The Canary Wharf property market has remained in “unexpectedly serene post-Brexit result waters” in the run up to 2017, according to JLL.
The estate agency said the sales and lettings markets around the Docklands estate had demonstrated robust demand and a good supply of properties, despite the uncertainty caused by the decision to leave the EU.
JLL City and Canary Wharf associate director Bernard Cully said: “The perhaps unexpectedly serene post-Brexit result waters have led to a steady stream of applicant registrations and sales agreed, which has stayed strong even as we approach the end of the year.
“While property values aren’t increasing significantly at the moment, they are remaining stable and this, combined with the high level of homes on the market, really makes the area an attractive proposition both for buyers looking for a wide choice at a fair price, as well as those keen to secure a good long-term investment.”
According to Bernard, the majority of JLL’s applicants are owner-occupiers who live or work in the area, while local and overseas investors made up around a fifth of their sales agreed over the past three months.
He said: “The final weeks of the year are traditionally quite strong, with prospective buyers and sellers trying to conclude transactions ahead of the festive slowdown.
“It’s this time of year when agents and solicitors need to work cohesively to ensure that completion dates are met.”
In the rental market, high levels of activity experienced during the summer reportedly continued throughout October but the flow of applicants at JLL has subsided since the start of November.
Head of City residential Neil Short said: “With applicant registrations slowing, we have seen examples of landlords undercutting one another in order to get their properties let quickly.
“This underlines the importance of landlords being competitive on pricing and presentation of their properties in order to secure new tenants moving in the right side of Christmas and to minimise void periods.”
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