Live on the Rye: shared-ownership homes from £118,500 in Peckham's noisy, beating heart

Rye Lane is the noisy beating heart of Peckham and has the places to go to if you want to stock up on fruit and veg at a stall at Rye Lane Market, catch a film at the Peckhamplex or hang out at the Bussey Building.

This half-mile high street is a key part of the reason for Peckham Rye’s phenomenal price growth over the past five years — according to Rightmove’s latest figures the average property in SE15 cost just over £300,000 in 2012. Today an average property changes hands for more than £475,000.

This boom has priced all but the most fortunate of first-time buyers out of the area, but a new development has modern apartments on Rye Lane itself priced from only £118,500.

Rye Green is a boutique development by housing association Metropolitan, and its location is fantastically central — half way between Peckham Rye station and Peckham Rye itself.

Transport links are also top notch. Trains to Blackfriars take from 12 minutes, and you can be at London Bridge in 14 minutes or Victoria in 17.

The development is within a good-looking, curved corner building, with shops on the ground floor as well as an endless range of bars, cafés, and restaurants on the doorstep.

The great thing about Rye Lane is that although a lot of its newer businesses are hipster-friendly, old Peckham hasn’t been wiped out by gentrification. The nail bars, African supermarkets, street stalls and aroma of fried chicken give the area its urban, irrepressible energy.

It is, however, a 24/7 kind of place —the Rye Green flats are of course double-glazed but don’t expect peaceful evenings sipping rosé on the balcony.

Buyers of one-bedroom flats will need to budget for rent of just over £633 a month: service charge of just over £77 a month, and estimated mortgage repayments of £687.

For two-bedroom flats the monthly expenses will come in at just under £1,650. This is made up of mortgage payments of £813, rent of just under £750, and service charge of £85. The monthly cost of the three-bedroom flats will include mortgage of just over £890, rent at just under £1,060, and service charge of just over £92.

Prices start at £118,500 for a 30 per cent share of a one-bedroom flat. A 30 per cent share of a two-bedroom flat starts at £140,000, and a 25 per cent share of a three-bedroom flat starts at £153,750.