Streatham - finally on the up!
We have all been waiting a long time for Streatham to start catching up with the rest of South West London but the signs of the last year and the beginning of 2014 points to an exciting change in the fortunes of our town.
There are many reasons Streatham has lagged behind other neighbouring areas in recent years but rising property prices confirm that Streatham is now ready to complete with its more affluent neighbours as a place to buy a home.
Property prices fell away dramatically following the banking crisis in 2007/8. Since then there have been very modest price increases during 2010, 2011 and 2012., Then, at the very beginning of 2013 there was a noticeable shift in an upward direction.
It is hard to put a finger on why prices started to rise, but one factor could be the constant media talk about the Government Help to Buy scheme. This encouraged buyers who had been anxious about taking the plunge since the crash, in part because they feared a flood of buyers taking advantage of the Government scheme when it came into force. . Meanwhile, media Property commentators saw Streatham as a place which had been undervalued in recent years and as a town ready for growth and positive change.
The Streatham Hub development has also played a significant part in prices rising so fast. The A23 in the Southern section of Streatham had a lack of investment and had largely been ignored, with commercial premises lying empty and the closing of Streatham Leisure Centre seemingly a final nail coffin. However, following years of negotiation and hard work the green light was given to the Hub development the regeneration of Streatham South and Streatham Common had begun.
The opening of Tesco, the new ice rink and a leisure centre has given the whole area an enormous boost and as a result areas around Streatham station such as the ‘Ferrers Triangle’, Hopton Road and Gleneagle Road fringes have all seen demand for homes increase. This flurry of activity has also spread further south to the Common, Green Lane, Norbury and the roads around Streatham Common station and now beyond to Streatham Vale.
From January onwards month on month prices have risen at a frightening pace with most of Streatham seeing prices increase by some 40% in a year. It sounds incredible, but amazingly there are no signs that this trend will slow down with economic outlook much rosier.
During 20 years of trading we have seen many peaks and troughs, but this peak is beyond anything we have seen before. Streatham still has room for growth and improvement so we believe that exciting times await. Streatham is finally on the up.