Where to buy in south London: well-connected Walworth to be transformed by new homes, shops and £2bn revamp nearby
The great unwashed of Victorian south London once visited Manor Place Depot to use its bath house. Fast forward to the 21st century and the 120-year-old wash-house building is being repurposed to solve a different sort of social ill.
The site in Walworth, which also held a coroners court and offices, is being redeveloped by housing association Notting Hill Housing with 270 homes, including 60 flats earmarked for first-time buyers who would otherwise be priced firmly off the property ladder. New shops will occupy the disused railway arches, bringing the whole area to life.
Prices start at £109,375 for a 25 per cent share of a one-bedroom flat with a full market price of £437,500 at Manor Place Depot. Buyers will need to budget for mortgage payments of around £547 per month, plus rent at £410 and service charge of £106.
Two-bedroom flats start at £137,500 for a 25 per cent share of a home with a full market price of £550,000. The monthly mortgage will come in at £688, and other expenses will be rent at £309 and service charge at £135.
Local magnet for foodies: vibrant East Street Market, off Walworth Road in SE17 (Alamy Stock Photo)
Prices aside, the big selling point about these flats is their location. The nearest station is Kennington, a third of a mile away, on the Northern line in Zone 2, but it might be worth the marginally longer walk to Elephant & Castle station, just half a mile away, to pick up Northern and Bakerloo line services and save with a Zone 1 travelcard.
In terms of open space, Kennington Park is a 10-minute walk away, while Burgess Park is also within walking distance. The site is just off Walworth Road, with its massive range of cheap-and-cheerful but useful shops. And of course Elephant & Castle is in the throes of regeneration that will include a snazzy £2 billion new shopping centre for those with more upscale retail ambitions.
A new cinema and new restaurants and cafés should all help turn the location into a destination and increase prices as the regeneration matures.
WHAT ELSE CAN I BUY?
Despite the very challenging conditions being endured by London’s property market, the average price of a flat continues to creep upwards in SE17.
According to the latest figures from Rightmove, prices have risen from an average of £515,000 to £553,000 over the past year, earning buyers who have been in situ for 12 months a paper profit of £38,000.
These average prices are boosted by the new apartments being sold around Elephant & Castle. A two-bedroom flat at Elephant Park, Lendlease’s massive development, is currently priced at £1,031,312. Buyers with a more realistic £400,000 budget will struggle to find a two-bedroom home in the area, unless they are prepared to buy above a shop or bag an ex-local authority home.
For more value head south of Burgess Park and into Camberwell or Peckham, where you can buy a two-bedroom home for £400,000 or less and still be within easy reach of Elephant & Castle’s regenerative pull.
In Commercial Way, Peckham, Kinleigh Folkard & Hayward is selling a two-bedroom purpose-built flat with its own garage for £375,000. Meanwhile, in Southampton Way, Camberwell, Purple Bricks is listing a two-bedroom ground-floor flat close to Burgess Park and just under a mile from Kennington station for £350,000.
If you are looking for a one-bedroom home, Robinson Jackson has one in a grand period townhouse in Camberwell Station Road priced at £325,000. Call 020 8297 8777.