Newham new homes: shared-ownership flats in Canning Town will be three minutes from Canary Wharf on Crossrail

Shared-ownership deals on the Elizabeth line in E16 are springing up with direct links to the City, West End and Heathrow.
Lexicon Terrace: at East City Point, one of Canning Town’s larger developments, where shared-ownership buyers will be perfectly located to benefit from new Crossrail services
Ruth Bloomfield8 March 2018

The launch of the east London section of the Elizabeth line will make this a big year for the £3.7 billion regeneration of Canning Town.

Trains from nearby Custom House station will whizz locals to Canary Wharf in just three minutes and provide a direct link to the City, West End and Heathrow airport, adding to the existing Jubilee line and Docklands Light Railway services from Canning Town station, in Zone 3.

Over the next 10 years, about 10,000 new homes could be built in the area. Newham council says 1,200 have been completed so far with another 1,200 on the way.

New shops, a cinema and a gym are planned at Hallsville Quarter, right by the station, currently hidden by hoardings and guarded by cranes but designed to become very much the town centre of this regeneration zone.

​Cafés and restaurants are already opening around Silvertown Way which leads towards the Royal Docks, another regeneration-in-progress with more homes plus shops, bars and restaurants planned.

Buyers willing to exercise a little patience could buy into this nascent neighbourhood from as little as £78,750 for a 25 per cent share in a one-bedroom flat in the Lexicon building at one of the area’s larger developments, East City Point.

Work started on this site in 2011, and eventually it will contain almost 650 new homes just north of the A13 Newham Way.

Entry costs are, by London standards, highly reasonable.

From £78,750: for a 25 per cent share in a one-bedroom flat in the Lexicon building 

The minimum deposit will be just under £4,000 and monthly costs will include rent at just over £540, service charge of just over £100, plus mortgage repayments.

The minimum household income required is £39,170.

The homes are being sold by housing association Clarion Housing, which will also have a range of two-bedroom flats for sale at the site.

Would-be buyers of flats at Lexicon should email shared.ownership@myclarionhousing.com or call the Clarion sales team on 0300 100 0309.

Canning Town is, right now, not the prettiest sight, unless you like streets of part-built towers and raw building sites overlooking squat streets of post-war council houses, enclosed by busy A roads.

The only parks are the modest Keir Hardie and Canning Town Recreation Grounds.

But thousands of new residents — not to mention English National Ballet and London Film School up the road at London City Island — will breathe fresh life into the area.

London City Island: in E14, close to Canning Town, with new homes and the new English National Ballet HQ

By the time Hallsville Quarter is completed in 2024 it should be unrecognisable.

Even in a housing market as fragile and uncertain as London’s is now, it is hard to imagine how all the investment flooding into Canning Town won’t result in price rises for those willing to stay put for the medium term.

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