Wednesday 18 November 2009

Landmark Completions Begin in Canary Wharf

December is traditionally a quiet time in the Canary Wharf property market.  Tenants and buyers tend to be on the look out for bargains.  Landlords know that if they don’t get a tenant by mid December they are likely to have an empty flat until the new year.  However, this year tenants have to be careful they don’t negotiate too hard since many people are staying where they are and stock levels are surprisingly low.  Good quality properties are being snapped up at close to asking prices and many tenants who have put in very low offers are being surprised and disappointed when their chosen property is let to someone else who puts in a higher offer.  Long term tenants are also competing with short term Christmas holiday lets who traditionally pay more to stay over the holiday period.  If you have a property becoming available in December make sure you talk to Movello about short lets.

We were expecting a large increase in stock with the completion of Pan Peninsula, Ability Place and The Landmark.  However, completions are taking much longer than usual due to the difficulty getting mortgage finance and valuations from surveyors coming in lower than expected.  Although the Landmark is still pretty much a building site, we have seen some early completions of 1 bed apartments (starting from £320pw) which are significantly bigger than their equivalent at Pan Peninsula.  More completions are expected shortly so contact Movello for early viewings.

The sales market is slowly picking up but developers still have large numbers of unsold units which they are considering letting out until the market picks up further.  This has not stopped some major developers cracking on with major schemes.  Barratt is progressing well with the St Andrews Development in Bow and Ballymore are moving ahead with Baltimore Wharf on the Island and plan to start work again soon on their Leamouth Peninsula development, next to Canning Town station.  Consultation has also begun on the Thames Wharf site next to Wards Wharf in E16.  With a network of canals and the first “Urban beach” proposed, this will be a truly innovative development.

With inflation edging up, quantitative easing coming down, it won’t be long before interest rates start to rise.  Buyer should take advantage while prices are low and tenants should make quick decisions if they want to be in by Christmas.

If you have a property to sell or rent, contact Movello Managing Director, Angus Edy for a free valuation on 020 7473 9530 or visit www.movello.com.