Zone 3 homes near Crossrail links: shared-ownership homes in Canning Town start from £80k for first-time buyers

Billions of pounds of regeneration will be completed by 2024 in this east London district, where average house prices are still less than £400,000.

Canning Town is not a thing of beauty but billions of pounds of regeneration are turning the east London district from the kind of place nobody ever wanted to live into a location for property adventurers who want to be able to buy a share of a new flat there for just over £80,000.

The final phase of one of the area’s biggest housing developments, Rathbone Market, is being completed now. And while private flats in the development are being marketed for well above £600,000, Notting Hill Housing has one- and two-bedroom flats available on a shared ownership basis for first-time buyers.

A 25 per cent share of a one-bedroom open-plan flat will cost £82,500. This means raising a deposit of £8,250 while monthly costs will include mortgage repayments of about £434, rent of £454 (on the 75 per cent you don’t own) plus a service charge of £155.

A 25 per cent share of a two-bedroom flat starts at £101,250. Buyers will need a deposit of £10,125, and their monthly costs will be about £532 in mortgage payments, another £557 in rent, and a service charge of £182.

There are also a few three-bedroom flats on offer, and a 40 per cent share of one of these properties will cost £208,000. This will mean raising a deposit of £20,800. Monthly mortgage costs are estimated at £1,093, the rent will be £715, and the service charge is £255.

The 45 shared-ownership flats will be ready to move into at the start of next year. The development is portered with landscaped gardens, bike stores plus a more unusual offering: allotments on its roof for which residents can put their names down. There is also a gym on the site.

The development is on Maud Street, just off the heaving A13 Newham Way, although the flats are well insulated to minimise noise from that and nearby City Airport, which is three miles away.

The nearest station is Canning Town (Zone 3, Jubilee line and DLR). Custom House station is a 20-minute walk away and will be served by the Elizabeth line (formerly Crossrail) in 2018 with direct links to the City, West End and Heathrow.

Canning Town itself is still a rough diamond, but extensive regeneration work will be completed by 2024 on a series of developments including the new £600 million “town centre”.


New homeowner: Johan Harmse bought a shared ownership flat in Rathbone Market

Johan Harmse, 31, a management consultant from South Africa, bought a shared ownership flat in Rathbone Market in an earlier phase of the development.

Johan moved to London from Cambridge four years ago and rented a flat with friends on the Isle of Dogs. After someone he knew bought a shared ownership property he followed suit.

In 2015 he bought a two-bedroom flat at Rathbone Market. He had saved enough to put down a £32,000 deposit on the flat, which had a full market price of £350,000. He took a mortgage of £108,000 to buy a 40 per cent share in the property, which he believes has risen in value by around 20 per cent in the last year.

Monthly bills come in at £493 in rent, around £130 for service charge, and £491 on rent.

“Rathbone Market has a superb finish, is in a great area and has excellent transport links, so it ticked all the boxes.”

The downsides are noise and construction work around him, although Johan is pleased that over the summer some local restaurants have started to open. “When the redevelopment is finished I’m hoping the area will be more lively with good retail and leisure spaces so we don’t have to travel for a nice cup of coffee and brunch.”

He also feels that improving transport links plus investment make the area a good bet financially: “With Crossrail coming nearby at Custom House, and so much regeneration going on around Canning Town and Stratford, I knew it would be a great future investment.”


The E16 postcode is one of the most affordable in central-ish London with average prices standing at £399,267 according to Rightmove. They are however growing fast.

Three-bedroom penthouses in the Alaska Apartments, close to the Royal Docks, are on sale for up to £1.85 million.

In Canning Town proper, north of the docks, prices plunge. A top floor three-bedroom penthouse (available on the open market) at Rathbone Market is priced at £650,000.

There are very few terraced houses — around £300,000 for a two-up two-down.

Where the area really delivers is apartments, both brand new and resale. For life in low-rise, St Luke’s Square is a traditional scheme of homes around landscaped gardens, and two-bedroom flats due to complete early in the New Year are priced at £479,000.

A one-bedroom flat in Galliard Homes’ Royal Gateway development, due to complete this year, is priced at £375,000.

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