"There has been a market here for nearly 200 years and the Festival is about a new exciting market with local residents selling items," said Ian Rathbone, Secretary of the Well Street Traders and Residents Association (WESTRA).
"We are also launching a 'barrow boys academy' with young people learning all aspects of how to run a stall and a business."
As well as traditional seasonal features like Mulled wine, home-made traditional Christmas puddings and Father Christmas, the Festival offers SE Asian food, Waffles, specialist beers and even funky frilly socks.
Jo Price, WESTRA Co-chair, whose family have run a florists in the area for more than 60 years, added: "A market is also a community hub and we also have people selling cakes to fundraise for charity and Homerton Hospital giving free tests for diabetes and advising on healthy eating. And there's several cafes where people can sit down, have a cup of tea or coffee and relax for a chat."
Terry O'Mahoney, WESTRA Co-Chair, emphasised: "We also have a full complement of shops here in Well Street market, with everything from greengrocers to hair stylists, from DIY to flowers, from health foods to opticians. Everything you could want from a shopping experience is here."
The Well Street Neighbourhood Plan Forum will be holding a consultation during the festival day, and WESTRA is also asking residents what they would like to see in the market. Any money that we are likely to fundraise will be invested in setting up future markets - because we want to go on!
Other stalls will be selling sewn and cross stitched items, handmade Christmas cards and decorations, and even a quality ceramics stall, reflecting the growing local artist community in the area.
Thanks to the Chatham Ward Community First Fund for helping to fund part of the Festival.