First-time buyer guide to London: Surrey Quays

Although the Overground has triggered house price growth in this Zone 2 hotspot, new shared-ownership flats at Surrey Quays are now within reach of first-time buyers.
The East London line’s Overground service has made Surrey Quays a fantastically handy location for anyone who works in Canary Wharf. This excellent Zone 2 transport link has helped to trigger impressive house price growth in an area that largely missed out on the great Docklands boom of the Eighties and Nineties, with an average property now approaching the £450,000 mark.

Happily, housing association L&Q has a more affordable option for those keen on life in the Quays. Greenland Place (www.lqgroup.org.uk/greenlandplace) is a development of 95 shared-ownership homes with prices starting at £80,000 for a 25 per cent share in a one-bedroom flat.

IMAGE GALLERY: THE HOMEBUYER'S GUIDE TO SURREY QUAYS


BUYING COSTS
It is estimated that the monthly costs, including rent, mortgage and service charge, will come in at £1,149. A 25 per cent share of a two-bedroom flat will cost £110,000, and the monthly costs here total £1,449.

The first tranche of 40 homes launched late last year, while another 55 will be put on sale early this year. This second tranche will also include some three-bedroom homes.
Every property at the development has a private balcony or terrace, and first priority will be given to buyers who currently live or work in Bexley, Bromley, Greenwich, Lewisham or Southwark. 
 
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From £80,000: for 25 per cent of a one-bedroom flat, or £110,000 for 25 per cent of a two-bedroom flat at Greenland Place
 


THE LOCAL LOWDOWN
The development is named for Greenland Dock, once at the heart of London’s shipping industry, which is just a few minutes’ walk to the north. Today it is home to the Surrey Docks Watersports Centre, where activities include sailing and kayaking. 

Other local attractions include Surrey Docks City Farm, with an amazing backdrop of Canary Wharf. Southwark Park is half a mile away and has football pitches, free tennis courts, and a café. 

Olivia Scrimshaw, assistant director of marketing at L&Q, says the area’s green space is one of its highlights. “It also has a charming Docklands appeal and it is an area which not many people have discovered,” she says.

On the downside this is an area which, as Scrimshaw puts it, is “still being refined” — by which she means it is short on café culture, interesting shops and nightlife.
“It is not yet of the same stature  as places like Canada Water and Bermondsey, it has not yet had that gentrification. But it is the next area in line,” adds Scrimshaw.

See www.lqgroup.org.uk/greenlandplace.
 

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