Bexley struggle to sell homes at new development
Image courtesy Bexley Council
Bexley Council’s off-shoot developer BexleyCo is struggling to sell new homes according to a new report.
One site on West Street in Erith has seen eight units sold out of a total of 30 within the block since a show home opened in March 2025. A two-bed flat can cost as much as £400,000.
As a result of low sale numbers homes will now be offered for private rent for up to five years. A report before Bexley Council’s Cabinet states:
“Sales at West Street have been slower than anticipated with only 8 of the 30 new homes sold.
“To mitigate the difficult market conditions a hybrid approach has now been adopted, whereby on an incremental basis unsold homes will be privately rented, to be sold at later date over a 5 year period.”
Zero “affordable” homes were included in the development. It was built on parkland.
Sales have been higher at another BexleyCo site at the former Sidcup library, where 16 of 32 homes have been sold. They have been on sale since late 2025.
BexleyCo are now preparing to submit an application for a site beside Belvedere station.
That site is beside Belvedere station and would see 86 flats above a proposed new GP surgery.
Belvedere is a two minute train ride to Abbey Woof for Elizabeth line connections.
BexleyCo planned to build on a car park site directly beside Abbey Wood but postponsed that some years ago.
The proposed rents are extremely high on the flats. No idea who will afford them and apparently won’t even cover the repayments of the loan made to develop the block!
But BexleyCo continue to seek planning permission in Erith for non affordable homes at the Post Office site and the site next to the College/Fish Roundabout. Despite not being able to sell current stock. Make it make sense.
Oh just like brick by brick & croydon council wont take long before they realise their not a developer and a council and theyll have to wind up bexleyco due to high prices, i mean have they ever stepped foot in erith 400k for a flat
300k will get you a 2 bed house therefore what their selling for is above market due to high admin and building costs…….
£400k for a flat in Erith?!!!
Deluded!
I purchased a decent 3 bedroom house with a driveway, nice sized rear garden, kitchen diner extension with bi-fold doors, all for £450k (freehold)!!!!
@J Smith: ‘Zero “affordable” homes were included in the development.’ Turns out that only eight buyers could actually afford anything and I wouldn’t mind betting they are ‘buy to let’.
@Jordan and @HK, I know, right. 😂 I’m quite happy with my low outgoings maisonette in SE London that is close to the town centre, local shops, trains and buses.