Those looking to buy a property in East London’s E1 postcode area (i.e. Whitechapel and Wapping) are looking at paying an average of £839,595. Across the water meanwhile, in E14 (Canary Wharf) the prices are slightly less expensive, at an average of £639,736.
General property market in East London
In January 2019, there were 1066 properties for sale in Whitechapel/Wapping and surrounds and 2,180 properties in Canary Wharf, according to the website Home.co.uk. Statistics for the site showed a house or apartment in the former typically takes around 249 days to sell and in the 270 days in Canary Wharf.
Of the total number of properties to buy in Whitechapel/Wapping, nearly all (a huge 93.9% – or 977) were flats. This was compared to just 39 terraced houses, 13 detached and 12 semi-detached. It was an even more pronounced story in Canary Wharf with 97.4% of all properties (i.e. 2,079 flats) on offer, 33 terraced homes, 12 semi-detached and 11 detached. The majority of flats had two bedrooms (898) or one (785), suggesting they were mostly for young professionals or those working nearby. Two-bedroom and one-bedroom apartments were also the most popular in Whitechapel/Wapping, with 454 and 333 properties respectively.
Private rental market in East London
In January 2019, there were 1,211 properties for private rental in Whitechapel/Wapping. The average rental price was £2,314 pcm. Not surprisingly, the vast majority were flats (1,019), compared to 76 rooms to rent and 53 houses. The average time on the market per property was 212 days.
It was a similar picture with Canary Wharf, where there were 1,917 properties to rent at an average price of £2,318 pcm. A total of 1,560 rentals were flats, 117 were houses and 111 were rooms to rent. The average time it took for a rental to be leased was 227 days.
Recent investment in the area
The global financial centre that is Canary Wharf has been expanding ever since the first residential brick was put down in the old Docklands area back in the early 1980's. One of the latest big regeneration developments is the new four-storey retail shopping centre, which sits on top of the new Crossrail terminal. A 57-storey cylindrical residential skyscraper facing South Dock is amongst 30 new buildings planned for the Eastern extension of The Wharf. In fact, East London as a whole is seemingly becoming an extension of Canary Wharf.
Meanwhile in the Whitechapel/Wapping area, hundreds of flats are continuing to be advertised for sale at Blackwall Reach near Tower Hamlets. This follows the start of regeneration last year of a former housing estate and its surrounds.
Best areas for specific property strategies
Wapping has been hailed a buy-to-let hotspot, with rental yields of around 4.9%. The average rental for the area is around £546 per week and average apartment costs approximately £578,205. Renters tend to be young professionals employed in the finance or media industries in Wapping and Canary Wharf.
Meanwhile a massive 10,000 new homes are planned for construction in Canary Wharf by 2031 – so there will be plenty of buy-to-let investment opportunities there too.
Serviced Apartments would be a good strategy for Whitechapel in the heart of the popular and tourist-centred East End, where they would work well as holiday rentals too.
Speak to Louise Sharpe who specialises in investment property.
Call 0333 123 1330