I have lived in Penge for 10 years and own two properties here - a fairly average three bed terrace and a one bedroom flat. Having just had the flat valued at £250k and the house at an eye watering £520k I asked the estate agent what was going on?! He claimed the government's help to buy scheme was fuelling demand, but I wasn`t convinced as recent government stats say this scheme only accounted for 0.5% of sales since its introduction.
Here`s what I think is going on in Penge. The woeful primary schools which used to put off many middle income families are on the up, with two having been taken over by Harris and turned into Harris Primary academies. The Crystal Palace redevelopment project is attracting buyer interest. But most important I think is the fairly new presence of dominant heavyweight London-wide estate agents like Foxtons, KFH and Wates who are really affecting things. Previously there were only a few fairly small local estate agents who focused on Penge such as Tudor Park and Asshetons. They knew the area well but they were small. Now these new estate agents with their large pool of registered potential buyers are bringing in people who had been looking in Crystal Palace, East Dulwich, Forest Hill and who probably had never even hear of Penge! Couple that with a general property shortage, fantastic transport links and agents who have the confidence to demand the same prices for Penge as with neighbouring areas, and hey presto.
