I have put in an offer on a 2-bed pad in Royal Arsenal, Woolwich for 305,000 and voila it got accepted (they had asked for 345,000!). This massive drop amazes me. There could be only one reason - there's a major fall expected in the near future!
To me, these are the negatives:
1. Woolwich as an area is, well, not that safe or interesting!
2. There's DLR construction going on in the area and can be dusty, noisy, disturbing (and the price of the dlr had already been factored into the first sale price)
3. There's a major housing crash coming up, and East London is one of the areas that are going to be deeply affected
But I see a lot of good things too! (else why would I put in the offer right?)
1. Great river views and partial views of the canary wharf skyline
2. Easy access to river boats, just a 10 mnt walk to train station
3. Historical development (and beautifully kept grounds), making it slightly resistant to a crash
4. Decent size for the price compared to, lets say, Greenwich and Royal Docks
What do you think are the real problems with the location and the development? Anyone has any experience buying a property at Royal Arsenal?