Islington flats for first-time buyers: new shared-ownership homes in 'down to earth' Caledonian Road start from £122k

The Caledonian Road is a 20-minute walk and a million miles away from Islington’s Upper Street.

While the latter is lined with smart independent cafés serving artisanal coffee and handmade gluten-free pastries, “The Cally” is more of a full English breakfast sort of place.

Despite its down-to-earth vibe and the presence of plenty of London University students renting grotty flats, homes in this corner of north London don’t come cheap.

Even in the challenging current market, a typical flat in N7 now costs almost £500,000.

But first-time buyers without half-a-million to spend need not give up on Caledonian Road.

A selection of one- and two-bedroom shared-ownership flats at Market Gardens, a new development by Peabody, goes on sale this weekend, priced from just over £120,000.

The development gets its name from Market Road Gardens, a small park almost next door.

But perhaps a more widely known local landmark is HMP Pentonville, the Category B prison in Caledonian Road which provided a “temporary home” to the late soccer ace George Best, George Michael and fellow pop icon Boy George, who spent several weeks there in 2009 as part of his sentence for falsely imprisoning a male escort.

The Victorian jail is attractive, from the outside at least, and likely to be sold for redevelopment at some point.

Between Lower Holloway and Barnsbury, Market Gardens has much to offer in terms of location.

It’s surprisingly leafy — the development has communal gardens and the open-plan flats have private balconies, while Market Road Gardens leads into the larger Caledonian Park.

Highbury Fields and Highbury Leisure Centre are a 20-minute walk away.

There are two nearby Zone 2 stations — Caledonian Road Tube, on the Piccadilly line, and Caledonian Road & Barnsbury for London Overground trains, and while the area lacks a traditional high street, there is plenty to do within walking distance, from drama at the Pleasance Theatre to live music at The Garage.

There are everyday shops around Caledonian Road station, while the name alone makes The Breakout café, opposite the prison, worth a try; work it off with a few lengths at Cally Pool & Gym.

The bars and restaurants of newly invigorated King’s Cross are a mile up the road or, heading east towards Kentish Town, you could stop in at The Lord Stanley for a pint and a game of pétanque.

One-bedroom flats at Market Gardens start at £122,500 for a 25 per cent share, and buyers will need an initial deposit of £12,250.

Monthly costs will include £674 rent, £237 service charge and £652 mortgage repayments.

Two-bedroom flats cost £163,750 for 25 per cent. The minimum deposit is £16,375 and monthly costs total just over £1,900 including rent of £737, service charge at £318 and mortgage payments of £871.