New homes guide to London for first-time buyers: from travel Zones 1-5

There are pockets of good value for first-time buyers in every corner of London, with new shared-ownership homes being built from travel zones1-5 - if you can find them.
First-time buyers have to be enterprising in their search for a new-build shared-ownership home. Property prices are rising faster than incomes but London still has affordable areas even in the most central postcodes, and pockets of good value in all travel zones.

White City and Woolwich, for instance, once industrial areas, are on the way up. Buy into them now, before they become popular or fashionable, and you’ll be ahead of the game. 

Study the map and the transport routes, choose an area to explore and start walking. You will be surprised by what you discover — not just lower-priced property but also good design. Housing associations are using top architects to create distinctive — sometimes superb — space-creative homes.
 
IMAGE GALLERY: BROWSE SHARED-OWNERSHIP HOMES FOR SALE IN LONDON - IN ZONES 1-5



ZONE 1: SO CENTRAL
Moments from the gleaming new riverside district being built around Battersea Power Station lies the gritty Vauxhall hinterland, so close to the Palace of Westminster that it is part of the parliamentary “Division Bell” area.

Parliament House in Black Prince Road is a new 23-storey tower with private and shared-ownership flats, the latter priced from £123,750 for a 25 per cent equity stake. Call 020 8357 4444.
 
620-black-prince-road_0.jpg
Zone 1: Parliament House in Black Prince Road, Vauxhall, has flats from £123,750 for a 25 per cent equity stake

ON THE CUSP ON ZONE 1: SQUARING THE OVAL
Oval, on the edge of Zone 1, stands out as good value, a beneficiary of regeneration rippling out from Nine Elms and the building of the Northern line spur. A Seventies council estate — 30-acre Myatt’s Field North — has been bulldozed to make way for Oval Quarter, with 808 new homes and one of London’s biggest new parks, allotments and a showpiece community centre with café, crèche and IT suite built “under” the park with a sloping glass roof to maximise solar gain.
 
620-francesco-lisotto.jpg
Zone 2: retail manager Francesco Lisotto snapped up a new apartment in SW9 at
Oval Quarter, where one-bedroom flats start at £166,000 for a 40 per cent share

Francesco Lisotto, 29, a retail manager for John Lewis Partnership, snapped up a two-bedroom flat in the first phase “because it was an opportunity to buy early into a fast-improving area”. One-bedroom flats cost from £166,000 for a 40 per cent share, while three-bedroom family homes are priced from £140,000 for 25 per cent. Call 020 8357 4444.

ZONE 2: HEADING WEST
White City’s fortunes changed with the arrival of Westfield shopping mall and the departure of the BBC from its historic Wood Lane headquarters. The former west London commercial zone is now one of Mayor Boris Johnson’s Opportunity Areas and there are plans for a giant mixed-use Canary Wharf-type complex next to the A40.

Notting Hill Housing Trust has launched The Bloom in Bloemfontein Road, with 48 flats in colourful, contemporary-design low-rise blocks overlooking five-acre Wormholt Park. Two-bedroom flats are from £137,250 for 30 per cent. Call 020 8357 4444.

BRIXTON
In Brixton town centre, a short walk from the Tube station, you can buy a new flat with a £9,999 deposit. The Junction is a scheme of 92 flats available on a shared ownership basis. Prices from £199,999 for the minimum 50 per cent share. Call Network Living on 0844 809 2027.

TOOTING
Tooting, a buzzing south London spot with bars and bistros, is still a good deal cheaper than Clapham and has the wonderful refurbished lido, dating back to 1906, on Tooting Bec Common. A new high street development called XVII brings 28 apartments five minutes’ walk from Tooting Broadway Tube station. Prices start at £130,500 for a 45 per cent share, and the deposit required is £6,525. Call Thames Valley Housing on 020 8607 0550.

GREAT-VALUE GREENWICH
The strip between Greenwich town centre and the O2 arena at Greenwich Peninsula is getting a makeover. Derelict wharves are being turned into fancy apartment schemes, including Enderby Wharf, while Greenwich Square is a new 645-home community with public library, crèche, café and health centre on the old district hospital site. Two- and three-bedroom shared-ownership flats start at £116,250 for 25 per cent. Call L&Q on 0844 406 9286.
 
620-peltons-cover.jpg
New Greenwich homes: from £77,500 for 25 per cent of a flat at The Peltons

Philanthropist George Peabody founded his housing charity in 1862 with the mission of making “model dwellings for the needy of this great metropolis”. Today, Peabody is one of the capital’s biggest housing associations — with more than 27,000 homes, serving 80,000 residents — and for the first time, it is building homes for sale, with shared-ownership an option.

Developments unveiled include Lock Keepers, a canalside scheme in Bow; More West, moments from Latimer Road Tube station in west London; The Peltons, Greenwich; Coopers Road, Bermondsey; and Merchants Walk, also in Bow. Prices start at £265,000. Visit www.peabodysales.co.uk.


ZONE 4: FURTHER, FASTER
Colindale, near the M1, is on the Northern line, about 30 minutes from the West End and City. Zenith House in Edgware Road lends urban glamour, with contemporary, energy-efficient flats in a development with gym, underground parking, super-fast fibre-optic broadband and free car club membership. From £69,375 for 25 per cent of a £277,500 flat. Call Genesis Housing Association on 033 3000 4000.

ZONE 5: THE SUPER-SUBURB
Harrow & Wealdstone, united by a train station, are two distinct places — the former a prosperous suburb famous for its public school, the latter a working-class district with a manufacturing legacy spawning sites for housing.

Essence in Wealdstone High Street offers shared-ownership flats priced from £90,000 for 50 per cent. Monthly costs of mortgage, rent and service charge are from £857. Call Origin housing association on 0800 068 8990.

Pearmain House, near Rayners Lane Tube, has 38 flats and launches next month. Price £100,000 for a 50 per cent share. Call Metropolitan on 020 3535 2555.

Follow us on Twitter @HomesProperty and Facebook

Comments