Politics is the dominant force in the Canary Wharf property market according to a local agent.
JLL associate director Tony Usher said the forthcoming election in May had prompted caution even among buyers with bonus cheques burning holes in their pockets.
“It seems property and tax are high on the agenda of both main political parties, which has bought some uncertainty within what is usually one of Canary Wharf’s busiest periods – bonus season," he said.
“Normally we have an influx of UK, Canary Wharf and City workers looking to invest their bonus payments in bricks and mortar.
“However, after a promising January, the balance of buyers to properties seems to be swinging in the former’s favour, where cash rich individuals are holding onto their funds to get a sense of where the election and policies are heading before purchasing.
“We feel this will be short lived and, once May has passed, expect normality to return.”
Following a successful bid for Canary Wharf by Qatar Investment Authority (QIA) and Brookfield Property Partners he said all eyes would be on what the estate’s new owners planned to do with their £2.6billion prize.
“Planning was passed to develop Wood Wharf, where work is expected to start shortly, and we expect QIA, with its prior experience in commercial and residential property across the globe, will look to make quick work of the building opportunity and make Canary Wharf a worldwide destination,” said Tony.
“However, this hasn’t yet been felt in the local property market and the upcoming elections have taken centre stage.”
Go to jll.co.uk.