WHARF BOYS OVERTAKE CITY BOYS
WHARF BOYS OVERTAKE CITY BOYS AS THE LEADING PROPERTY INVESTORS IN LONDON
Canary Wharf based executives are overtaking City of London based executives as the leading residential property investors in London and Docklands report Hurford Salvi Carr. Most commentators continue to refer inaccurately to City bonuses being invested in London property, however the majority of this years £9billion of finance sector bonuses, up 20% on last year, has been made and will be spent by Canary Wharf based business people.
Hurford Salvi Carr reveal that of the 270 foreign banks and investment firms based in London more are now located in Canary Wharf than in the City of London. In addition, the financial firms located in Canary Wharf now account for 70% of trading in the global secondary bond market, almost 50% of the derivates market and 60% of all European hedge fund management.
According to Hurford Salvi Carr the London property market has become far more driven by UK based buyers, particularly Londoners, who often have a good knowledge of the local area and the range of homes available for sale. Over the last five years this has helped to raise the standard of presentation, specification, product diversity and quality in the city fringe and Docklands new homes market providing buyers with more choice and value.
Hurford Salvi Carr highlights that more than 4,200 Canary Wharf and City based executives received bonuses of more than £1million in by the end of 2006. The majority of these bonuses will be invested in the London property market, and Hurford Salvi Carr calculate that for London homes priced above £1.5million around 60-70% of the sales are to Canary Wharf or City based executives.
Focusing on Canary Wharf based investors, Hurford Salvi Carr reveal that they divide into two broad groups. The first are aged 30 to 40 and typically invest between £250,000 and £500,000 and acquire a new two bedroom apartment in either a prime or up and coming Docklands or East London location. The second group are aged 45 to 55 and are looking to spend anything from £300,000 into the millions on a pied-a-terre or main residence where they can spend part of the week.
Traditionally Canary Wharf and City executives have tended to invest in rental properties in East London and Docklands and purchased a property for owner occupation in either West London or the Home Counties. However, a series of new developments by companies such as Manhattan Lofts at West India Quay, Ballymore Properties at Pan Peninsula and Weston Group at 41 Millharbour are providing penthouses and duplexes that bristle with luxury specification items, high security and lifestyle features, enticing the executives to buy their main residences in Docklands or the surrounding area.
Stephen Hurford, Director at Hurford Salvi Carr comments: “Wharf boys have overtaken City boys as the largest group of investors in East London and Docklands. This reflects the rise and economic power of Canary Wharf and how the centre of London is shifting Eastwards. Canary Wharf is now London’s central business and economic district and the wealth being generated is filtering out into the surrounding residential market.”
For further information contact: Stephen Hurford, Hurford Salvi Carr, Limehouse Basin Branch– Telephone 020 7791 7001
Canary Wharf Property for Sale and to Rent | Canary Wharf Property Price index
Canary Wharf based executives are overtaking City of London based executives as the leading residential property investors in London and Docklands report Hurford Salvi Carr. Most commentators continue to refer inaccurately to City bonuses being invested in London property, however the majority of this years £9billion of finance sector bonuses, up 20% on last year, has been made and will be spent by Canary Wharf based business people.
Hurford Salvi Carr reveal that of the 270 foreign banks and investment firms based in London more are now located in Canary Wharf than in the City of London. In addition, the financial firms located in Canary Wharf now account for 70% of trading in the global secondary bond market, almost 50% of the derivates market and 60% of all European hedge fund management.
According to Hurford Salvi Carr the London property market has become far more driven by UK based buyers, particularly Londoners, who often have a good knowledge of the local area and the range of homes available for sale. Over the last five years this has helped to raise the standard of presentation, specification, product diversity and quality in the city fringe and Docklands new homes market providing buyers with more choice and value.
Hurford Salvi Carr highlights that more than 4,200 Canary Wharf and City based executives received bonuses of more than £1million in by the end of 2006. The majority of these bonuses will be invested in the London property market, and Hurford Salvi Carr calculate that for London homes priced above £1.5million around 60-70% of the sales are to Canary Wharf or City based executives.
Focusing on Canary Wharf based investors, Hurford Salvi Carr reveal that they divide into two broad groups. The first are aged 30 to 40 and typically invest between £250,000 and £500,000 and acquire a new two bedroom apartment in either a prime or up and coming Docklands or East London location. The second group are aged 45 to 55 and are looking to spend anything from £300,000 into the millions on a pied-a-terre or main residence where they can spend part of the week.
Traditionally Canary Wharf and City executives have tended to invest in rental properties in East London and Docklands and purchased a property for owner occupation in either West London or the Home Counties. However, a series of new developments by companies such as Manhattan Lofts at West India Quay, Ballymore Properties at Pan Peninsula and Weston Group at 41 Millharbour are providing penthouses and duplexes that bristle with luxury specification items, high security and lifestyle features, enticing the executives to buy their main residences in Docklands or the surrounding area.
Stephen Hurford, Director at Hurford Salvi Carr comments: “Wharf boys have overtaken City boys as the largest group of investors in East London and Docklands. This reflects the rise and economic power of Canary Wharf and how the centre of London is shifting Eastwards. Canary Wharf is now London’s central business and economic district and the wealth being generated is filtering out into the surrounding residential market.”
For further information contact: Stephen Hurford, Hurford Salvi Carr, Limehouse Basin Branch– Telephone 020 7791 7001
Canary Wharf Property for Sale and to Rent | Canary Wharf Property Price index
© 2008 Hurford Salvi Carr
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