For many people all over the United Kingdom, in fact all over the world, Peckham is synonymous with the comedy show Only Fools and Horses and the trials and tribulations of Del Boy Trotter and Rodney. This means that many people will have a pre-formed opinion of this area of South-East London but in 2016, Peckham is far removed from the image created by the popular TV show. Since the 1990s Peckham has benefitted from a considerable level of investment and redevelopment, making the area an attractive and in-demand area of London.
The level of interest in Peckham can be found in the change in house prices in Peckham over the last 12 months. When examining property prices, it is important to consider any outliers that may impact on the overall market, and this is something that comes to mind in Peckham.
Overall, and according to one leading online estate agent, the average property price in February of 2015 stood at £464,239 and in February of 2016, this had risen to £509,944, representing a rise of 9%. This is a sensible rise, in line with many up and coming areas of London and nothing that should be seen as concerning or moving beyond the reach of many would-be buyers.
Different property types have a wider degree of flexibility in Peckham
However, breaking down the Peckham property market into individual property types shows a greater variance. Flats have been consistent over the 12 month period. In February 2015, the average flats price stood at £395,760 and by February of 2016, this had risen to £412,312 a rise of 4%.
Terraced properties experienced a rise of 37%, rising from £592,366 in February 2015 to £810,227 by February of 2016. Semi-detached properties rose from £753,500 in February 2015 to £1,330,538 by February of 2016, a rise of 77%. However, detached properties fell from £1,822,333 in February 2015 to £845,750 in February 2016, a fall of 54%. This is more likely to an outlier of a very expensive property selling in the previous period as opposed to any sign that the market for detached properties is falling away quickly.
According to a London based estate agent, the property market in Peckham has experienced a great level of growth in the past 12 months, rising by 24%. The company states the average property price in Peckham as standing at £462,139, a figure which is 18.3% below the average property price in London. While this company states that the average property price in Peckham has risen sharply in the past year, they still state it as being lower than the average property price listed by the other leading estate agent.
It is always wise to obtain as much guidance and advice on property prices and opportunities but the overall trend is definitely on the up for Peckham. The level of redevelopment means that there is still scope for a return on your money or finding a suitable location in Peckham, even if you are now only considering the area. Peckham has experienced growth and benefits in recent times but there is nothing to suggest that the Peckham property market has peaked.