15-05-2014, 08:38 AM
PUBLISHED MAY 15, 2014
Canary Wharf leads sharp rise in London home prices
Home prices around the Canary Wharf financial district climbed at the fastest pace in London in the year to April as hiring by banks increased demand for housing in and around the city's financial districts - PHOTO: BLOOMBERG
[LONDON] Home prices around the Canary Wharf financial district climbed at the fastest pace in London in the year to April as hiring by banks increased demand for housing in and around the city's financial districts.
Values jumped 16.2 per cent in the area from Limehouse to Beckton on the River Thames stretching north to Poplar, Knight Frank LLP said yesterday. Prices increased 2.3 per cent in the district a year earlier. Homes in the City of London financial district and its fringes climbed 15.7 per cent.
"Such strong price growth is built on the improving UK economy and the fact banks are hiring again," said Tom Bill, Knight Frank's head of London research. "When you add in rental income, you will struggle to find a prime residential market in London with a higher total return."
The housing markets in or close to London's financial districts were sluggish after the credit crisis as financial services companies cut staff and wealthy foreign investors opted to buy homes in the West End. Job vacancies in London's financial services industry climbed 67 per cent in April as companies sought employees to manage increasing demands from regulators, recruitment firm Morgan McKinley Ltd said yesterday.
Central London homes overall gained at an annual rate of 7.5 per cent over the last three months, Knight Frank said. New home registrations in London rose to the highest in 26 years in 2013 as developers sought to capitalise on a shortage in the city, the National House-Building Council said. In Tower Hamlets, the borough that includes Canary Wharf, 3,673 new homes were registered, more than any other London borough. Wandsworth was second with 2,136 registrations.
Canary Wharf Group plc, the company that controls the Canary Wharf office district, in March said it received permission to build a 58-storey residential tower named Newfoundland. The homes will be the first to be constructed on the estate.
Singapore-based developer Oxley Holdings Ltd plans to build 3,400 homes at nearby Royal Wharf after paying £200 million (S$419 million) for the site in November. - Bloomberg
Canary Wharf leads sharp rise in London home prices
Home prices around the Canary Wharf financial district climbed at the fastest pace in London in the year to April as hiring by banks increased demand for housing in and around the city's financial districts - PHOTO: BLOOMBERG
[LONDON] Home prices around the Canary Wharf financial district climbed at the fastest pace in London in the year to April as hiring by banks increased demand for housing in and around the city's financial districts.
Values jumped 16.2 per cent in the area from Limehouse to Beckton on the River Thames stretching north to Poplar, Knight Frank LLP said yesterday. Prices increased 2.3 per cent in the district a year earlier. Homes in the City of London financial district and its fringes climbed 15.7 per cent.
"Such strong price growth is built on the improving UK economy and the fact banks are hiring again," said Tom Bill, Knight Frank's head of London research. "When you add in rental income, you will struggle to find a prime residential market in London with a higher total return."
The housing markets in or close to London's financial districts were sluggish after the credit crisis as financial services companies cut staff and wealthy foreign investors opted to buy homes in the West End. Job vacancies in London's financial services industry climbed 67 per cent in April as companies sought employees to manage increasing demands from regulators, recruitment firm Morgan McKinley Ltd said yesterday.
Central London homes overall gained at an annual rate of 7.5 per cent over the last three months, Knight Frank said. New home registrations in London rose to the highest in 26 years in 2013 as developers sought to capitalise on a shortage in the city, the National House-Building Council said. In Tower Hamlets, the borough that includes Canary Wharf, 3,673 new homes were registered, more than any other London borough. Wandsworth was second with 2,136 registrations.
Canary Wharf Group plc, the company that controls the Canary Wharf office district, in March said it received permission to build a 58-storey residential tower named Newfoundland. The homes will be the first to be constructed on the estate.
Singapore-based developer Oxley Holdings Ltd plans to build 3,400 homes at nearby Royal Wharf after paying £200 million (S$419 million) for the site in November. - Bloomberg