Canary Wharf Rental Market: 2023 Forecast
The Canary Wharf area of London is one of the most sought-after locations for both buying property and renting. With a diverse population, strong transport links, an abundance of shops and restaurants, and some of the city’s most iconic landmarks nearby, it’s no wonder why people are drawn to live here. In this article, we’ll look at what lies ahead for the Canary Wharf letting and rental market in 2023. The outlook for the Canary Wharf letting market in 2023 looks largely positive. According to a recent analysis, average rents have increased by 4% year-on-year since 2018, with prime rents, in particular, rising significantly over this period (7.2%). This trend is expected to continue into 2023, with further above-inflation growth predicted as demand remains strong for high-quality properties in desirable areas like Canary Wharf. This means that now could be a great time to invest in a buy-to-let property around the area.
What Factors are Influencing Demand?
Despite the uncertainty created by Brexit and other economic factors, there are still numerous reasons why people want to rent or buy property around Canary Wharf. The local amenities – such as Crossrail – make it incredibly attractive to those who commute into town each day; while its proximity to the City of London makes it an ideal location for young professionals looking to work in finance or tech industries. On top of this, the area is full of cultural attractions such as theatres and galleries - something that attracts many potential tenants looking for an exciting place to live.
Overall then, the outlook for renters and buyers alike looks positive in regard to Canary Wharf letting and rental market in 2023. With demand only continuing to grow due to its excellent amenities and fantastic location, now could be a great time to invest in a buy-to-let property around the area before prices rise even further. For professional landlords looking to capitalize on this booming market, there are plenty of opportunities out there waiting to be taken advantage of - so don't miss out!
