Estate agents are reporting a small “property boom” in east London, with prices rising by nearly 15 per cent in some areas during the first half of this year.
In a new report out this week, Chestertons, an estate agent, points to the success of London’s technology, creative and financial sectors to explain the jump in home values in Canary Wharf, the Docklands, Greenwich and Blackheath.
Prices rose in the first half of the year by 2.6 per cent in Greenwich, 3.4 per cent in Canary Wharf and the Docklands and 14.4 per cent in Blackheath, according to Land Registry data cited by Chestertons.
Bradley Bartlett, Chestertons head of corporate and relocation services, said: “This rocketing demand for residential property is being powered by London’s reinvigorated financial sector. Areas such as Greenwich and Blackheath, with plenty of outdoor space and good transport links, are becoming hotspots for workers looking for a comfortable commute to the City or Canary Wharf.”
“With a significant number of development sites between Greenwich and Canary Wharf currently under construction, we wait to see what the longer-term effects are on the rental sector.”