The Canary Wharf Property market appears to be returning to favour with recent reports suggesting that East London property will outperform the rest of London over the next five years. Here at Movello we are seeing an increase in both buyers and tenants and also an increase in the number of properties coming onto the market for sale. There is still a shortage of good quality stock at realistic prices but buyers and sellers expectations on price are converging.
In terms of new developments we appear to have seen the last of the Galliard Homes fire sales, for now. Completions are continuing at Baltimore Wharf, Pan Peninsula and the Landmark. Some investors are still experiencing problems getting finance on new apartments and many completed flats are remaining empty while financing issues are resolved.
Lanterns Court is the next major development to start completing in November. Many of these units have already changed hands multiple times at the height of the boom in 2008. Prices paid for some of these units are looking very expensive in the current market and we are likely to continue to see buyers struggling to complete.
Barratt Homes have started ground works on their new development next to the Thames Barrier. When finished, this will add numerous shops and restaurants to an area that is currently lacking in these outlets. Ballymore is still developing their own plans for the Royal Docks having acquired a sizable land bank in the area.
The lettings market has been very strong this month with many tenants leaving their search to the last minute and being surprised about the lack of apartments available. Apartments in popular developments are being reserved soon after they become available. This is good news for landlords and may lead to rent increases over the coming months.
For a free valuation and market appraisal call Angus on 020 7473 9533 or email angus@movello.com
Friday 7 May 2010
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