Canary Wharf Property Update March 2010

With the traditional home moving season of Spring soon to start, most Canary Wharf agents will be desperate for good quality stock to sell and rent. Limited new stock is coming on to the market from recently completed developments such as the Landmark, Pan Peninsula and Baltimore Wharf. However, most vendors have paid eye watering prices for these units and are likely to be taking a loss in the current market. The so called “new build premium” no longer applies and brand new units are being sold close their older equivalents. For high deposit buyers this may be a good time to pick up a new flat before the new build mortgage market returns and the new build premium inevitably returns.
Prices have now been announced for the relaunch of St Luke’s Square in Canning Town by Galliard Homes. Discounts of £100,000 are being offered on 2 bed apartments starting at £190,000. We have already let all our apartments in the first phase of this development so are looking for new instructions from buyers attending the launch event on 27th March.
The lettings market is slow but steady with many tenants who secured low rents last year deciding to stay put. This is borne out by a recent call from a Canary Wharf concierge who was asking us if we had any apartments available in their development for some waiting tenants (it’s usually us asking the concierges if they know of any apartments available for our waiting tenants!)
Relocation agents are back in the market and we have been contacted by a number of agents recently working on behalf of some major banks rehiring and relocating staff to the UK. Typical requirements are good quality one and two bedroom apartments close to Canary Wharf. Budgets are £300 – 500 per week.
Short lets have also seen an upturn recently with a number of enquiries from corporate tenants looking to stay for 1 – 2 months with budgets £700 - £1000 per week. We are also receiving more enquiries from people looking to stay during the Olympics. If you have an apartment for sale or to rent contact Angus directly on 020 7473 9533 for a free no obligation valuation.