Regeneration and development boosting London’s Southbank
The Southbank’s growth as a business centre was accelerated at the end of the 20th Century with the extension of the Jubilee Line which opened the Southbank up to new businesses. It is also home to one of London’s most iconic buildings, The Shard. Furthermore, the National Theatre, Tate Modern, Shakespeare’s Globe and Royal Festival Hall all line the banks of the River Thames.
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This is part of the wider regeneration and place-making apparent along the southern banks of the River Thames, stretching from Battersea Power Station to Woolwich Arsenal. We have examined the scale of activity taking place in our new Southbank report.
Such large-scale regeneration often has the potential to underpin residential property values. Knight Frank data shows that prices on the Southbank increased by 2.6% in the year to October 2016, a figure which is notably above the 2.3% annual decline seen in prime central London over the same period.
Such a differential underlines the variations across prime central London in terms of pricing, with the more traditional locations of Chelsea and Knightsbridge seeing values fall over the last 12 months, while more eastern parts of the market, including the City, City Fringe and Southbank continue to grow.
This is also apparent in the rental market. Over the same period values across prime central London declined by 4.9% while rental values in Southbank were largely unchanged at -0.1%.
The Southbank’s growth as a business centre was accelerated at the end of the 20th Century with the extension of the Jubilee Line which opened the Southbank up to new businesses. It is also home to one of London’s most iconic buildings, The Shard. Furthermore, the National Theatre, Tate Modern, Shakespeare’s Globe and Royal Festival Hall all line the banks of the River Thames.