to queens road Peckham (there’s a short cut) and just under 15 to new cross gate, just over to Nunhead. The buses are great apart from rush hour, and there’s a very quiet, mostly car free, cycle route into London Bridge / Waterloo etc.

It’s a very established area, about a third or certainly a sizeable chunk are housing association/council houses. There are many people who’ve lived here for generations - several older people in our street were born here. And at the same time lots of young families, some students and youngish renters, new couples moving in.

It’s pretty safe though like neighbouring areas there have been teenage stabbing etc, flashings, etc.

It’s very near telegraph hill park which is lovely. A 20/25min wall to deptford where there is loads going on and about the same to Peckham rye or Nunhead.

Which road are you looking at? I’d be most worried about the quality of the conversion and how noisy you may find it in a flat. Plus it’s a conservation area so not that easy to replace single glazed windows for eg - which makes it noisier from the street. Also there is some talk of the area around Sainsbury’s being developed so I wouldn’t want to buy right next to there without looking into it.

There is supposed to be another new station built on the overground line which will be even better for hatcham - by bridgehouse meadows - but it’s on hold while planning is resubmitted after millwall football club contested it.

Sorry my point re the new station is, that may raise prices eventually for parts of hatcham park.

Plus goldsmiths university is close.

Well connected, got goldsmiths, I don’t think you’ll do badly buying in new cross.

I live just up the road and cycle through Hatcham all the time.

As Wtfrodo says, consider very carefully the quality of the conversion. Also the walls in those houses are paper thin so you'll be able to hear everything next door.

The whole area is changing rapidly. Development at Wood Dene next to Queens Road Peckham station, around Fordham. Consider large amounts of industrial space on Old Kent Road and the arrival of the Bakerloo line extension at New Cross Gate.

I do think it's got a way to go. The number of mattresses, general fly tipping and that stretch of road around New Cross Gate station and the Sainsburys car park is shocking. That why it's a good place to invest now. ( I think)

It’s a lower ground and upper ground (two level) conversion. It’s quite sound proof because of the thickness of the walls, which is a positive. It’s away from the main roads and also from the sainsbury’s so it’s in a pretty good spot.

That’s what I love about the area - there are so many regeneration projects in the pipeline, and as my options are limited due to pricing I think now is the only time to get into the market locally as I think I’ll be completely priced out in a few years time.

One area of concern is that my street has about 40 percent social housing (not an estate, it is flats that are socially rented by the council). Would this present a problem at all?

Go and hang out at different times of the day and different days of the week.

For a 2 bed in Zone 2 under £400k you are going to be making some big compromises somewhere!

It’s a one bedroom in the mid to late 300k mark, so you’re probably right regarding making compromises.

I grew up in NC and loved it. Very vibrant area. I still have family and friends who live there and they are confident and excited for the new proposed changes to the area.

And it’s getting the bakerloo line!

I agree with the suggestion to visit the street at different times of day and see how it feels. Do the walk from the station at midnight and check that it feels ok.

I used to live down 20 minutes walk down the road from New Cross and it felt absolutely fine during in the day but late at night I always got the bus from New Cross station.