Letting in Canary Wharf.
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Your complete guide to being a buy-to-let landlord, investing, and letting in Canary Wharf.
Canary Wharf is a major financial hub in London that has seen significant growth in recent years and is now considered one of the most desirable locations for renters in the country. Home to a number of large banks and businesses, there is a high demand for rental properties from professionals working in the area. The area also has a strong transportation infrastructure, with Canary Wharf Underground Station and the DLR providing easy access to the rest of London.
Investing and letting in Canary Wharf
Understanding the average rents, rental yields, rental demand, and house prices in Canary Wharf can help you make an informed decision about whether buying a property in this area is the right move for you.
Rent & house prices
The average rent for a 1 bedroom flat in Canary Wharf is £2,085 per month, while a 2 bedroom flat is £3,201 per month and a 3 bedroom flat is £4,814 per month. These numbers are slightly higher than the average for London as a whole, which is £1,500 per month for a 1 bedroom flat, £2,000 per month for a 2 bedroom flat and £2,500 per month for a 3 bedroom flat.
The average property price for each type of housing in Canary Wharf is also high. The average price for a 1 bedroom flat is £560,000, while a 2 bedroom flat is £824,000 and a 3 bedroom flat is £1,148,000. These prices are higher than the average for London as a whole, which is £450,000 for a 1 bedroom flat, £600,000 for a 2 bedroom flat and £800,000 for a 3 bedroom flat.
Another important factor to consider is the rental yield, which is the annual rental income divided by the property’s value. The average rental yield for a 1 bedroom flat is 3.5%, while a 2 bedroom flat is 4.1% and a 3 bedroom flat is 4.2%. Rental demand in Canary Wharf is also high, with the average time to rent a property in Canary Wharf taking just 30 days, compared to an average of 44 days in London as a whole. This high demand can help ensure that your property will be occupied and generating income for most of the year.
Canary Wharf is an interesting location for a buy-to-let investment. While the average rents, rental yields, and house prices are slightly higher than the average for London as a whole, the high rental demand makes the area a good option for those looking for a steady stream of income.
Housing & Transport in Canary Wharf
Canary Wharf offers a high volume and diverse range of residential properties available for rent, including 1, 2, and 3 bedroom flats and houses, making it a desirable location for buy-to-let investors. The volume and price of these types of properties is higher than the average in London.
The housing stock in Canary Wharf is relatively new, with a high number of new build properties. This is important to consider when investing in a buy-to-let property, as new builds often require less maintenance and may have a higher potential rental income.
The average price for a 1 bedroom flat in Canary Wharf is around £560,000, while the average price for a 2 bedroom flat is around £824,000. These prices are significantly higher than the average prices for similar properties in London, which are around £450,000 for a 1 bedroom flat and £600,000 for a 2 bedroom flat. This is due to Canary Wharf’s prime location and high demand for properties in the area
There are several major housing development projects currently underway in Canary Wharf. Some notable ones include Wood Wharf, a mixed-use development that will include 3,000 new homes, and Goodluck Hope, which will feature over 1,500 new homes. To find out more about these and other major housing developments in Canary Wharf, visit the Canary Wharf Group’s website.
Canary Wharf is known for its excellent transport links, with several major train stations located in the area. The biggest station is Canary Wharf station which is served by the Jubilee line, DLR and London Overground. This is in addition to Heron Quays and West India Quay stations which are also located nearby and serviced by the DLR. This is a significant advantage compared to the London average, as many other areas may only have one or two train stations in close proximity.
Commute times in Canary Wharf are relatively quick, with many residents able to reach central London in under 15 minutes via the Jubilee line. This is significantly faster than the average commute time in London, which can often be upwards of 30 minutes. Additionally, Canary Wharf is well connected to other areas of London via the DLR, making it easy for residents to travel to other parts of the city.
Traffic conditions in Canary Wharf are generally less congested than the average in London. This is due in part to the many public transportation options available in the area, as well as the fact that many residents walk or cycle to work. Additionally, the area is relatively pedestrian-friendly, with many amenities in close proximity, reducing the need for residents to rely on cars.
Canary Wharf offers excellent transport links, with several major train stations, fast commute times, and relatively low traffic congestion compared to the average in London. These factors make it an attractive location for buy-to-let investments and can have a positive impact on potential rental income.
Key Demographics for Letting in Canary Wharf
Canary Wharf is one of the most iconic locations in London, and has a rich history dating back to the 19th century. Originally a bustling dockyard, it was one of the busiest ports in the world, and played a key role in the growth of London as a global trading hub. Today, Canary Wharf is a bustling financial and business district, home to many of the world’s largest banks and financial institutions, as well as a diverse range of shops, restaurants, and other amenities.
Canary Wharf is home to around 24,000 people. While this is lower than the average for a town in a London borough, the population of Canary Wharf has been growing steadily in recent years, and is expected to continue to do so as more people flock to the area for its excellent job opportunities and high standard of living.
The area is also home to a relatively young population. The median age of residents is around 30 years old, which is significantly lower than the London average of 38. This is largely due to the large number of young professionals who work in the area and are drawn to its vibrant and dynamic atmosphere.
The employment rate in Canary Wharf is also significantly higher than the average in the UK. Around 85% of residents are in employment, compared to the UK average of around 75%. This is due to the large number of job opportunities in the area, particularly in the financial and business sectors.
A large proportion of residents hold a degree or higher education qualification, and there are several nearby universities, such as University of East London and University of Greenwich. This makes Canary Wharf an attractive location for students, as well as for professionals who value the opportunity to continue their education.
Canary Wharf is considered to be one of the safest areas in London. The crime rate is significantly lower than the average in the UK, and residents can feel safe and secure in their homes and on the streets.
Canary Wharf is a vibrant and dynamic location that offers an excellent standard of living to its residents. With a growing population, a number of young and highly educated resdients, a high employment rate, excellent job opportunities and a safe environment, it is an ideal location for investing in a buy-to-let property. Whether you’re a young professional looking for a place to call home, or an investor looking for a strong return on your investment, Canary Wharf is definitely worth considering.
Canary Wharf's Useful Links for Lettings
- Tower Hamlets council, 020 7364 5000, email@example.com, https://www.towerhamlets.gov.uk/
- HMO Licence Contact: 020 7364 5000, firstname.lastname@example.org, https://www.towerhamlets.gov.uk/
- Council tax: https://www.towerhamlets.gov.uk/lgnl/counciltax/
- Civic amenities: https://www.towerhamlets.gov.uk/lgnl/environment/
- List of Canary Wharf Schools: https://www.towerhamlets.gov.uk/lgnl/education/
- Trading Standards contact: 020 7364 4500, email@example.com, https://www.towerhamlets.gov.uk/lgnl/consumerprotection/
- EPC Register Contact, 0207 364 5000, firstname.lastname@example.org, https://www.towerhamlets.gov.uk/lgnl/energy/
- Waste Collection Contact: 020 7364 5000, https://www.towerhamlets.gov.uk/lgnl/recycling_rubbish/
- GSC Register Contact: 020 7364 5000, https://www.towerhamlets.gov.uk/lgnl/environment/gsc/
- List of Postcodes in Canary Wharf: E14, E16, E1W, E1Y, E14 0AY, E14 0AB, E14 0AF, E14 0AH, E14 0AN, E14 0AQ, E14 0AS, E14 0AT, E14 0AU, E14 0AX, E14 0BB, E14 0BD, E14 0BE, E14 0BF, E14 0BG, E14
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