New Zone 1 homes for first-time buyers

Old Kent Road’s central location has plenty to offer young professionals. Now shared-ownership flats bring it within reach of first-time buyers.
The typical cost of a home in Old Kent Road, conveniently in Zone 1, is £628,000, which puts it well out of the reach of a first-time buyer. However, housing association L&Q has just launched OKR, a scheme of affordable homes in the major south-east London thoroughfare.
 
Prices start at £128,250 for a 30 per cent share in a two-bedroom flat worth £427,500, while £161,250 buys 30 per cent of a three-bedroom flat worth £537,500, and a 30 per cent share in a four-bedroom home worth £600,000 costs £180,000.

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OKR: a scheme of affordable homes in the Old Kent Road
 
All have a private balcony or terrace. The street itself is not pretty and is usually traffic-clogged, though there are plenty of pubs — the Thomas A Becket being a standout — and restaurants.
 
On the upside, OKR is close to 113-acre Burgess Park, which recently had a multimillion-pound regeneration and now has a fitness centre, barbecue area, cricket and tennis clubs.
 
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Thomas A Becket: a popular local pub

The location is great for outings, cultural and otherwise. The South London Gallery, famed for contemporary art exhibitions, live art events and film screenings, is 15 minutes’ walk away, while for nightlife head to The Bussey Building, a tram depot saved from demolition in 2007 by the community and transformed into club-cum-exhibition space with an epic 5,000 sq ft roof terrace and an open-air cinema club.
 
Local transport links include South Bermondsey station in Zone 2, again a 15-minute walk away, with Overground trains to London Bridge in under 10 minutes. It is also walking distance to Queens Road (Peckham) station, also in Zone 2, with direct Overground trains to Canary Wharf in just two stops.

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Culture on the doorstep: the South London Gallery, a short walk from OKR
 
Mayor Boris Johnson recently designated the Old Kent Road locality a key “opportunity area” for house building and development. He estimates there is room for 2,500 new homes — and if the long-promised Bakerloo line extension ever materialises, the area stands a good chance of being joined up to the Tube network, which would inevitably boost local house prices.
 
“Southwark is going through a period of huge regeneration, with the transformation of the Aylesbury Estate, Burgess Park and ongoing works in Elephant and Castle,” says Cathy Lloyd, sales director at L&Q.
 
“The location of the development has a lot to offer young professionals. This is a great opportunity for first-time buyers to purchase a high-quality affordable home with close proximity to central London.”
 
There are 13 homes on offer and priority will be given to people who already live and/or work in south-east London.

> Visit L&Q for more information on OKR.

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