The return to work heralds housing boom for three first-time buyer hotspots
- 1st October 2021
- Buying Property News
Growing demand for properties in City feeder locations Docklands, Bow and Canada Water
The return of City workers to the office is accelerating the popularity of three recognised first-time buyer destinations.
Google mobility data that tracks the location and activity of people, found that workplace activity in the City of London has almost returned to pre-pandemic levels in September 2021, and is markedly up on activity levels when lockdown began.
Ludlowthompson sales applicants for the first half of September in Bow and Canada Water alone, increased by 6% compared to the previous month.
Canada Water and its surrounding areas make ideal locations for any first-time buyer seeking a central commuting hub. Deptford, just a 15 minute walk from Canada Water Station, offers excellent value for money, with easy access to green space and the shops, bars and restaurants of Greenwich. This three bedroom semi-detached house is a great example for young families looking to move into the area.
Nearby New Cross is also an appealing option, with plenty of bars and restaurants and an overground line that goes to East London (Dalston Junction). One bedroom properties with outdoor space and brilliant transport links can go for as little as £325,000 here.
The Docklands has long been regarded as a great home for City workers with its close proximity to central London and many great entertainment venues, including the O2 Arena, the Museum of London and Greenwich Observatory. This makes it a great destination for young families and for professionals that work in nearby Canary Wharf.
Shadwell and Poplar are amongst the most affordable areas within easy access to the City. Recent sales in the areas include a three-bedroom maisonette, just five minutes away from Canary Wharf that sold for £425,000. Workplace activity in the borough as of September 2021 is exactly where it was pre-pandemic, according to Google mobility data.
Another option for first-time buyers working in the City is Bow. Located in East London, with plenty of green space nearby, including the Olympic Park and Victoria Park, Bow has excellent amenities and is close to trendy Mile End. Bromley-by-Bow has recently undergone a £1.1bn redevelopment.
A one bed apartment on Bromley High Street (in Bow) can be found for as little as £285,000 and could work brilliantly as either a first home or buy-to-let property. Workplace activity as measured by Google is already back to normal in the area and demand for properties is on the rise.
Stephen Ludlow, Chairman of ludlowthompson, says: “As the return to work accelerates, demand for properties with good transport links to Central London and the City is likely to go up even more.”
“Docklands, Bow and Canada Water all provide great transport links, culture and entertainment. With several redevelopment plans in place in these areas, providing an inviting opportunity for any person looking to get on the property ladder for the first time or considering a buy-to-let investoment.”
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As the return to work accelerates, demand for properties with good transport links to Central London and the City is likely to go up even more
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