Shared-ownership homes in Lewisham: house prices are soaring but first-timers can still buy for less than £90k

A new shared-ownership scheme has homes on offer from less than £90,000 to first-time buyers in one of the capital's boroughs where annual house price growth is far outperforming prime central London - and most of the rest of the country.

Click to follow

During the past 12 months Lewisham has, quietly, become one of London’s strongest-performing boroughs with an annual house price growth of more than 10 per cent. This puts an area once notorious for crime and ugly, post-war estates into an elite band of “double-figure” boroughs that are far outperforming both prime central London and most of the rest of England and Wales with a current average price of £406,887, according to Land Registry data.
But Thurston Point, a new shared-ownership scheme launched last month, has homes on offer from less than £90,000 to first-time buyers.
“Lewisham has become a popular location for first-time buyers, but new-build developments have priced out the local community,” says Cathy Lloyd, sales and marketing director at housing association L&Q. “We are giving local residents a chance.”
Prices at Thurston Point start at £88,750 for a 25 per cent share of a one-bedroom flat, with a full market value of £355,000. Two-bedroom flats start at £121,250 for a 25 per cent share in a property with a full price of £485,000. Priority will be given to people who already live in the borough of Lewisham and south-east London.


Serious regeneration
Lewisham has long been stigmatised by its gritty reputation. In 2013 the borough was named the most crime-ridden area in England and Wales in a report by the Institute for Economics and Peace. But there has been some serious regeneration work to improve it, plus a ripple of more affluent incomers priced out of neighbouring Greenwich and East Dulwich, which is creating a more mixed community.
Crime rates in Lewisham today are declining and are lower than average for London, according to the Metropolitan Police. There is also huge regeneration under way around the high street and station.
The Lewisham Gateway project will remove the traffic-burdened Loampit Vale roundabout and replace it with a more pedestrian-friendly environment including a public square. Later phases will include about 200 new homes, plus shops and cafés.


Thurston Point: priority for shared-ownership homes will be given to people who already live in the borough of Lewisham and south-east London

Good transport is always a crucial indicator of whether an area has regeneration potential and Lewisham passes this test with ease. It sits at the end of the Docklands Light Railway in Zone 2/3, with services to Canary Wharf taking about 30 minutes
There are also Overground trains from Lewisham to Cannon Street or Charing Cross, taking about 15 minutes. An annual season ticket costs £1,284. Lewisham remains a work in progress — think Brixton 10 or 15 years ago — and whether it succeeds will depend largely on new homes and whether it attracts businesses.
Over the next two years, residents will also learn whether plans to extend the Bakerloo line to Lewisham are approved. The scheme, which would transform the area and give a huge fillip to property prices, is currently being considered by Mayor Boris Johnson — although the final decision will be taken by his successor at City Hall.
Buyers at Thurston Point will need to weigh up affordability and potential versus a safer property in an already established area.


From £88,750: for a 25 per cent share of a one-bedroom flat at Thurston Point


  • Past: named the least peaceful place in England and Wales in a 2013 think tank study.
  • Future: Transport for London is considering extending the Bakerloo line southwards to Lewisham, giving the area its first Tube link.
  • Trivial pursuit: King Alfred the Great, who defended Britain from Viking marauders, lived in Lewisham.
  • What it costs: an average home in SE13 costs £390,234, up more than four per cent in the past year, while an average two-bedroom flat costs £1,593 a month to rent (source: Zoopla).
  • Landmarks: Lewisham Clock Tower was erected to commemorate Queen Victoria’s diamond jubilee.
  • Eat: Street Feast, a summer night food market with bars and pop-up diners, just closed its doors for another year but La Pizzeria Italiana and Levante Turkish restaurant are worth a visit.
  • Drink: local favourite The Fox & Firkin in Lewisham High Street hosts live music, DJs... and knitting groups.
  • Buy: Lewisham Shopping Centre is massive and stuffed with chain stores. Lewisham Market opens daily with an old-school atmosphere, fruit and veg stalls plus bargain clothes.
  • Walk: there are two main parks — Ladywell Fields and Hilly Fields Park.


Follow us on Twitter @HomesProperty, Facebook and Instagram