Riverside shared-ownership flats at New Capital Quay, Greenwich

First-time buyers can live by the Cutty Sark at the right price and with water on three sides
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First-time buyers are being offered the chance of a contemporary home within five minutes' walk of a World Heritage site.

Hyde New Homes (hydenewhomes.co.uk) has just launched 38 shared-ownership properties at the New Capital Quay development in Greenwich. Another 50 will be launched over the coming 12 months.

Affordable homes in Greenwich
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Greenwich has a great high street, which is full of independent shops and market stalls

Affordable homes in Greenwich
New Capital Quay is on a peninsula within easy reach of jobs at Canary Wharf via the DLR, though a more pleasant commute can be taken aboard a Thames Clipper service across the river
Sitting on the south bank of the Thames with the river on three sides, New Capital Quay is a series of curvy blocks arranged around entrance courtyards. Many have a private timber-decked balcony or terrace. One-bedroom apartments start at £64,750 for a 25 per cent share (full market value £259,000) and two-bedroom properties start at £81,250 for a 25 per cent share (£325,000). There are also some larger, three-bedroom flats.

"It is a brilliant site with such a good location for commuting to work and for social life," says Asha Agarwal, sales manager at Hyde.

The development includes shops, with a branch of Waitrose set to open this summer, a series of public squares and gardens, and the site is a three-minute walk to the Cutty Sark DLR station, in Zone 2, with direct links to Canary Wharf. Overground services from Greenwich take 12 minutes to Cannon Street. A slower, but infinitely more enjoyable transport option is to board a Thames Clipper boat to Canary Wharf or the Southbank.

Greenwich: a fantastic location
Greenwich is a fantastic location in its own right with much more to offer than good looks and lashings of historic buildings. It has the eponymous Royal Park, a great high street full of independent and chain stores, loads of riverside pubs, notably The Trafalgar Tavern, and restaurants, a theatre, nightlife in the form of the newly opened Studio 338 in north Greenwich, and the 02 centre.

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Affordable homes in Greenwich
New Capital Quay stands in a commanding location on a bend in the Thames, yet still within touch of all the key local amenities

Plenty of entertainment
For a slightly edgier experience New Capital Quay is also within walking distance of Deptford, a major regeneration zone where students from nearby Goldsmiths and the University of Greenwich mingle with young artists and families at the Deptford Project, which has exhibitions, film screenings and a great café. Deptford has its own market, as well as art galleries including Bearspace and venues such as The Albany for music and theatre.

But shared ownership is all about affordability. "To buy in this area on the open market you would need a very, very large deposit," points out Agarwal. "For new-build properties lenders require a 20 per cent deposit which, for a one-bedroom open-market flat here would be £51,800. "For shared ownership, 10 per cent deposit would be £6,475."

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The scheme is open to first-time buyers living or working in Greenwich, Lewisham, Southwark, Bexley or Bromley. Applicants must have a household income under £66,000 for the one- and two-bedroom flats.

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