Sandwiched in between the foodie heaven of Borough Market at London Bridge and affluent Clapham and Battersea, Lambeth has been surprisingly overlooked by first-time buyers.
Now, with many old estates being pulled down and replaced with award-winning affordable and social-housing schemes, it's an area that's ripe once again for investment.
Homeowners with a long-term view are set to benefit from the huge number of projects due over the next decade in the Nine Elms regeneration scheme - the new American Embassy and the revamp of the New Covent Garden Market by Foster + Partners. Estate agents expect a significant jump in local prices as these developments near completion, but for now it is possible to buy a flat for less than £250,000.
'With many old estates being pulled down and replaced with award-winning affordable and social-housing schemes, it's an area that's ripe for investment'
Lambeth is well-placed for access to central London, with numerous Tube stations and rail links. Five minutes from Kennington Tube station is one of the new housing schemes at the heart of Lambeth's return to prosperity. Bellway Homes' redevelopment of the Victorian Lambeth Hospital complex will deliver 73 private properties, half of which have already been reserved.
The Water Tower development is named after the landmark Grade II-listed seven-storey Venetian-Gothic building that anchors the project. The tower's eventual owners will have to pay a premium for the magnificent views it offers across London and the Thames. Bellway will sell the building to a private owner with planning permission for a scheme by Acanthus WSM Architects. More affordable are Bellway's one-, two-and three-bedroom flats, ranging from £227,000 to £350,000. There are a limited number of three-and four-bedroom houses. Call 020 7735 9422.
© Anchus WSM Architects
For those on a tighter budget, Genesis Homes is offering flats in a shared-ownership scheme a few minutes' walk away from Streatham Common at William Court. Based on a market value of £277,500 for a one-bedroom flat, prices start at £56,875 for a 25 per cent share for first-time buyers earning less than £60,000.
There are only two flats left at William Court but Genesis is completing a similar car-free, 69-home development in Glyn Street by Vauxhall City Farm. It launches in autumn and will feature 32 shared-ownership flats. Call 0845 600 4663.
Further south, Mount Anvil is preparing to open the final phase of This Space, a hugely successful development in Wandsworth Road that has featured in Vogue. Ten minutes' walk from Stockwell Tube station, the Sixties concrete building has a new lease of life with its glossy white render. Inside, there are large communal lobbies and a theatre. Buyers can also purchase storage and car parking spaces.
Although earlier phases offered studios and three-bedroom flats, the final 54 to be released next month are one-and two-bedroom, from £240,000. There is also a 1,022sq ft two-bedroom flat at £515,000. Call 020 7776 1800.