Half a century ago, Canada Water was one of London’s most popular areas. Used as a dock for Canadian cargo ships, this part of South East London was a hive of activity until 1969, when the dock shut and became disused until the Thatcher government opted to redevelop it in the 1980s. Today it is still undergoing vast regeneration efforts – its proximity to the Canary Wharf financial district makes it an ideal location for young professionals and investors and developers aware of its rising popularity have been capitalising.
It has become a multi-cultural meeting place for like-minded people seeking a convenient and low-maintenance lifestyle, and residents here can find a property type to suit all tastes. From modern new build apartments to converted warehouses and modern townhouses, the area is rich in history and architecture and offers some of the best river and iconic London skyline views found anywhere else.
The transport links are a key reason why many choose to live here. The re-opening of Rotherhithe station which offers access to the London overground, and Canada Water station which connects with the Jubilee line are key drivers while the emergence of the river taxi as a serious commuter option has allowed the area to unfurl its wings. Canary Wharf, Stratford, London Bridge and London Waterloo are all easily accessible in less than 30 minutes.
The ‘Canada Water Masterplan’ is currently being carried out and involves the former Daily Mail print works at Harmsworth Quay and the Surrey Quays Shopping Centre being redeveloped. The council is working closely with British Land to further increase the housing stock of the area but also to formulate a town centre, bringing a middle to high-end commercial presence and further improving local amenities. Big name developers including Barratt Homes and Sellar Property Group are building big residential schemes in the area with the aim of delivering new homes which appeal to the young professional and investor markets. Families also favour the area for its good schools and larger family homes.
As popularity has risen for homes in this area, so too have property prices and in the past year we’ve seen prices rise by around 10%. The first time buyer end of the market is incredibly busy and homes priced below £400,000 are very sought after. The stamp duty and pension reforms are encouraging purchasers and we’re beginning to see a greater number of owner occupiers investing in the area.
In the rental market, longer tenancies are becoming the norm with many of our tenants now inclined to rent for longer than 12 months. Rents in the area have risen by around 4% year on year, and we’ve seen demand outstrip supply in recent months which has led to greater competition levels and some properties are even achieving in excess of asking price.
For further information about the Canada Water property market or to search for a property in the area, please visit our local branch: https://www.kfh.co.uk/residential-properties/estate-agents/canada-water/