Zone 2 for first-time buyers: new shared-ownership flats in East Putney priced from £87,500

A prized riverside enclave is bringing Putney within reach of young Londoners.

Smart, leafy and perched beside the Thames, Putney is one of those areas which has been so engulfed by a middle-class tide of Farrow & Ball that it is hard to remember a time when average first-time buyers could afford to live there.
Putney Village remains one of the most expensive of south-west London’s suburbs, but East Putney — a slight no man’s land between Putney and Wandsworth — is a better value-for-money option, particularly now with a new launch of homes by Octavia Housing which has 34 shared-ownership starter flats at Walpole Lodge aimed at first-time buyers, with prices from £87,500.
Well connected
Walpole Lodge is right beside East Putney station, in Zone 2 on the District line. Or take a bus to Clapham Junction two miles away, for fast trains to Vauxhall and Victoria.
The homes are within a private development at Putney Plaza, three blocks containing 150 homes and replacing two post-war office buildings. The scheme, with large communal roof terraces overlooking south-west London, has new cafès, restaurants and shops.
The homes will be ready at the end of the year, although the whole development is not expected to complete until 2017. Prices start at £87,500 for a 25 per cent share of a one-bedroom flat.
A quarter share of a two-bedroom flat will cost from £113,750, while a 25 per cent slice of the largest, three-bedroom flats costs £131,250. It is also possible to buy a parking space for an extra £25,000. Priority will be given to buyers who already live and work in Wandsworth.


Riverside pubs
Sue Dance, head of sales and marketing at Octavia, says: “You are so close to the water that you will be able to stroll out in the evening and go to one of the lovely riverside pubs.”
Walpole Lodge is perfect for a short walk into Putney for a coffee, to catch a movie, or just to mooch around the shops.
Or head over to Wandsworth Town, which has more of an independent flavour. Richmond Park, Clapham Common, Clapham and Battersea are all on the doorstep.

Down by the river: Putney Pier on the Thames. Image: Daniel Lynch

The downside is noise. Some of the properties overlook railway lines, and the development is just off busy Upper Richmond Road.
Dance says: “I would expect most applicants will take the view that they are in an urban landscape and, in order to have the convenience of just crossing the road to reach the Tube to get to work, they will have to accept the added noise.”
The knowledge: Putney
Putney Heath was a popular spot for duels. Combatants included Cabinet ministers George Canning and Lord Castlereagh, who fell out in 1809 over troop deployment in Europe. Canning was shot in the thigh.
Future: developer Pocket, which specialises in small, affordable flats, has just won planning consent for a new development of 63 mini apartments in a 24-storey tower, Mapleton Crescent.
Trivial pursuit: Wolf Hall fans note Thomas Cromwell spent a miserable childhood at his cruel father’s hands in Putney.
What it costs: an average Putney home costs £781,922, down 6.22 per cent in the last year. A two-bedroom flat costs an average £2,134 a month to rent, says Zoopla.
First-time buy: a smart purpose-built flat with two double bedrooms, above shops in Upper Richmond Road, is on the market with Barnard Marcus for £350,000.
Landmarks: the Ram Brewery, dating from the 16th century, is reputed to be Britain’s oldest. It closed in 2006 and is being redeveloped into apartments.

Eat: many major chains are represented in Putney. For breakfast, Ken’s Café in Upper Richmond Road is a local institution where the full English is said to work wonders on a hangover.
Drink: tequila at El Patrón in Upper Richmond Road.
Walk: Wandsworth Park is small but perfectly formed, one of only a handful of Grade II-listed parks in the capital, and on the banks of the Thames.

Follow us on Twitter @HomesProperty and Facebook