With the outcome of London’s mayoral race decided, estate agents, landlords, investors and buyers now have a clearer picture of what the next few years of the property market in the capital may look like. Last month we looked at the manifesto pledges of Sadiq Khan and Zac Goldsmith regarding London housing. This month we’re going to take a closer look at the wider property policies of new London mayor Sadiq Khan, and what they mean for London property.

Sadiq Khan takes the reins on London property
At a glance, Khan’s key property pledges during the election campaign included:

• “My first priority will be tackling the housing crisis.”
• Building more homes, “including more genuinely affordable homes for Londoners,” with a target of 50% of new homes being ‘genuinely affordable’
• Setting up ‘Homes for Londoners’ – a special team at City Hall to work with councils, developers, home builders and investors to work towards the goal of affordable homes.

Khan has refused to ‘give numbers’ when asked what his target was for affordable homes in London, saying, “It’s making sure the right source of homes are built rather than an obsession with numbers.”

Vanet’s director, Joel Brookes, commented that, “The election of a new mayor is of course a hugely significant event for a city like London, and we will be monitoring the effects on the property market in the coming months. But it is also just one of many factors to consider, and regardless of these or other developments, London property remains an intensely appealing and financially rewarding endeavour.”

Buyers turning on to low pollution areas
For home buyers themselves, a variety of factors come into play when choosing an area to buy in. According to the National Association of Estate Agents, a factor which is growing in importance for London home owners is air quality. It told the guardian recently that, “emission levels are very much on house-hunters’ radars,” going on to suggest that air pollution was a prime concern for one in 10 home buyers.

Paul Bartolo, Vanet’s head of sales and lettings, commented that, “As well as giving an insight into what kinds of things are important to home buyers, this trend presents an opportunity for landlords and developers who are pitching to them. For example, by highlighting the relatively good air levels of the area in which your property is sited, you can provide buyers and renters with an additional compelling reason to make a purchase.”

You can compare pollution levels in different areas of London via the interactive ‘annual pollution’ maps on King’s College London’s website. Perhaps unsurprisingly, Central London areas are worst affected by a number of different types of particulates, while areas further out, such as in East London areas like Barking and Woolwich have better quality air.

Letting agents in Canary Wharf offering more rooms than most
According to ES Homes and Property, there are currently more than three times the number of rooms available to rent from letting agents in E14 than in other London areas. Separate research meanwhile shows that rental prices recently dipped ever so slightly between January and the end of April.

Now could also be a good time to spend a little time browsing the estate agents in Canary Wharf for a property to buy, as the general consensus seems to be that it’s set for bigger things. According to Tony Usher, regional sales manager of property developer Mount anvil, Canary wharf is soon to be competing with the likes of New York and Shanghai. Speaking at The Wharf Property Awards where he was nominated for a special recognition, he said, “The future of Canary Wharf is very bright. East London as a whole is changing and it is still one of the cheapest parts of the city to live in.

Homes and property meanwhile ran a feature on the area, highlighting the many upcoming properties for sale in Canary Wharf which are in development in, “this emerging residential hotspot.”

Vanet have a range of properties to offer in Canary Wharf, as well as elsewhere in London. On the south side of the river for instance, with views of Canary Wharf and the Shard, we’ve recently taken on the Gallery Apartments in the Tower Bridge Gardens development, with three bedrooms, two bathrooms and two private balconies.

Further north meanwhile, in Islington, we’re offering a sumptuous one-bed apartment on the fourth floor of a secure gated development complete with 24-hour concierge service.

Interested in these properties, or looking for estate agents in E14, E16 or elsewhere in East London and the Docklands? Get in touch with Vanet today.

 

 

 

Sales: Vanet Property Asset Management is a trading name of Countrywide Estate Agents,
Registered in England Number 00789476. Registered Office: Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP

Lettings: Vanet Property Asset Management is a trading name of Countrywide Residential Lettings Limited, Registered Office: Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP.
Registered in England Number 02995024 which is an agent and subsidiary of Countrywide Estate Agents, Registered Office: Greenwood House, 1st Floor, 91-99 New London Road, Chelmsford, Essex, CM2 0PP.

Registered in England Number 00789476. Countrywide Residential Lettings Limited is regulated by RICS. Countrywide Estate Agents is an appointed representative of Countrywide Principal Services Limited which is authorised and regulated by the Financial Conduct Authority.