Buy a London Home for £100,000 in Catford
Prospective buyers that are priced out of Clapham and East Dulwich could look south of the river to one of the only places in London where homes can be bought for under £100,000.
Catford is the affordable area offering these properties to hopeful homeowners. It is not a picturesque place, but is due redevelopment soon, so will be a good part of the capital to invest in.
Lewisham Council is planning a regeneration of the town centre and Transport for London has pledged to improve roads here.
New housing projects include Prospect Quarter, which is being built on the site of the former Catford greyhound stadium.
On the site, housing association Peabody has 38 shared-ownership homes for sale. These will be ready to move into at the end of June 2015 and those living or working in South East London will be given priority.
An additional 22 shared-ownership properties will go on the market at the end of October.
Head of Affordable Homes at Currell, which is selling the flats, Martin Fillery, says: “It is the last bastion of really affordable homes that is close to London. It really is the one place where you can buy a home for under £100,000. I think that it has been overlooked for years, but it is a key area.”1
Buyers will receive a 40% share of a one-bedroom flat at the site for £76,000. The full market value is £190,000. Buyers will also need to pay rent of £247 per month and an estimated monthly service charge of £150.
For a 30% share of a two-bedroom flat, buyers will pay £93,000 for a property worth £270,000. The monthly rent on these homes is £470 and a service charge of around £165 will be added each month.
Prospect Quarter forms part of Barratt London’s Catford Green scheme. It will include 589 homes by 2017 and shops in landscaped grounds near Ladywell Fields. This area has recently been given tennis courts and a café.
This development will be boosted by its transport links. Commuters can go from Catford Bridge station to Waterloo East in 18 minutes, Charing Cross in 20 minutes and Cannon Street in 22 minutes.
Travelling from Catford to Blackfriars takes 22 minutes and residents can get to St Pancras in just over half an hour.
Both stations in Catford are in Zone 3 and an annual season ticket costs £1,508.
There are proposals for expanding the Docklands Light Railway and the Bakerloo line to Catford.