Shared ownership in Bow River Village: first-time buyer flats with great transport links along River Lea start from £131k

The 2012 Olympics transformed Stratford and regeneration there is now spreading into neighbouring areas.

A little over a mile south of the Olympic Stadium billions of pounds is pouring into Bromley-by-Bow, as old industrial sites beside the River Lea are being earmarked for new homes and amenities.

The first major development in the area is award-winning Bow River Village (bowrivervillage.co.uk), which will eventually provide more than 700 new homes to rent and to buy, with two-bedroom flats priced from £512,000 and three-bedroom flats from £600,000.

However, first-time buyers could bag a shared-ownership home at the village from £131,250 for 35 per cent of a one-bedroom flat through Southern Home Ownership (shosales.co.uk).

A 35 per cent share of a two-bedroom flat starts at £178,500, while three-bedroom homes start from £204,750 for 35 per cent.

Some of the homes have views over the eerily beautiful Grade II-listed network of gasholders at the old Bromley-by-Bow gas works, while others overlook the site’s private garden.

A big benefit of Bow River Village is its proximity to Bromley-by-Bow Tube in Zone 2, with Hammersmith & City and District line services providing a 10-minute commute to Canary Wharf or the City, while you can be at Stratford in three minutes and Oxford Circus in less than 20.

For commuters who need the Docklands Light Railway, Bow Church station is less than 15 minutes’ walk from Bow River Village.

A new bridge is planned over the River Lea, giving a more direct walking route to the shops, bars, restaurants and sports facilities at Stratford than currently exists.

For an old-school east London experience bargaining for fruit and veg, Roman Road Market’s a short walk away.

For those who prefer a more hipster vibe, Victoria Park is half an hour’s walk away. Southern Housing has been working on the village’s waterfront site since 2012 and it will be fully completed by 2021.

On-the-doorstep facilities are on the limited side for now, though there are a couple of supermarkets and a local pub, Galvanisers Union, close to the station. But as a series of other new developments takes shape, this aspect is improving.

There will also be offices at Bow River Village, while Sugar House Island, a huge scheme from Ikea’s property development arm, will include waterfront shops, cafés and restaurants, as well as a riverside park.

Another new development, at nearby Imperial Street, will also include a small new park and waterside walks.

Yet another scheme close to the station will add a public square lined with shops.

Meanwhile, British Land has bought up the area’s Tesco supermarket site and has plans for about 700 homes, a new school and shops, signalling ongoing confidence in this currently underrated area.

The E3 postcode is one of London’s more affordable enclaves. According to the latest data from Rightmove the average property price stands at £438,000.

Values have almost doubled since 2012 as new developments shatter price ceilings, and have remained stable during the last two turbulent years.

As well as new homes Bromley-by-Bow has some lovely period homes which escaped heavy bombing during the Second World War.

In Arrow Road Foxtons is selling a two-bedroom house for £525,000. Call 020 7033 1414.

Alternatively, you could buy a two-bedroom purpose-built flat for less than £400,000. Ludlowthompson is selling a two-bedroom flat in a small block in Bromley High Street for offers in excess of £385,000. Call 020 7480 0170.

A similar one-bedroom flat in the area would cost about £300,000 to £350,000.

For a different way of life you could try a narrow boat.

At Three Mills Moorings in E3, Boatshed.com (01983 646107) has this one-bedroom home listed for a tempting £78,000.

Beware, however, because while life afloat sounds romantic, mortgages for boats are hard to arrange, maintenance costs can be high and while this is one of London’s most affordable marinas, monthly mooring fees for this boat are still £493.