15 years on Canary Wharf has very much established itself as one of Europe’s most important financial centers. London’s East End “E14” attracts a young and vibrant workforce that fly in and out of London and work in the financial district.
Many of the residents of Canary Wharf are young people who choose to rent rather than buy, offering a rental investor a constant flow of good quality and capable tenants. Lifestyle driven they are looking for good transport links, easy commute to work and a vibrant supply of shops, restaurants, health & fitness outlets. These demands have in return had an effect on the infrastructure of the area over the years.
LonRes is the premier data source and network for top property professionals who do business in London, available properties are added daily, checked weekly and when sold prices are recorded. This often happens 3 months ahead of the land registry. They have just completed a detailed analysis of Canary Wharf’s housing market, and there are some interesting facts for would-be investors.
LonRes’s research shows that 33% of properties are privately rented in Canary Wharf, this figure is significantly higher than the 26% which represents the Greater London average. The research also shows that 23% of the E14 residents living in rental accommodation are within 2km of their place of work compared to 12% in wider London.
According to the research 81% of the total residents of Canary Wharf are under 45 years of age. Rents in the area are also some 43% cheaper than in prime central London.
Room for growth? Food for thought……