Balham for novice buyers: flats from 100k in a cool, connected south London property hotspot
Balham, with its cool caf’s and bars, excellent commuter links, acres of green space and leading sports facilities, has emerged as a south London property hotspot over the past decade. Typical SW12 costs nudging to 800,000 have made it no-go for most newbie purchasers.
Now Viridian Housing association is offering one-, two- and three-bedroom shared-ownership flats at Aura House, a new store advancement in Balham High Road. The houses are targeted at middle-income first-time purchasers and start at just under 100,000.
Balham is a truly vibrant location, states James MacPhail, senior sales and marketing executive at Viridian. People priced out of Clapham have gone up the Northern line to Balham, so there are some very good new dining establishments and loads of coffee shops. I wouldn’t call it up and coming anymore. It is a well-established location, and it is unusual to find shared ownership here.
Aura House homes are priced from 98,750 for a 25 percent share in a one-bedroom flat. Owners will also have to budget plan 370 per month in rent for the part of the property they put on t own, and pay a month-to-month 140 service fee, bringing expenses to just over 1,000 a month.
Two-bedroom flats begin at 140,000, once again for 25 per cent. Three-bedroom flats begin at 167,500 for a quarter share.
GREAT LINKS, GOOD PUBS.
While these prices are far lower than buying on the open market, MacPhail agrees that over the previous couple of years there has been a total change in what shared ownership truly indicates.
It has actually traditionally been seen as affordable housing and a stepping stone on to the property ladder for people on low earnings, but I am afraid that as prices have actually gone up in London it has moved beyond that now. We now prefer the term economical real estate, because they are more affordable than houses in the personal market, which means people can remain in Balham.
Aura House will be completed in late summertime, and very first priority will go to individuals who live and work in Wandsworth already, although applications from all Londoners will be considered. The nearby Tube station is Clapham South, with Northern line services to the City and the West End.
Nearby Balham railway station has trains to Victoria in under 15 minutes but it’s in Zone 3, so the quick commute will cost more than a journey by Tube.
Balham is establishing a good variety of independent shops together with the pound stores, high street chains and estate representatives. Hildreth Street Market is little but has a Borough Market-style vibe. The neighborhood is also very much on south-west London s gastropub circuit, and there is live music and comedy at The Bedford.