Buying in south-east London:flats near Peckham bring hipster heaven into reach for first-time buyers, with part-buy homes from £108k

From rough-and-tumble to alarmingly expensive — SE14 has seen a dramatic transformation, locking many young buyers out — but new flats aimed at first-timers launch next month.

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The rise and rise of Peckham would astound its most famous sons — Del Boy and Rodney of classic TV sitcom Only Fools And Horses. The south-east London outpost has been transformed from rough-and-tumble to alarmingly expensive.

Latest Rightmove figures show average property prices in SE14 were £194,899 in February 2010. Today they are £493,000. This kind of stellar price rise has locked many young buyers out of Peckham, but next month Latimer Homes, part of the Clarion Housing Group, will launch new flats aimed squarely at first timers.

Pomeroy Street is a boutique scheme with 37 homes, of which 34 are being sold on a shared-ownership basis by estate agent Currell. The rest will be rented.

A 30 per cent share of a one-bedroom flat with a full market value of £360,000 will cost £108,000. As well as mortgage, buyers will pay £573 a month in rent for the part they don’t own, and £100 monthly service charge. A 30 per cent share of a two-bedroom flat is priced from £110,250, and owners will need to budget £590 a month for rent, and £120 for service charge.

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From £108,000: a 30 per cent share of a one-bedroom flat in Pomeroy Street, Peckham, a new boutique scheme aimed squarely at the first-time buyer market (S Saunders / Digital Nation Ph)

There is one three-bedroom flat available, priced at £135,000 for a 25 per cent share. Rent on this property comes in at £929 a month, and service charge is £130 a month. Buyers will be able to move in during September.

20 MINUTES FROM SOUTH LONDON'S BEST NIGHTLIFE

Pomeroy Street is on the easternmost fringes of Peckham and the nearest station is Queens Road (Peckham), with train services to London Bridge in just 10 minutes.

​Peckham Rye, where “trendification” of Peckham began, is a mile down the road — so a cool night out at the Bussey Building or a drink at Frank’s Café are only 20 minutes’ walk away.

Lined with post-war social housing, Pomeroy Street itself isn’t the most beautiful road in the area. However, around it are distinct signs that Queens Road — “QRP” to locals — is smartening up its act, as buyers pile in from more expensive Peckham Rye.

There are still plenty of chicken shops but there are also now some newer, smarter alternatives. The chic Blackbird Bakery café has taken a prime unit by the station, and Beer Rebellion, a laid-back bar in Queens Road, sells a range of craft beers.

WHAT ELSE CAN I BUY?

The potential of Queens Road Peckham hasn’t gone unnoticed by developers and Crest Nicholson is selling flats at its high-spec Wood’s Road development, priced from £450,000 for a one-bedroom home.

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From £450,000: a one-bedroom flat in Crest Nicholson’s new Wood’s Road scheme in Peckham (020 3858 2854)

The Help to Buy scheme is available, which means buyers need only raise a five per cent deposit.

Those who prefer period property could opt for a two-bedroom Victorian or Georgian conversion flat, which go locally from £400,000 to £500,000. JT Clarke London is selling a top-floor flat in a townhouse in Queens Road for £450,000, while Kinleigh Folkard & Hayward is offering another top-floor two-bedroom flat, also in Queens Road, for £395,000.

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£450,000: a two-bedroom flat in a Georgian terrace in Queens Road

As ever, you get the most bang for your buck with an ex-council home and there are plenty of low-rise brick-built blocks scattered in the streets around Queens Road. Ludlow Thompson is selling a one-bedroom flat in Carlton Grove for £295,000.


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