Peabody New Homes has a mix of private sale and Shared Ownership options in these areas, meaning first time buyers can secure a home in somewhere that offers both convenience and long‑term value, without stretching beyond a £500k budget.
Where to find new build homes in London under £500k
Areas such as Newham, Thamesmead, Plumstead and Dagenham offer a rare combination of value and connectivity.
They give buyers the chance to live within easy commuting distance of central London while benefiting from modern new build developments.
Other pockets of affordability can be found across Zones 2 - 4, where the Elizabeth Line and upgraded Overground routes have opened up new possibilities.
Peabody developments in places such as West Ham, North Woolwich, Haringey and Lewisham provide strong links to central London, along with landscaped gardens, private balconies, on‑site amenities and energy‑efficient design as standard.
New Build Homes under £500k
| Development | Area | Bedrooms | Tenure | Starting price |
|---|---|---|---|---|
| North Gate Park | Haringey | 1-3 bed | Shared Ownership | £96,875 (25% share) Full value £387,500 |
| Holloway Park | Islington | 1-3 bed | Shared Ownership & Private Sale | TBC |
| West Ham Village | Newham | Studio-1 bed | Shared Ownership | £98,750 (25% share) |
| Dagenham Green | Barking & Dagenham | 1-2 bed | Shared Ownership | £81,000 (30% share) |
| Southmere | Thamesmead | 1-2 bed | Private Sale & Shared Ownership | £350,000 (private sale) £83,125 (25% share) |
| St Olave’s | Southwark | 1-3 bed | Shared Ownership | £115,000 (25% share) |
| Fish Island Point | Hackney Wick | 1 bed | Shared Ownership | £135,000 (30% share) |
| Zone at Oval Village | Lambeth | Studio | Shared Ownership | £118,750 (25% share) |
| One Clapham | Wandsworth | 1-3 bed | Shared Ownership | £110,000 (25% share) |
| KEWB | Kew Bridge | 1 bed | Shared Ownership | £106,875 (25% share) |
| The Verdean | Acton | 1–2 bed | Shared Ownership | £100,750 (25% share) |
North London homes under £500k
North London has many well‑connected neighbourhoods where first‑time buyers can still find new build homes within a £500k budget.
North Gate Park (Haringey, N15)
North Gate Park provides 1, 2, and 3‑bed Shared Ownership homes from £96,875 for a 25% share (full value £387,500).
Set around a 3‑acre landscaped garden, the development includes a concierge service and offers excellent transport connections straight into King’s Cross.
It’s an ideal option for buyers looking for modern living in Zone 3 without stretching beyond their budget.
Holloway Park (Islington, N7)
Launching in Summer 2026, Holloway Park will bring new 1, 2 and 3‑bed homes to the regenerated former Holloway Prison site.
The homes are surrounded by 1.4 acres of new parkland and just nine minutes from Caledonian Road - one stop from King’s Cross.
With Shared Ownership and private sale options, it offers a rare opportunity to buy in a highly sought‑after North London location at an affordable price point.
East London homes under £500k
East London remains one of the best parts of the capital for first‑time buyers looking for new build homes under £500k.
Regeneration across Newham, Barking & Dagenham, Southwark and Thamesmead has created exciting neighbourhoods with handy transport links and plenty of green space, and is especially affordable through Shared Ownership.
West Ham Village (E16)
West Ham Village sits within TwelveTrees Park in Newham and offers studio and 1‑bed Shared Ownership homes from £98,750 for a 25% share.
Just minutes away from West Ham station and surrounded by 12 acres of landscaped green space, it’s a great choice for buyers who want outstanding connections into the City and Canary Wharf while staying comfortably under a £500k budget.
Dagenham Green (RM9)
Located in Barking & Dagenham, Dagenham Green is a collection 1‑ and 2‑bed Shared Ownership homes from £81,000 for a 30% share.
With private balconies, carbon‑neutral energy, new green spaces and future amenities - including a school, community hub and workspace - it gives buyers village‑style living close to central London.
Southmere, Thamesmead (SE2)
Southmere brings lakeside living to East London, with private sale homes from £350,000 and Shared Ownership from £83,125 for a 25% share.
Just 11 minutes from Canary Wharf on the Elizabeth Line, the development offers private balconies, co‑working space, concierge services and access to 370 acres of green and blue space - all comfortably within the £500k bracket.
