Be a property pioneer: shared ownership homes in East London's industrial Canning Town district for adventurous first-time buyers

Canning Town is a canny buy for first-time buyers prepared to hold on for regeneration to arrive.

Ruth Bloomfield17 August 2017

Walk around the back streets of Canning Town and you’ll see road after road edged with hoardings protecting a series of building sites.

Over the next seven years these raw sites will form a new London neighbourhood with more than 1,000 new homes.

If ever a location was begging for regeneration, this is it.

With its dismal industrial landscape, Canning Town sits on the fringes of the Royal Docks and was known for having some of the worst slums in London — where they hadn’t been Blitzed.

Despite post-war housebuilding — and in some cases because of it — Canning Town today remains one of the most impoverished parts of the capital.

BE A PROPERTY PIONEER

However, work is now under way on a £3.7 billion regeneration project and by 2024 a new community will have shops and leisure facilities including a cinema and gym in a pedestrianised and cyclist-friendly new town centre.

One Housing Group has just launched one-, two-, and three-bedroom shared-ownership flats at Silver Quarter, going on sale with estate agents Site Sales.

£3.7 billion regeneration: by 2024 a new community will have shops and leisure facilities including a cinema and gym

The guide price for one-bedroom flats starts at £365,000. Buying a 25 per cent share in one of these properties would start at a £91,250 — less than a quarter of the price of an average first-time buy in the capital, which is just under £410,000 according to Britain’s biggest mortgage lender, Halifax.

Two-bedroom flats start at about £450,000, putting a quarter share at £112,500. There are three-bedroom flats with a guide price of £500,000 — a quarter share of one of these family homes will start at £125,000.

SUPER-HANDY FOR THE CITY

Canning Town has good transport links. Silver Quarter is just off the A13 Newham Way, and less than five minutes’ walk from Canning Town Docklands Light Railway and Tube station, on the Jubilee line in Zone 3. This is particularly handy for people who work at Canary Wharf and the City, and it’s only a half-hour journey to the West End.

Crossrail will open at nearby Custom House late next year.

Pioneering new residents will have to wait a while to enjoy the area’s new public piazza, the new cinema or a bistro supper… but what’s a few years when you’re getting a bargain now?

Visit site-sales.co.uk