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Canary Wharf Property Prices - Part 1
I don't know about you, but I always find that whenever national property prices are published they never 'fit' with what I'm thinking, or how my local area is performing.
I write, of course, as an estate agent (because I am one), but I'm also a local resident on the Isle of Dogs E14. So therefore believe me when I say, I'll try to give you a balanced, realistic opinion on what is actually happening right now.
There are several national commentators on property prices. The Halifax and Nationwide, in their capacity as mortgage lenders. The Office of National Statistics and the Land Registry, as governmental sources. And Rightmove & Zoopla as property marketeers.
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What is property marketing in the modern world?
In the olden days (a much under-used word these days don’t ya/you think) property marketing consisted of listings in the local newspaper, sometimes even with photos, or a trip down to your local estate agent to ask what they had ‘in stock’.
Of course, the interweb changed all that.
We may think that Rightmove has been around for ages, but in fact it was only founded in 2000. Back in 2000 it’s also perfectly conceivable that your local estate agent didn’t have their own website.
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It’s a big place, East London, stretching from the City via Shoreditch and Hackney to Leyton, and from Bow and Stratford through to Canary Wharf, Limehouse and Wapping, but across that area there’s only one estate agent who will offer you fixed selling and letting fees, Proper Local.
We know we’re swimming against the tide somewhat, with most agents charging percentage-based fees to sell or let, but we think that’s all a bit old hat. The rise of online agents, like Purple Bricks, comes down to the public saying they’ve had enough of paying high fees to sell and let property.
We think there’s a middle way, a third way.
It doesn’t need to be high fees and proper local knowledge versus low fees and a marketing service (because they’re not estate agents, Purple Bricks, they just put your property on Rightmove, it’s a marketing service, that’s all) - you can have your cake and eat it.
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OK, so it may not feel like it this week, but the famed Spring property market has arrived, but what does that mean in reality.
Estate agents often bang on about the best time to sell or let property, or indeed the right time to buy or rent, but isn’t this just playing up to commonly held notions of what estate agents themselves think, rather than how buyers and tenants actually behave?
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OK, so I’m being deliberately cryptic, just so I’ve got your attention. But there’s a serious point here.
I’m sure we’ve all seen that, amongst many commentators, Rightmove is maintaining that property prices in the UK are still continuing to rise. Just published today, the headline figure is that the property prices are up 1.1% on last month, and 2.2% annually.
Very importantly it’s worth noting that these stats are based upon asking prices and not sold prices, but that’s not my main point. At least this time.
Rightmove also provide regional data, and for owners of property in London those stats are far more telling. London prices are in fact DOWN 1.5% annually.
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Formerly a pioneering 1960s urban estate, Blackwall Reach has been designed to create the same sense of community as its historic predecessor.
Located near the northern approach of the Blackwall Tunnel, Royal Captain Court and Perseus Court are at the heart of a 20-acre site where almost 1,600 new homes will be built over the next decade.
Developed by Swan Housing Association with Countryside Properties, the first residents will be able to move into their new homes in 2019. Blackwall Reach comprises one, two and three bedroom apartments plus penthouses. All apartments have contemporary open plan living spaces, engineered wood flooring, integrated kitchens, and bedrooms that have been designed with luxury in mind with fitted wardrobes, underfloor heating and pendant lighting.
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Bow Quarter comprises 19 town houses and 714 apartments spread across seven separate buildings - many of them historically part of the famous Bryant & May match factory – and now one of East London's most desirable residential developments.
Residents of Bow Quarter are treated to a leisure Centre offering a range of fitness classes, steam room sauna, pool, Jacuzzi and weights room. This development is perfect for clearing the head after a long day at work or chilling on the weekend, set amongst large communal gardens Bow Quarter is the perfect location to relax.
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You may have noticed that we’ve changed our logo (and of course you may not have), but we did think you’d like to know why.
We’re still very much the same proper local company, and we remain one of the very few companies left that haven’t been bought out by an uber-massive conglomerate.
So why the change?
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When we created Proper Local we thought long and hard about our business model and how we could offer something new and refreshing, but one of the absolute fundamentals was only dealing with geographical areas which we actually, really, truly know about.
The owner, Christian, has lived in East London for 20 years, so he’s most certainly a proper local, but East London is a big place!
There’s a mighty difference between Chingford and Clerkenwell, and equally Canary Wharf and Leytonstone share more differences than similarities.
So, where is local, for Proper Local?
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We appreciate that our fixed fee offering can make it a little difficult to compare our fees with the percentage-based fees charged by other agents, so we’ve prepared this table to help you.
The top row shows a range of percentages which you may pay to other percentage-fee-based agents, and the first column on the left is a range of selling values. Find your anticipated sales value on the left, and then find the column with the percentage fee (excluding VAT) you are paying, or have been offered by another agent. Where the column and row meet is the amount you will save including VAT.
