Despite issues with the Greek economy, fears of the stability of the Chinese economy and the first increase in UK unemployment in recent years, the Canary Wharf market has stayed buoyant, according to a Hamptons International report.
However, the estate agents, which has a base in South Colonnade, advise against complacency and urge prospective buyers to keep a “very keen eye on the new build developments that are coming to completion over the next 12 to 18 months”.
The report states this is because “the volume of units coming available here could potentially force a tipping point on second-hand properties as buyers are drawn to the developer incentives and general prestige of moving into a brand new property.”
Moving on to the mortgage market and financial checks, Hamptons has sent a warning to buyers who are taking advantage of advantageous mortgage rates.
The report states: “With mortgage rates at an all-time low, buyers are tending to be armed with AIPs (agreements in principal) and are seemingly ready to proceed as soon as the right property comes available. The key is ensuring that buyer finances are checked and qualified ahead of your sale being secured.
“This helps ensure there is minimum risk of the transaction falling through at a later stage due to down valuation or the buyer simply not being able to afford as much as they thought they could.”