St Olave’s, Southwark (SE16)
St Olave’s offers 1, 2, and 3-bed Shared Ownership apartments from £115,000 for a 25% share.
Located an 8‑minute walk from Canada Water station, it provides private outdoor space, wheelchair‑adaptable homes and excellent links into the City and London Bridge, making it a standout option for buyers who want a Zone 2 location below the £500k mark.
Fish Island Point, Hackney Wick (E3)
Situated in one of East London’s most creative districts, Fish Island Point offers Shared Ownership homes from £135,000 for a 30% share.
With contemporary interiors, private outdoor space and landscaped podium gardens, the development puts buyers moments from the canal, Queen Elizabeth Olympic Park and also fast transport at Hackney Wick.
South London homes under £500k
South London has different styles of neighbourhoods such as Vauxhall and Clapham where buyers can still find well‑connected new build homes under £500k.
Zone at Oval Village (SE11)
Located in Lambeth, Oval Village offers studio Shared Ownership homes from £118,750 for a 25% share.
With a 24‑hour concierge, residents’ gym, meeting rooms and access to both roof terraces and podium gardens, the Zone has premium facilities as well as outstanding connectivity, being 6 minutes to Bank and 9 minutes to London Bridge.
One Clapham, Wandsworth (SW11)
One Clapham provides 1‑, 2‑ and 3‑bed Shared Ownership homes starting from £110,000 for a 25% share. These homes come with private balconies or terraces, communal gardens, a residents’ Peloton room and a 24‑hour concierge.
Located in a lively pocket of Wandsworth close to cafés, restaurants, and transport links it offers a modern lifestyle close to central London.
West London homes under £500k
West London may have a reputation for expensive areas, but you can still find well‑connected, design‑led new build homes without going over a £500k budget.
KEWB, Kew Bridge (TW8)
KEWB puts you right between Kew Gardens and Gunnersbury Park, with Shared Ownership homes starting from £106,875 for a 25% share.
It’s minutes from the Thames and just a short walk to both Gunnersbury and Kew Bridge stations.
The Verdean, Acton (W3)
The Verdean offers 1‑ and 2‑bed Shared Ownership homes from £100,750 for a 25% share all centred around landscaped gardens designed with the Royal Botanic Gardens, Kew.
With a residents’ concierge, gym and even a Peloton‑powered cycle club, it has a real community feel. Plus, you’re close to the Elizabeth Line, meaning fast and easy journeys into central London.
What to expect from new builds under £500k
New builds under £500k in London by Peabody New Homes offer plenty of quality.
These homes are designed to make the most of space, light and energy performance, helping to keep day‑to‑day costs manageable.
You can also expect well‑maintained communal areas, contemporary kitchens and bathrooms, and thoughtful touches like landscaped gardens, resident lounges or concierge services depending on the development.
You can view our homeowner stories to learn what our residents say about our new build homes.
Shared Ownership: An affordable route to buying in London
Shared Ownership is one of the most accessible ways to buy a new build home in London.
The idea is simple: instead of purchasing the full value of a property upfront, you buy a share that suits your finances and pay a reduced rent on the remaining portion.
What this means for buyers is smaller deposits, lower monthly payments, and a realistic route onto the ladder in areas that might otherwise feel out of reach.
It also gives you flexibility for the future. As your circumstances change, you can buy more of your home over time through Staircasing, gradually increasing your ownership until you reach 100%.
If you’re ready to explore what’s available, you can browse all current developments on our Find a Home page.
Frequently asked questions about new build homes under 500k
You can still find new build homes under £500k in several well‑connected parts of London, particularly in areas undergoing regeneration.
Locations like West Ham (E16), Dagenham (RM9), Thamesmead (SE2), Plumstead (SE28), Haringey (N15) and Acton (W3) all offer modern developments with strong transport links and a range of Shared Ownership options to keep costs manageable.
Yes - Shared Ownership is one of the most popular ways to buy a new build home in London on a £500k budget.
By purchasing a share of the property instead of the full market value, you’ll need a smaller deposit and pay lower monthly costs.
Many developments across East, South, West and North London offer shares well below this threshold, making it a realistic option for first‑time buyers.
Not necessarily. Deposits for Shared Ownership are based on the share you are buying, not the full property value - which means deposits can start from as little as £8,000 - £12,000 depending on the development.
