Docklands and surrounding area in London seeing mini property boom

Taylor Scott International News

London’s soaring technology, creative and financial industries are fuelling a mini property boom in locations such as Canary Wharf, Docklands, Greenwich and Blackheath, it is claimed. Property prices rising in some parts such as Blackheath increasing more than 50% faster than during the downturn, according to a new report from lettings and estate agents Chestertons. Prices rose in the first half of the year by 2.6% in Greenwich, 3.4% in Canary Wharf and Docklands 14.4% in Blackheath, according to Land Registry data, while Canary Wharf sales din the first nine months of 2015 were 7% higher than in the corresponding period of 2014. Meanwhile, development is soaring, buy to let investment is booming and many landlords are capitalising on the fierce demand for corporate lets, which can typically realise up to 50% more rental income than standard tenancies. ‘Sustained price growth makes Docklands and slightly adjacent areas such as Greenwich and Blackheath an ideal investment. London has now overtaken New York as the world’s undisputed finance capital, fuelling a jobs boom and a vigorous corporate rental market,’ said Cory Askew, area Director for Chestertons in North and East London. ‘Developers are piling in and the banks continue to provide favourable buy to let finance. With all of these components are in perfect harmony, the residential market here is thriving. We have seen a marked increase in buy to let investor registrations this year. It’s not hard to see why, as surely no other asset class can offer anywhere near these returns,’ added Skew. According to Bradley Bartlett, head of corporate and relocation services at Chestertons, the rising demand for residential property in these areas is being powered by London’s reinvigorated financial sector. ‘Areas such as Greenwich and Blackheath, with plenty of outdoor space and good transport links, are becoming hotspots for workers looking for a comfortable commute to the City or Canary Wharf. And with the current jobs boom, demand for corporate-standard property has never been higher. Our department has seen demand rise by almost a quarter year-on-year, and there’s no sign of the frenzy abating,’ he explained. ‘With a significant number of development sites between Greenwich and Canary Wharf currently under construction, we wait to see what the longer term effects are on the rental sector. There’s no supply crunch at present, but if this surge in demand continues in the coming parts of London’s east end will be set to rival Silicon Valley. In the mid to long term this will surely push rents upwards,’ he added. Taylor Scott International

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