Revealed: London’s ‘slump proof’ star

Published 11th Jun 2008

House prices may be falling, but one place in London’s east end seems to be bucking the trend…

According Cluttons, London’s leading estate agency, Wapping, with its proximity to Canary Wharf and access to the West End, appears to have been ‘slump-proof’ seeing price rises as opposed to falls, according to Hyman.

James Hyman, Partner at Cluttons, explained: “Wapping is sat right in the middle of the city and the West End and as the city expands further East its better placed strategically, with fewer properties for sale and pockets of regeneration still going on. The closure of the East London Line has had no effect, in fact the reopening in 2010 is keeping buyers and investors interest here as it will give direct access to Liverpool Street.

With regards to the overall state of the London market, Mr Hyman added: “While the market is slow it is certainly not dead and well priced properties are now becoming available. Buyers are shopping around for properties where willing sellers have already priced-in incentives and those who buy this summer will find themselves very well positioned when the market recovers in the latter part of next year.”

“Having said that, a further 10% drop in London’s house prices is needed to provide buyers with a safety net to commit to the market now to safe guard against any future or further downturn in the market”.

Source: ' TheMoveChannel '

View All Latest News