City property price rise by 70% in six years….
Residential property prices in the Square Mile are rocketing, increasing over 70pc since the last property market depression in 2008 as domestic and overseas investors do anything to own a property in the capital.
An apartment in West London has risen to over 80pc from £790,000 in 2008 to over £1.42m in August 2014. Massive oversupply in the Docklands and Canary Wharf areas has suppressed prices to the east of the City, which is difficult for many investors but great for tenants.
The average cost of an apartment in Docklands, has risen 17pc from £338,000 six years ago to roughly £400,000. Canary Wharf’s growth still continues with global banking groups such as Barclays and HSBC. The areas growing population and wealth shows clearly through with new outlets from Porsche and Maserati offering their wares to the local audience.
Docklands still offers homeowners and investors a low entry point into the London market but care must be taken with over 15,500 new homes in the pipeline in the Docklands, the east London market is in “danger” of serious oversupply.
The cost of an average flat in and around the financial location has risen to £735,000 today from £430,000 in 2008, thanks to residential towers springing up in between the financial institutions and office blocks of the City of London such as The Heron development. As a result, the cost of apartments in the City are almost now pound for pound the same as London’s West End, originally a more popular place to reside.
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