Walk to work: flats for first-time buyers in Zone 1 foodie destination, with deposit requirements from less than £16k

Southwark has really established itself over the past 10 years as a player within central London. First a rejuvenated Borough Market, then the bars and restaurants of Bermondsey Street and — more recently — Maltby Street Market with its street food delights, have all become bona fide destinations.

Latest data from Rightmove reveals a rise in property prices of just under £50,000 in five years in SE1, from an average of £681,000 to £734,000.

First-time buyers keen on bagging a flat in the metaphorical “shadow of the Shard”, close to cultural institutions including the Fashion and Textile Museum and within a half-hour walk of the City, would need to pay an average of £720,000.

DEPOSITS START UNDER £16K

So many plus points mean that a new shared-ownership scheme, launching this week with prices starting at less than £160,000 and minimum deposits at under £16,000, represents a great deal.

​Wandle Housing Association has a range of one- and two-bedroom flats at The Taper Building in Long Lane.

A 30 per cent share of a one-bedroom flat with a full market value of £533,000 is priced from £159,900. Buyers will need to raise a deposit of £15,990, and their monthly costs will include mortgage repayments of about £720, rent for the portion of the property they don’t own at £451 a month, plus service charge of about £175. In total they will pay about £1,350 a month.

WALK-TO-WORK HOMES

A 30 per cent share of a two-bedroom flat with a full market value of £650,000 comes in at £195,500, and a 10 per cent deposit is therefore £19,500.

Buyers of these larger flats will need to be able to afford monthly payments totalling around £1,670, including mortgage payments of an estimated £925, rent at £531, and service charge of around £210.

The Taper Building is a low-rise boutique development set around a courtyard garden. Walking to work will be an option for many, but the nearest Zone 1 stations include Southwark for the Jubilee line and London Bridge for Jubilee and Northern lines, and national rail services.

There are enough bars, cafés, and restaurants within a mile to try something new every night for a year. Green space includes the hidden gem that is Leathermarket Gardens, with its sunken flower beds, raised rose beds and a weekday café, and you can walk beside the Thames all the way from Shad Thames to the South Bank.