Why renters who are looking to buy are increasingly looking further east in London to find value
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Price is the driver behind first-time buyers’ appetite for Royal Docks properties according to Fairview New Homes.
The developer, which is currently marketing The Silverton in E16’s North Woolwich Road, says renters looking to buy are increasingly heading further east.
“The current climate means buyers are naturally looking for the best value for money when it comes to buying a home, especially those looking to join the property ladder,” said the company’s sales manager, Sohail Saiyed.
“While the Royal Docks is an emerging area and almost halfway through its major regeneration life cycle, it’s within easy reach of so many fantastic locations that offer everything young professionals are looking for.
“Therefore, it’s no surprise that we’re seeing renters from Canary Wharf, Limehouse and the Isle Of Dogs buying here, as for a like-for-like property they’re saving over 20%.
“Given the ongoing regeneration and huge investment in the Royal Docks, I would expect this trend to gather pace and as a result drive up house prices, meaning now is the best time to invest in the area.
“Due to its proximity to Canary Wharf, I would expect the area to follow a similar trajectory to the Isle Of Dogs, where house prices have risen by 82% over the last 20 years according to data from Foxtons.”
The estate agency’s numbers back up the argument.
It says the average asking price for a one-bed in the areas around Canary Wharf including Limehouse, Poplar, Blackwall and the Isle Of Dogs is £435,938.
For Royal Docks, that figure drops to £353,841 – a 19% difference and a potential saving of £82,000 for prospective buyers.
The Silverton: attracting buyers
The Silverton itself is evidence of the trend.
More than a third of buyers at the scheme have come from addresses in E14 and Saiyed said that, with many working in the financial and insurance sectors not having to compromise on their lifestyles thanks to efficient transport links, it had proved popular.
By DLR via Pontoon Dock, Canary Wharf is about 20 minutes from the development or a 12-minute drive.
The scheme also enjoys direct links into the City and is within walking distance of London City Airport.
Billions of pounds are currently pouring into Royal Docks with many new homes, amenities and attractions expected to be built in the coming years.
The Silverton’s location, however, puts it within easy reach of the cafés, restaurants and shops that have already taken up residence at nearby Royal Wharf including The Windjammer pub, brunch spot Little Hudson and Korean barbecue Keonbae.
It’s a neighbourhood that is continuing to change with much more to come including a new pedestrian bridge linking the north and south sides of Royal Victoria Dock as part of The Silvertown development, a similarly named scheme nearby.
For Sohail, it’s an area primed to appeal to an active demographic of buyers.
“40% of our reservations have come from people aged 30 or under, which is a further indication of how popular this area is proving with the younger generation,” said Sohail.
“It’s a neighbourhood where we’ll see young families grow and a sense of community establish itself even more in the years to come.
“While almost half of those living in the Royal Docks are renting, nearly all of our first-time buyers are 30 or younger, demonstrating that once financially able, east London’s younger generations are clearly keen to put down roots here.”
To help them do that, Fairview is currently offering 5% mortgage contributions on selected plots up to a maximum of £25,000 on reservations made by January 31, 2025.
Terms and conditions apply.
key details: The Silverton
Prices at The Silverton start at £350,000 for a one-bed.
A selection of one, two and three-bedroom apartments and two, three and four-bedroom duplexes are available.
Find out more about the development here
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