I want to sell my investment property in the next year or so but the general consensus given its location on the Canary Wharf estate seems to be to hang on until Crossrail opens at the end of 2018.
My worry though, is that with all the new developments currently under construction, mine will be dated and uninteresting to buyers looking for a swanky new pad. Should I cash in now?
Dear Patient Landlord,
I am being asked this question on a regular basis, especially by investors given the Government has made buy-to-let less attractive and tax efficient.
However, I do not think you need to worry or be concerned about all the new development, particularly if your property is located in Canary Wharf itself.
Currently there are only two residential buildings located on the estate and, although there are more due to be completed in the future, yours will not be much affected.
It’s really important that you don’t compare new-build with resales. Newly constructed homes will always carry a premium and generally seem to be smaller. So your property will attract a different audience.
A buyer that is looking for something more affordable, which resale properties offer, will still be attracted by the location of your flat.
I agree with the consensus on Crossrail. It is going to have a huge impact on the Canary Wharf area for sure.
This new transport link will secure a surge in price for anyone with a property close to the station. Crossrail Ltd, established in 2001, is the company that has been set up to build the new railway that will become known as the Elizabeth line when it opens through central London in 2018.
Once the railway is complete it will be handed over to TfL and run as part of London’s integrated transport network.
The Elizabeth line’s impact on Canary Wharf cannot be ignored and prices will rise accordingly. Hold on to sell until after 2018 if you can.
Dawn Sandoval is the owner of Dawn Sandoval Residential in Canary Wharf
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