First-time buyer homes in south-east London: shared ownership flats in Deptford start from just over £100k

Deptford has often been described as the new Shoreditch, or the new Peckham and they are both lies.

This once-overlooked corner of south-east London has an identity truly all its own. It has developed into one of the capital’s most exciting postcodes.

Take the community-run Deptford Cinema. While this venue only has 39 seats its interesting, international programming draws visitors from miles away, while The Albany arts centre adds theatre to the cultural scene.

Deptford High Street is an energetic mix of pawnbrokers, pubs — both gastro and unreconstructed — and boutiques.

Then there is thrice-weekly Deptford Market, and the more recent addition of Deptford Market Yard with its independent boutiques, cafés and bars.

Deptford is also building up a great collection of neighbourhood restaurants such as Marcella which has, over the past couple of years, created a reputation as a little piece of Italian heaven in SE8.

With Zone 2 Dockland Light Railway services to Canary Wharf and beyond and trains to Cannon Street in 12 minutes, plus masses of waterfront building sites, it is hardly a surprise that the organic regeneration of Deptford has been followed up by vast investment from housebuilders.

The average price of a Deptford flat now stands at £375,000 according to Rightmove, while the price of new two-bedroom flats is edging towards £600,000.

Deptford Market Yard is a pedestrianised patch in front of Deptford Station which hosts a street food market every Saturday (Daniel Lynch)

Which is why news of shared-ownership homes at The Timberyard, launched by housing association L&Q, is so welcome ( Prices start at just over £100,000.

The Timberyard will contain one of Deptford’s largest concentrations of new homes — more than 1,100 on an 11-acre site just west of the town centre, plus a handful of everyday shops and a café.

A linear park will run through the development, while Deptford Park is just across the road and the Thames is five to 10 minutes away. Deptford High Street and station are a 15-minute walk away. 

Prices start at £101,250 for a 25 per cent share of a one-bedroom flat. As well as mortgage repayments, owners will pay £696 a month rent for the portion of the flat they don’t own, plus £150 service charge.

Two-bedroom flats start at £136,250 for a 25 per cent share, and the rent and service charge come in at just over £1,100 a month.

Three- and four-bedroom flats are also available. All the homes have open-plan living rooms and kitchens, and either a private balcony or terrace.

What else is there to buy in Deptford?

Deptford’s property stock includes new-build flats, along with period terrace houses in leafy conservation areas.

Buyers in search of a family house rather than a flat should budget between £600,000 and £700,000. Strickland & Co estate agents has a smart three-bedroom house five minutes’ walk from Deptford Bridge DLR station for £625,000.

Purpose-built resale flats are another option. A two-bedroom property in one of the new buildings that have sprung up across Deptford in the past 10 years would cost about £450,000 to £500,000. 

For buyers on a tighter budget, one-bedroom flats can be found priced from about £250,000 to £300,000.

Winkworth is selling a one-bedroom flat at Deals Gateway, close to the DLR station, for the recently reduced asking price of £300,000

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