Investing in a buy-to-let 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.
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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.
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Sam has a wealth of experience across the private landlord and Build to Rent sectors. He has advised a wide range of clients across the whole of London on how to find great tenants, improve their assets and effectively market their properties for the best returns.