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@Joe.S
I rode through this junction last night.
You are right Tea_Bee that it is not obvious that when exiting from Greenwich that the traffic opposite you is also on a green light. This is exacerbated by the fact that their stop line and lights are about 15yds back from the actual junction as there is space for turning buses to park. What this means is that as you move away from the lights turning right back towards New Cross the oncoming traffic takes a bit more time to reach the junction. This in turn means that vehicles have picked up a little more speed / will be expecting to shoot straight across if that is their intention. So, in short, I agree with you, it is a far from perfect set up. The whole Deptford Bridge interchange is a bit like that though. A lot of cars jostling for position at a multi laned junction that isn't perfectly signed.
Lynx makes a fair point though - there is only so much traffic coming out of a residential development. Although it only needs one car etc. Secondly, Lynx, is it def only into the development. Google shows it as such, but has the road been linked through on the other side to brrokmill rd?