How to buy a new-build in London under £400,000 at Lombard Square

In the current property market, buying a new-build home in London for under £400,000 is a real challenge, whether you’re buying for the first time or moving within the capital.

But at Lombard Square in Plumstead, Shared Ownership offers a more accessible way to step onto the London property ladder without needing to buy 100% of the home upfront.

Located in the Royal Borough of Greenwich, Lombard Square is a collection of one and two bedroom Shared Ownership apartments set around a landscaped 1.8-acre garden. 

It’s a practical option if you’re looking for a well-connected new-build home in South East London, whether you’re starting out, stepping up or downsizing.

Why Shared Ownership can make buying more affordable

Shared Ownership is designed to reduce the upfront cost of buying a home. Instead of purchasing the full market value straight away, you buy an initial share of the home and pay rent on the rest.

This usually means a significantly lower deposit compared with buying outright on the open market. 

At Lombard Square, one bedroom homes are available from £99,000 for a 30% share of a home valued at £330,000, with a 10% deposit from £9,900. 

You’ll also pay monthly rent on the share you don’t own, plus a service charge.

As an example, a one bedroom home at Lombard Square has estimated monthly costs from around £1,213, including mortgage, rent and service charge. Costs vary depending on the home, the share you buy and your personal circumstances.

Who is eligible for Shared Ownership at Lombard Square?

To buy through Shared Ownership in London, your total household income must usually be below £90,000 per year. 

You’ll also need to meet the standard eligibility criteria, including not already owning another home, unless you’re in the process of selling it.

There are no local area restrictions for Lombard Square, so you do not need to already live in Greenwich to apply.

However, all buyers will need to complete an affordability assessment with a mortgage advisor to make sure the home is suitable for their budget.

Why buy at Lombard Square?

Lombard Square is designed for buyers who want modern living, green space and easy connections across London:

• Set around a landscaped 1.8-acre garden, offering green space and a strong community feel.
• Private outdoor space comes with every home, giving buyers room to relax outside.
• Plumstead station is within walking distance, with Woolwich nearby for Elizabeth line connections. You can reach London Bridge in 25 minutes from Plumstead station. 
• Homes are designed for modern city living, with integrated appliances, communal areas and concierge service. There is also a collection of onsite amenities, from your morning coffee at our onsite café, to everyday essentials from Tesco Express.
• There is a fully-equipped onsite gym, with state-of-the-art cardio and strength training equipment.

Plumstead itself is changing quickly, with local investment and regeneration helping the area grow in popularity. 

For London buyers looking for more value, Lombard Square offers the chance to buy in an up-and-coming South East London location at a more manageable price point.

Can I buy more of my Shared Ownership home later?

Yes. One of the main benefits of Shared Ownership is that you can buy more shares over time through a process called staircasing.

As your share increases, the rent you pay on the remaining share reduces.

This gives buyers flexibility. You can start with a share that works for your budget now, then increase your ownership later if your circumstances change.

Is Lombard Square right for me?

So, if you’re looking for a new-build home in London under £400,000, Lombard Square could be a strong option.

Through Shared Ownership, you can buy a modern one bedroom apartment in Plumstead with a lower deposit, manageable upfront costs and the opportunity to own more of your home in the future.

If you are priced out of buying outright, Lombard Square offers a realistic route into homeownership in a well-connected part of South East London.