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Thamesmead

Peabody asking £537,300 for 3-bed flat at former Tavy Bridge Thamesmead site

Original plans

With scaffolding beginning to come at some blocks in a new Thamesmead development from Peabody, I noticed how cost cutback appear may have impacted upon buildings.

So I did a little Google search to try to compare images – and then discovered prices for new homes. And they ain’t cheap. Peabody are looking at over half a million for a three bed. But that’s a house right? Nope. That’s for a flat. Of course they hope to entice people into paying over the odds with Help to Buy.

Shared ownership will also be expensive if Peabody’s previous development plot opposite Belmarsh is anything to go by. The Housing Association are asking for £70k for a 25 per cent share. In addition to the mortgage a “buyer” would then need to pay rent of £481 a month and then a service charge per month of £157. After nine months Peabody hadn’t sold all homes despite a severe need for housing. They are simply too expensive.

Site of new homes at former Tavy Bridge

Peabody also recently announced the demolition of an adjacent area to Tavy Bridge – and social rents will rise their too. Sale prices are not yet known.

It’s taken nearly a decade to even begin to build at sites they took over from Gallions Housing Association. Despite a housing crises, progress has been extremely slow. Politicians seem to love Peabody though despite how slowly they move – and are pictured at every PR event going. Their PR blinds much of the media too. Uncritical articles abound in the broadsheets.

Peabody are currently seeking approval for 1,750 flats in west Thamesmead near Plumstead station alongside Berkeley Homes. TfL are in line to receive only a third of money requested for transport improvements, and the NHS far less than requested. Some earlier mooted claims such as removing the gyratory have been dropped.

Design

There were worries that designs would be “value engineered” when Peabody announced a different contractor, and it’s still pretty early to see what the differences will be from earlier plans.

In 2019 I covered this issue, as original architects were dropped for a new design and build contract.

As more scaffolding comes down it’ll be interesting to see if buildings match the quality of initial submitted plans and designs.

A new library is coming which appears of good design though has already been cut back in size – and Bexley Council’s library service is now in meltdown with many existing libraries due to close.

6 Comments

  1. DWW

    I lived in the area for a short while. Never again! You’d have to pay me to live there again! What with the gangs and the drugs! You would have to be mad to pay half a million to watch the area turn into a toilet!

  2. CDT

    Absolutely DWW. They need to deal with issues affecting these areas like you mentioned above. Which people know exist but are reluctant to do much about it. I would not pay £120,000 to buy a flat there to be totally honest.

    People living in Greenwich and Bexley Boroughs on modest full time annual incomes of around £30,000 for example simply could not afford to buy here, A couple earning £60,000 between them would struggle to buy here and are being forced out of the area.

  3. What are they smoking at Peabody towers? I sincerely hope that nobody is desparate enough to pay that sort of money to live in shitty Thamesmead.

    On a slightly different tack, Panorama was going to look at shared ownership in a report called ‘The home I can’t afford’, but it was replaced by an interview with an ex-president of the USA. I expect will be shown next week and i shall be glued to the tv.

  4. E

    To be honest, thamesmead may not be visually appetising when you first look at it. However there are hidden gems of beauty, such as a local lakes that you can walk with your dog and family. I have been walking than the lake for 7 years with my family. It has been one of a saving grace since lockdown. Yes the mindset of some of the local is wopped, but that is every where you live.

    For a area with London postcode, you have country effect with the nature around you, hopefully Peabody will not build on all the spaces available.

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