London’s affordable housing comes with a high quotient of style. In the next few months, first-time buyers could move into a boutique apartment in Fulham or join the Primrose Hill set in a landmark development near Camden Town.

“Affordability” doesn’t come cheap, however housing associations consider only those buyers with an income below £60,000. But with monthly costs in Central London hovering between £700 and £1,000, you are likely to need every penny of that.

One of the most controversial schemes, Peel House, in Pimlico, is due to be launched next month. The 14 shared-ownership flats have been created by the property developers Nick and Christian Candy.

The multimillionaire brothers were obliged to fund some affordable housing as part of the deal to build the One Hyde Park development in Knightsbridge, where apartments cost an average of £20 million. Rather than include it on site, they built it two miles away in a former police training centre. Critics accused them of creating a “billionaire’s ghetto”, but the developer promises a high-spec finish. The development, which includes 56 flats and houses for rent, is five minutes’ walk from Victoria.

The flats will be completed by the end of the year and will be launched by Octavia Housing (www.octaviahousing.org.uk) on its website next month. Prices have yet to be announced but priority will be given to people who live or work in the area.

Some of the smartest and most genuinely affordable homes now on offer are at The Gallery SW6 (www.thegallerysw6.com), a boutique development on the site of the former Chelsea School of Art in Fulham. Private buyers must pay £870,000 for a three-bedroom house, but the Affinity Sutton housing association has about 50 one and two-bedroom affordable apartments on sale. A 25 per cent share of a one-bedroom flat starts at £71,250, with monthly outgoings of about £713. Buyers must live or work locally and earn less than £52,500.

There are also seven two-bedroom flats left at the Shepherds Bush Housing Association’s funky timber-clad Issigonis House in Acton (www.westpointw3.com). A 25 per cent share costs £70,000 (20 per cent deposit required) and the monthly costs, including service charge, will be about £850.

For river views, try Bridges Wharf in Wandsworth, which has 55 affordable flats through the Notting Hill Housing Association (www.nottinghillhousing.org). A 25 per cent share of a one-bedroom flat costs £56,250 (15 per cent deposit required), with monthly costs totalling £930, including service charge and ground rent.

Ed Lewis, of Savills the estate agent, is upbeat about affordable homes. “You may not get a property with the best view, you may not be able to join the residents’ gym, but the advantages of the location will probably outweigh that many times,” he says.

Savills recommends Park Village East (www.100parkvillageeast.co.uk), a landmark development close to Primrose Hill and Camden Town, which has six shared-ownership flats. Details will be released later this year.

Farther out of town, with prices to match, is New South Quarter in Croydon, a huge scheme of almost 800 homes, with courtyards, cafés and gardens. A 25 per cent share of a one-bedroom flat costs £36,250 (15 per cent deposit required), with monthly costs adding up to about £700.

If you prefer shared equity (see the jargon-buster guide, page 6 of our affordable housing special), Barratt (www.barratthomes.co.uk) is offering a HomeBuy Direct deal: you pay 70 per cent of the purchase price and take an interest-free loan for the remainder. Prices start from £179,995 for a one-bedroom apartment.

Nic Bealey, a director of London & Quadrant (www.lqgroup.org.uk), which is teeing up affordable homes in Dulwich, Palmers Green and Barking, said the current construction freeze means there are fewer affordable homes on the market. But the lack of mortgage finance means there is also less competition. “It is a fantastic time to be a buyer,” he said.

Your first step should be to register with Housing Options (www.housing options.co.uk), which gives details on new London schemes as they are released. It is also worth registering with individual housing associations and joining your council’s affordable housing register. Local residents will be prioritised on a points system. If you have set your heart on a particular area, you may have to rent there to put yourself at the top of the queue.

Coming soon . . .

Aquarius House, Vauxhall Cross Next month, 32 one and two-bedroom flats at St George Wharf will be launched. Onsite facilities include cafés, shops, bistros, a gym and a piazza. Register your interest at nottinghillhousing.org.uk

Marshall Street Baths, Soho The Soho Housing Association (sohoha.org.uk) will offer four one-bedroom flats in the fabulously located former Victorian bathhouse building next autumn.

Imperial Wharf, Fulham The first affordable flats on the splashy Imperial Wharf development will be launched this autumn. See imperialwharf.com for updates.

Olympic Village, Stratford After all the medals are handed out and the athletes go home, almost 1,400 affordable homes at the Olympic Village will come up for grabs. For further information, go to triathlonhomes.com

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers