P R O PE RT Y
EXPER T VI E WS The Knight Frank Canary Wharf office gives us its perspective on the current market and the year ahead
C H R I S TO P H ER PA XT O N
KI RA N SA NDHU
ASSOCIATE and head of lettings AT KNIGHT FRANK CANARY WHARf
sales team associate AT KNIGHT FRANK CANARY WHARF
I
at the thought of writing a column about the
Canary Wharf and the surrounding areas have seen
depressing and harsh market conditions. However,
a steady stream of demand over the past six months
I am pleased to say that in my eyes the winds have
in light of the EU referendum and election from both
changed. Yes, the market is tough but it’s working and
owner-occupiers and investors alike.
t has been a while since I have taken the opportunity to write this column and this has mainly been down to the fact that I was exhausted
there are deals to be had. We remain in a tenant’s market, but only just. Rent
A
s we continue into the summer market with the General Election behind us, east London as a whole remains an area in high demand.
The appeal of the area has many aspects, namely a diverse and multicultural population that
decreases have slowed down over the past couple
incorporates an excellent mix of financial and office
of months and as we enter the summer months,
workers attracted to the vast array of shopping
applicant numbers will increase and we will finally be
amenities, bars, restaurants and arts events. Part of
on level terms.
the appeal of Canary Wharf is the choice of property
With no further new-build completions in the
styles, from large family houses to warehouse
area until later in 2017 and the uncertainty in the sales
conversions and riverside apartments, and the area
market due to the election being a thing of the past,
offers incredible value with the most sought-after
stock levels will begin to drop and it will be time to
properties being centrally located or having fantastic
calm the market with pricing back to a steady level.
River Thames views.
Even with Article 50 being triggered, the corporate
There are also some fantastic new apartments
applicant levels remain strong and we have seen an
that are currently being built to satisfy the demand
increase in overseas banks now considering Canary
with price ranges to suit all buyers. These apartments
Wharf again as the pricing is so much more reasonable
offer the highest specifications and a plethora of in-
than in previous years.
house amenities, thus offering a complete package.
Marketing and pricing brackets are still key for
We expect the demand to continue, with the
landlords to get the right tenant, quickly. We still face
new Crossrail station in Canary Wharf having an
the battle of dummy stock on the portals, so launching
added appeal to the already impressive transport
at the right price is vital and the timing has to be
links in the area. At the same time, sellers need to be
perfect. Landlords still need to consider higher-end
realistic with pricing as the concern from domestic
agents who don’t rely just on portals and who use their
buyers is in relation to the purchasing costs, with the
brand and reputation to find applicants.
changes made to the Stamp Duty Land Tax having an
The summer and sunnier times are just around
increasing effect on affordability.
the corner and the uncertainty in the market is behind
London remains a global powerhouse and
us. For landlords and tenants, it is imperative that you
it is imperative to have the right agent with a
use the right agent who will guide you through these
global marketing capacity to attract the
changing markets and lead you on the right path.
international buyers.
Knight Frank Canary Wharf 18-19 Cabot Square, E14, 020 7512 9966, knightfrank.co.uk
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