Woolwich’s new Wellington Street development (another one?)

Some of you may have noticed blocks that have appeared on Wellington Street in Woolwich over recent months. The site is just up the hill from the Town Hall and Woolwich Centre.

It was formerly Ogilby Housing buildings, and is now called – what else – Welllington Quarter.

Around 124 flats are planned. A narrow park will be located on the other side of the building between this plot and the area behind Tesco’s superstore.

The development’s website forecasts 39% price growth from 2016 to 2020. Yet according to Zoopla prices in Woolwich have fallen by 4.7% in the last year. Estate agents are seeing share prices battered as London prices hit peak levels and many areas are now seeing falls.

Perhaps the hope is to sell to overseas buyers who do not adequately research and buy into the PR. Yet this is leading to issues across London as those buyers who hopped to make a quick profit by flipping homes find they have overpaid and cannot pay costs beyond the initial deposit. Keep an eye out for that becoming a bigger story in coming months and years.

This development is due to complete in 2019.

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