Murky Depths

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Thamesmead

Peabody’s new Thamesmead homes still unsold 9 months after completion

Peabody have still failed to sell all homes at a development named The Reach in Thamesmead around nine months after they completed last December.

The site saw the first – and only – homes so far completed by Peabody in Thamesmead after a large number of areas were designated as Housing Zones six years ago.

Just 66 homes have been built in Thamesmead since the promise of thousands of homes made to much fanfare in February 2015 by George Osborne, then-Mayor Boris Johnson and local councils. In 2015 Peabody announced plans for 3,000 new units. Progress since has been slow to put it mildly.

Taken from Peabody website. Highly questionable advertising

Perhaps it’s no surprise even the first homes are failing to sell given Peabody are asking £280,000 for a 1-bed flat in a location opposite a prison and beside a dual carriageway – with service charges on top. It’s a less than pleasant walk to the nearest railway station involving an underpass near Plumstead station. Nor is it an easy walk to Woolwich Crossrail – whenever that opens.

Local politicians were on hand to open the site in an official ceremony in January 2020:

At the time I covered the cost of homes on site. If £280,000 for a small 1-bed flat seemed a bit much there was of course shared-ownership on offer. Not much of an offer granted, given it cost £70,000 for a 25 per cent share with a “buyer” then needing to pay rent of £481 a month on top of their mortgage and a service charge each month of £157.

It’s now many moons since the Housing Zone back in 2014 announcement and what do we have? Not much with few homes built and even those beyond affordable for most. Yet this same model is one the current government continue to push.

6 Comments

  1. Roy

    The,walk to Plumstead using the Underpass is no fun in the rain or in the dark…and near the Prison…next to the Carriageway…is my last choice for £280,000…..plenty of other opportunities near bus stops…train stations..shops…at a better price

  2. Two hundred and eighty thousand for a one bedroom flat in Thamesmead. Nope.

    Perhaps Peabody could offer the unsold units to Greenwich council who prefers to buy on the open market rather than build its own properties.

    • Graham

      Greenwich Council do prefer to buy homes on the open market rather than build their own council homes, However buying one home on the open market at market value does nothing to help the housing waiting list in the Borough. And shows how Greenwich Council loves to waste public money.time and time again.

      As Peabody are also an Housing Assoication/Trust with many social housing tenants themselves. They could also put these homes up for rent so they can be rented out to local people.
      ,

  3. Lynne Barry

    How disappointing

  4. Ill-conceived more like.

  5. Clearly suffering from the “wealth gap” here…the better heeled could easily afford, but would’t want, whereas the less well of can’t afford!!…doesn’t show much awareness of current socioeconomic circumstances!…

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