Get in quick: registration opens for first-time buyer homes at The Cotton Apartments in boom town Battersea

First-time buyer flats are set to be released in boom town Battersea with deposits from £12k.
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Ruth Bloomfield8 May 2018

The excellent bars and restaurants of Lavender Hill, plentiful wide open spaces provided by a network of commons and parks, proximity to the River Thames and a Zone 2 location together make Battersea one of London’s most sought-after locations for young buyers.

Unfortunately, flourishing prices in SW11 rule it out for all but the best-funded first-timer. Buyers priced out of Fulham have surged south of the river, inflating prices on their way. An average flat in the area costs almost £880,000, according to the latest data from Rightmove.

Next month, however, buyers on tiny London budgets will find this top-notch area within their reach, thanks to a new shared-ownership scheme from Wandle Housing Association.

HOW THE SUMS ADD UP

A 25% share of a one-bedroom flat: £120,000

Minimum deposit: £12,000

Monthly costs include:

Mortgage: £569

Rent: £600

Service charge: £135

Total: £1,304

Flats start from £120,000 and are aimed at buyers with household incomes from £50,000.

The Cotton Apartments are part of housebuilder Linden Homes’ £100 million Viewpoint Battersea development, with almost 200 homes grouped around landscaped gardens on a site close to Wandsworth Bridge.

Clapham Junction station is half a mile away, providing fast links to Vauxhall and Victoria.

And during their downtime, residents will not only be able to enjoy “old Battersea”, with its shops, cafés, bars and local landmarks such as Battersea Arts Centre, Battersea Park, and Wimbledon and Clapham Commons, but will also be well-placed to make the most of the emerging “new Battersea”, as modern facilities and venues are created in and around the regenerating power station.

The homes formally go on sale on May 19 but registrations of interest are being taken now. A 25 per cent share of a one-bedroom flat will start at £120,000, meaning buyers will need a minimum deposit of £12,000. Monthly costs include mortgage at £569, rent at £600 and service charge at £135, totalling just over £1,300.

A 25 per cent share of a two-bedroom flat will start at £147,500, and the minimum deposit for these larger homes is £14,750. Monthly costs come in at £1,600 once rent of £738, mortgage of £700 and service charge at £162 are taken into account. First dibs will go to people already living or working within Wandsworth borough.

WHAT ELSE CAN I BUY?

If you want a Battersea address for a bargain price your best bet is to search slightly off the main drag, around either Queenstown Road station on the eastern fringes of the postcode, or around Wandsworth Town station to the west.

A budget of £450,000 to £500,000 will buy a one-bedroom period apartment within an easy walk not only of Battersea but also of Queenstown Road. Dexters estate agents is selling a one-bedroom flat in a Victorian conversion in Meath Street for £499,950.

You get more bang for your buck around Wandsworth Town, where Jacksons estate agents has a two-bedroom garden flat in a period house in Denton Street, priced at £500,000.

For the same price you could go for a two-bedroom purpose-built contemporary flat at Smugglers Way with views of the river and a balcony, on sale with PurpleBricks. One-bedroom flats here are priced between about £350,000 and £400,000.