Our home town East Dulwich has grown popular in recent years bringing with it a number of buyers from other parts of London. Generally speaking the property market in East Dulwich has been improving steadily since the 90’s, but IT started to flourish in the early 2000’s and became very popular since 2010.
Why East Dulwich? Well because East Dulwich was able to transform itself from something ordinary to a hotspot for young families by becoming a great place to live.
Over time East Dulwich started to develop through a wave of new restaurants, gastro pubs, independent shops and cafes like our personal favourite the Blackbird Bakery! It attracts a mix of young and older professionals and individuals who work in the arts and media.
Famous residents include Comediennes Jenny Ã‰clair, Jo Brand, Actors James Nesbitt, Richard Ayoade, Timothy Spall and Olivia Colman.
What do these developments mean for local home owners who could be looking to sell? Or an investor who’s looking to invest in Dulwich?
Firstly, prospective buyers are willing to pay good price for a property even if it is not particularly pleasing on the eyes or even slightly run-down. As for investors, the area doesn’t look like it’s becoming any less popular anytime soon so it should have some long term value for those wanting to buy and rent out to the always long list of tenants looking to move into the area.
And secondly, as prices in London have risen by an average of 18.7% according to the Office of National Statistics, East Dulwich has been able to benefit from perhaps even better growth than the average.
This boom is quite visible in local property prices. Prospective sellers only have to look at local Lordship Lane where a 1 bedroom flat on Lordship Lane was sold at £225,000 in March 2013. Whereas in March 2014 the same property was sold at £322,000! In the space of nearly a year the property price had increased by 40%.