The Canary Wharf property market appears to be returning to some form of normality after a long period of uncertainty. We have seen a surge in interest from potential buyers and now require good quality properties at realistic prices to satisfy this demand. We have seen more sales this month than for the last three months of 2009.
Some positive signs appear to be coming from the mortgage market with an increase in the number of buy to let mortgages available and some further relaxing of the size of deposit needed to get some residential mortgages. However, this is countered by restrictions in the guarantor mortgage market which appears to be shrinking.
The re-launch of Indescon Court in Canary Quarter by developer Galliard Homes went off with a bang. Long queues were reported at the launch and the firm has now introduced a booking system for their next launch in Ilford to avoid people having to queue. Their next event in Docklands will be the relaunch of St Luke’s Square in Canning Town after only 25% of off plan purchasers were reported to have completed.
Barratt have now started groundwork on their new Royal Docks scheme currently named “Barrier Point 2”. The site next to the Thames Barrier and Thames Barrier Park is a large scheme of 1,000 apartments close to Pontoon Dock DLR station. However, the scheme may be affected by the recent decision by the LDA to concel the Silvertown Quays project which would have provided a world class aquarium and a town centre for the Royal Docks. There is now talk of the LDA forming a public private partnership to deliver the scheme post 2012 with the site used as temporary exhibition space during the Olympics.
Olympic fever has already begun at Movello with our first enquiries from families of athletes competing in the Games in 2012. All the athletes will be housed at the Olympic village in Stratford but families and supporters need to find their own accommodation. With the Excel Centre hosting seven events over the course of the Games, demand for short let accommodation in and around Canary Wharf will be fierce. Movello is traditionally very strong in Short lets having organised many Docklands corporate lets. We are now making arrangements for securing properties for up to 4 weeks before and during the games. If you currently let your apartment or would consider moving out during June/July 2012 contact Angus directly on 020 7473 9533 for a free no obligation valuation.
Angus Edy
Movello Managing Director
http://www.movello.com/
Monday 22 February 2010
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