There are so many popular and appealing parts of London it seems wrong to single certain areas out but it is fair to say that the development of the Docklands area of London has been a large success. The first stages of development started to take shape in the 1980s but it is in the past decade that the Docklands has undergone a major transformation, making it one of the more attractive areas of London. Current Docklands property prices are therefore of interest to many people.
Docklands prices are on the rise
As of August 2017, the average value of property in Docklands stands at £536,639.
Over the past 12 months, the average price paid for property in Docklands has been £468,643 while in the most recent six months; the current Docklands property prices stands at £480,985. If you are to also look at the average price paid for Docklands property in the last three months, you will see that the figure of £495,930 indicates that prices are on the rise in Docklands.
It is not always sensible to care year for year prices and try to make a straight comparison. After all, prices in the past 12 months include the initial months of the UK and London coming to terms with the property market after Brexit. While many experts say that there has been a general slowing down in the property market, there is no denying that the immediate aftermath of the EU Referendum left many people putting their property plans on hold.
In this light, it is perhaps not surprising to see that property prices in a highly desirable area are on the up, but of course, there have been numerous shocks and impacts on the property market in the past year. There is a lot to be said for the fact that an area like the Docklands in London will be able to withstand some of the factors that impact on the property market in general, and this is why current Docklands property prices have been robust.
This is an area where there is a great deal of demand for property and it is also an area where the supply is unable to meet the demand. This should ensure that prices rise, even if there are other factors looking to move the local property market in a different way.
Canary Wharf plays a big role in current Docklands property prices
When many people hear the term London Docklands, they instinctively think of Canary Wharf, an area that led the way for redevelopment in this part of the capital. As of August 2017, the average value of property in Canary Wharf stands at £589,561 while the average price paid for Canary Wharf property in the past 12 months stands at £524,328.
With the average price paid for property in Canary Wharf for the last six months standing at £519,851 and the average price paid for property in Canary Wharf in the last 3 months standing at £546,020, there is greater inconsistency in this area, but prices are also rising.
With a variety of transport improvements and new developments coming to the Docklands area, it is likely that there will be further interest in this area. Improved transport links have a positive impact on local prices and while these new developments will primarily be of interest to businesses and commuters, local residents will also find that the improved transport options benefit them too. An example would be the impact of the Crossrail link, connecting the Docklands area to the heart of London and to Heathrow Airport, which will be of benefit to many local residents or people looking to buy in the area. All of the available transport options have had a positive impact on current Docklands property prices.
There is continued redevelopment of the Docklands area taking place with options like Wood Wharf and Blackwall Basin cropping up to the east of Canary Wharf. There is also a number of skyscraper developments being lined up for the area with names like the Riverside South towers, the North Quay Project and The Heron Quays West set to become familiar names in this part of London.
If you have an interest in the current Docklands property prices, please give our team a call on 0208 743 9101.