Focus on Canary Wharf: Riding on the wave of Canary Wharf

Steeped in history, Canary Wharf was once part of the world’s largest port. Now the capital’s second most vibrant business district – after the ancient City of London – it is still a gleaming hub of international trade and commerce.

The banks, law firms and media organisations that have joined its ranks have brought a host of sophisticated bars and restaurants to the area and property prices have grown by 10 per cent in the last five years.

Lauren Ireland, head of Savills Canary Wharf, says, “Canary Wharf appeals to young professionals looking for smaller flats to CEOs using penthouses as pied-a-terres.

“In the past year, there has been a noticeable increase in domestic buyers, primarily in the re-sale market.

“We also get a high number of buyers from South East Asia who tend to like the contemporary high rise apartments with high levels of specification and on-site facilities.”

Transport links such as the Jubilee Line, the Docklands Light Railway, the KPMG Thames Clipper service and Riverboat services also mean Canary Wharf has some of the most diverse ways to get around the city.

“The majority are still young, single, 22-30, with their first jobs in the area,” says Andrew Groocock, from Knight Frank, Canary Wharf.

“About 12 years ago, Canary Wharf on the weekends was a ghost town. Now, there are fantastic bars and pubs and a number of very good restaurants.

“You can get any kind of food in the world.

“There’s a bit of a nightlife which has bridged the way for development. It’s all those sorts of things that really encourage people to come in and make it a nice environment.”

According to property website Rightmove.co.uk, only one detached house was sold in the area last year compared to 830 flats – almost all of them one or two bedrooms in high rises – proving that nothing can stem a tide of young professionals.