Shared ownership in central London: live by the river in Zone 1 with flats from £114,000

The Albert Embankment is marking its 150th anniversary, and first-time buyers can celebrate by buying a slice of what is undoubtedly a prime stretch of London real estate for less than £114,000.

The capital sufferers from a desperate shortage of affordable homes and shared-ownership opportunities generally — but riverfront locations in Zone 1 are seriously rare.

However, this month Clarion Housing launched a selection of homes in a glitzy tower perfectly located between the regeneration zone at Nine Elms and the cultural hotspot of the South Bank.

This slightly forgotten section of the Albert Embankment has been the focus of concentrated investment by housebuilder St James, which has just completed a trio of high-end high-rise developments, and unusually has included affordable homes in the final scheme, The Dumont.

Private sale two-bedroom flats in the 30-storey building, designed by David Walker Architects, start at £2.35 million.

But the shared-ownership homes start at £113,750. This will buy a 25 per cent share in a 441sq ft studio apartment.

Buyers will need to put down a deposit of £5,688 and budget for mortgage repayments plus £782.03 a month in rent and a £250 a month service charge.

One-bedroom flats start at £135,000 and buyers will need a minimum deposit of £6,750. Monthly rent is £928.13 and service charge is £250.

Albert Embankment was designed by Sir Joseph Bazalgette, the engineer who provided Victorian London with modern sewers, several bridges and some of its most famous roads.

The mile-long street was completed in 1869 on waterlogged marshland between Vauxhall and Lambeth Bridges.

Though heavy with traffic, the Embankment today offers astonishingly lovely views across the river to the Palace of Westminster and is in a ridiculously convenient location.

Vauxhall station (Zone 1) is a short walk, with the Victoria line Tube, plus trains to Waterloo taking just four minutes. There are also nearby river bus services from Vauxhall St George Wharf Pier.

For downtime there’s the Above The Stag Theatre and the Garden Museum at Lambeth Palace, which has a vegetarian café with a pretty terrace. There are several eating and drinking options at the nearby Park Plaza hotel, though they are expensive.

For a more everyday experience The Rose is a Victorian boozer with a gastropub menu.

If you cross Vauxhall Bridge, the Vauxhall Street Food Garden has stalls, bars, a games room and a Hackney vibe.

And as the redevelopment of Nine Elms and Battersea Power Station takes shape, there will increasingly be more to do on the doorstep.

Open space, other than walking along the river, is in slightly short supply although the Vauxhall Pleasure Gardens makes the most of its compact space with concerts and outdoor cinema screenings, and you can also meet the animals at Vauxhall City Farm. St James’s Park is a half-hour walk.