The Next Big Thing: south-east London postcode where first-time buyers should start their house hunt
With Brixton on one side and Peckham on the other it was perhaps inevitable that house-builders should start eyeing Camberwell as the Next Big Thing.
Regeneration money is flooding into SE5; scruffy Camberwell Green has been spruced up, new developments like Camberwell Fields and Camberwell on the Green have smashed local price ceilings, and gastropubs like The Crooked Well and the Camberwell Arms have started appearing around Peckham Road.
The average price of a flat in Camberwell now stands at £440,000, according to the latest figures from Rightmove, putting this well-connected location out of the reach of many first time buyers.
However at The Elmington, a new development from housing association Peabody, shared ownership flats start at just £114,750 for a 30 per cent share of a one-bedroom flat.
Buyers must have a household income between £42,710 and £47,290, and will also need to raise a deposit of £17,438.
A 30 per cent share of a two-bedroom flat starts at £143,250, and buyers must have a joint income of between £53,433 and £55,876 to qualify. The deposit required is £21,488.
There are also three-bedroom flats, starting at £164,250, and — unusually for London shared ownership schemes — three-bedroom townhouses, starting at £200,250 and ideal for families priced off the housing ladder (local primary and secondary schools are high performing).
The development is seconds from the small but pretty Brunswick Park, and half a mile from Burgess Park, so it passes the green space test.
The South London Gallery is up the road, and the nightlife of both Brixton and Peckham are within walking distance.
The nearest station is Denmark Hill (Zone 2) a 15-minute walk away. From there commuters can be at either Victoria or Blackfriars in less than 15 minutes.
“We are absolutely thrilled to add The Elmington to Peabody’s ever-growing collection of shared ownership properties,” said Debbie Coombs, director of sales and marketing at Peabody.
“The scheme will provide first-time buyers with the chance to purchase a property in a well-connected, prime Zone 2 location, an ideal choice for young professionals.”
The sting in the tail here is whether young buyers will be willing to overlook the area’s reputation for drugs and gangs.
The development sits on the south-east fringe of the Elmington Estate, a truly monstrous post-war swathe of council housing which is in the process of — painfully slowly — being refurbished and rebuilt.
Despite some real improvements in the area the estate hit the headlines in August when four teenagers were stabbed during a gang related brawl at the estate.
The attack happened just half a mile from Peabody’s new apartments — although as all Londoners know half a mile can make a huge difference in the capital; the multi-million-pound Georgian houses on Camberwell Grove, beloved of arty and media types, are also within half a mile of the estate.
WHAT ELSE CAN I BUY?
The SE5 postcode covers one of London’s widest range of housing, from modern flats to ex local authority homes, modest workers’ cottages and period conversions to some magnificent white stucco Georgian houses.
It covers a large swathe of London running south from Burgess Park, through Camberwell and on to Denmark Hill, areas which were both affluent Victorian suburbs.
Its central location means that there isn’t a great deal of choice for buyers with a budget of £350,000 or less, although if you choose carefully ex-council housing can be a good buy.
Low-rise, red-brick, and on an established street rather than marooned on a large estate is the way to go, and Conran Estates is selling a two-bedroom flat in just such a block on Peckham Road itself for £325,000.
With £400,000 to spend first time buyers could opt for a period conversion.
Wooster & Stock is selling a one-bedroom flat in a period terraced house on Finsen Road, for £400,000, while Kinleigh Folkard & Hayward has a two-bedroom flat above a shop on Peckham Road for £399,950.