Shared-ownership homes in London: where to look for new-build flats with deposit requirements from five per cent

After 50 years, shared ownership is about to get a makeover.

The changes will take time to come through and will only apply to homes built between 2021 and 2026 — but if you can wait, buying will become more affordable.

Aware that rising house prices have made the scheme too expensive for some, the Government is pressing social housing providers to allow buyers to take an initial stake of just 10 per cent of a home.

The current usual minimum share is 25 per cent.

Equally aware that some buyers remain deeply suspicious of the idea of owning only part of their home, there are also moves to ensure that housing associations pay for repairs for the first 10 years after a sale, and to give owners more control of the process of selling their homes.

That said, the current shared-ownership scheme can be an excellent way of cutting entry costs to home ownership.

Deposits typically come in at £10,000 to £15,000 and there is a really good crop of new schemes on offer this autumn.

At Canary Wharf buyers could pick up a flat in Hampton Tower at SQP, one of the new landmark towers on South Dock, designed by Foster + Partners, for less than £110,000 (landgah.com).

There's a concierge, landscaped gardens and plenty of nearby restaurants, cafés and shops plus Canary Wharf station, which will next year join the Crossrail line.

Prices start from £108,750 for a 25 per cent share of a studio with a full price of £435,000. The minimum deposit is £5,437 and monthly costs including rent, mortgage and service charge come in at just under £1,450.

One-bedroom flats start at £133,750 for a 25 per cent share. The minimum deposit is £6,687 and buyers will need to budget £1,842 for monthly costs.

A quarter share of a two-bedroom flat starts at £180,000. Buyers will need a deposit of at least £9,000, and monthly costs will be just over £2,000.

Five miles downriver, a new tranche of shared-ownership homes at Royal Arsenal Riverside went on sale this month. Berkeley Homes' multibillion-pound regeneration of the Woolwich Arsenal will create 5,000 new homes plus bars and restaurants. Crossrail is on its way, too. There is plenty more investment coming to Woolwich. An upgrade of the high street and a new waterfront arts and cultural centre are both on the horizon.

One-bedroom flats start at £115,000 for a 25 per cent share. Buyers will need a minimum deposit of £11,500 and monthly costs, including mortgage, rent and service charge, total £1,248.95. Two-bedroom flats are priced from £140,625 for a 25 per cent share. The minimum deposit is £14,063 and monthly costs add up to £1,597.25. Visit Savills.co.uk for more.

In historic Limehouse, with its cobbled streets and impressive choice of bars and restaurants, fans of east London could opt for an apartment at The Kiln Works (nhgsales.com). The nearest station, Limehouse, in Zone 2, has Docklands Light Railway services and c2c trains.

Prices for a river-view one-bedroom flat, some with a terrace or balcony, start from £101,875 for a 25 per cent share and the minimum deposit is £10,188. Monthly costs are just over £900.

Two-bedroom flats start at £125,000 for a 25 per cent share and the minimum deposit is £12,500. Monthly costs will be about £1,630.

If you hanker after a west London address then get ready. A very rare set of shared-ownership homes goes on sale next month at Royal Warwick Square in West Kensington (peabodysales.co.uk).

Set by the Warwick Road, between Earl's Court and Kensington Olympia Tube stations in Zone 2, the flats are arranged around a garden square and each has its own balcony. There is an on-site concierge, while Holland Park and the shops and restaurants of Kensington High Street are nearby. No prices as yet — but registrations of interest are being taken.

Everybody loves Clapham for its winning combination of green space, good shops and nightlife.

At SO Resi Clapham Park (soresi.co.uk), one- and two-bedroom shared-ownership flats are for sale, just a 20-minute walk from Clapham South Tube station on the Northern line, in Zone 2, and from the common.

The apartments are part of a 2,500-home regeneration of the area. Prices start from £109,250 for a 25 per cent share of a one-bedroom home and the minimum deposit is £5,463, or five per cent. Monthly costs come in at £1,392.

Two-bedroom flats start from £127,500 for a 25 per cent share. The minimum deposit is £6,375 and monthly costs add up to £1,613.